What is a Financial Plan?
Life of the Client Process
Often financial professionals will use generic questionnaires or software programs to match up an investment portfolio based on your age. At Financial Solutions Group, we believe age is just a number, and life is really a series of transitions and milestones that require a much more sophisticated and personal approach.
“My money doesn’t know how old I am. Don’t invest based on my age. Invest where it is smart”.
-An 87-year-old personally and professionally successful client of Financial Solutions Group
We have developed a unique analysis process called Life of the Client to gather and understand a more complete picture of your financial needs, considering factors beyond just age, including:
- Wealth/Financial: What is your total financial picture?
- Career: Where are you and your spouse in your career path and trajectory?
- Health: How is your and your immediate family’s physical health?
These cornerstones come together to create the picture of who you are, what you do, what needs to be done and what your future might hold. At Financial Solutions Group, we believe that individuals don’t just “end up” successful. It requires consistent actions towards an objective, and an awareness of these cornerstones to form those actions and objective. Life of the Client considers this foundation in addition to what you want out of life to create a financial plan that structures a portfolio unique to you.
Building Your Financial Plan
Prudent Action Approach
Most financial plans are not followed through to completion because the process is just too complicated. At Financial Solutions Group, our goal is to do the heavy lifting and make it as easy as possible for you to achieve a complete, coordinated financial plan through our Prudent Action Approach.
Step 1) Make a commitment toward planning for a more financially independent future
When you are ready to take the first step toward establishing your financial plan, we will request you to gather a few pieces of pertinent items that will enable our team to conduct an initial analysis of your current financial situation.
Step 2) Meet for a first appointment
During our first visit, we will meet to discuss your situation and various financial details. We will establish how we can help guide you toward reaching your financial goals, as well as any applicable costs for our services at that time based on the scope of work involved. This initial meeting typically lasts one hour.
Step 3) Our team completes data analysis & plan development
Upon deciding to move forward, we will review the gathered information and conduct a thorough analysis of your financial situation, from where you are currently to where you want to go. This is typically the most time and labor-intensive part of the process as our team takes great care in examining your individual situation to develop a custom plan to help meet your needs.
We will provide a detailed yet simple written plan based on your particular situation. An important part of the information you can expect to receive is a comparison of your current income along with projected retirement income, both adjusted for taxes.
Step 4) Meet for a second appointment
We will share our initial feedback and any additional input needed regarding recommendations, reviewing a variety of options or paths to take based on your needs and goals.
Step 5) Plan implementation
Once determining your preferred path, we will complete the needed paperwork and our team will handle all the details from transfers to follow-ups to implement our Quality Portfolio Process. Your personal account administrator will also be available every step of the way to answer your questions and guide you through the process.
Step 6) Meet for a third appointment
Once all your new accounts have been established and funded, we will meet to provide you with a new snapshot of where you are at the beginning of your plan.
Depending on your preferred method and frequency of communication and the level of detail in your plan, we will
- Hold official meetings at least once every two years
- Use our proprietary Life of the Client process to track important future dates and events to help keep your financial plan on track
- Provide assistance with accessing your accounts online
- Offer Legacy Continuation planning services for your family and heirs and
- Periodically review your account to meet more frequently as warranted