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Our Process

7 Steps of the Financial Planning Process

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Step 1
Listen & Engage

UNDERSTANDING THE CLIENT’S PERSONAL AND FINANCIAL CIRCUMSTANCES

Our goal is to set you and your loved ones on a path toward a sound financial future. By using a team-based approach, we put our combined decades of experience into

Gain qualitative & quantitative information

Your CFP® professional will learn the qualitative and quantitative information concerning your personal and financial circumstances needed to fulfill the Scope of Engagement.

Analyze information

Your CFP® professional will learn the qualitative and quantitative information concerning your personal and financial circumstances needed to fulfill the Scope of Engagement.

Address incomplete information

Your CFP® professional will learn the qualitative and quantitative information concerning your personal and financial circumstances needed to fulfill the Scope of Engagement.

Step 2
Discovery

IDENTIFYING AND SELECTING GOALS

Once we’re better acquainted, our team will identify your goals, current financial situation, risk tolerance, and other factors that may be unique to you.

Identify potential goals

  • Your CFP® professional will discuss with you their assessment of your financial and personal circumstances.
  • Your CFP® professional will develop reasonable assumptions and estimates.
  • Your CFP® professional will discuss with you and apply reasonable assumptions and estimates.

Select and prioritize goals

  • Note the impact that selecting a particular goal may have on other goals.
  • Your CFP® professional will discuss with you any goals you have selected that they think are unrealistic.

Step 3
Analyze

IDENTIFYING AND SELECTING GOALS

Once we’re better Our advisors will determine if your current course of action or potential alternatives maximizes the potential for meeting your goals. acquainted, our team will identify your goals, current financial situation, risk tolerance, and other factors that may be unique to you.

Analyze the current course of action

  • Your CFP® professional will analyze material advantages and disadvantages of the current course of action.
  • Your CFP® professional will analyze whether the current course maximizes the potential for meeting your goals.

Analyze potential alternative courses of action.

When appropriate, your CFP® professional will consider and analyze one or more potential alternative courses of action, including your material advantages and disadvantages, whether they help maximize the potential for meeting your goals, and how they integrate the relevant elements of your personal and financial circumstances.

Step 4
Design

IDENTIFYING AND SELECTING GOALS

Your Generations Wealth Professional Team will develop a comprehensive plan based on the results of the analysis and collaboration. We will identify, analyze, and select actions, products, and services designed to implement the recommended plan.

Step 5
Present

IDENTIFYING AND SELECTING GOALS

Your Generations Wealth Professional Team will explain how the recommendations are designed to maximize potential returns and minimize taxes to meet your goals.

We will discuss the following:

  • The anticipated effects of the recommendation on your financial and personal circumstances. 
  • How the recommendation integrates relevant elements of your personal and financial circumstances. 
  • The timing and priority of the recommendation. 
  • Whether the recommendation is independent or must be implemented with another recommendation. 
  • How the action, product, or service is designed to implement the recommendation.
  • The advantages and disadvantages relative to reasonably available alternatives. 
  • The basis for selecting the actions, products, and services.
  • The timing and priority of implementing the action, product, or service.

Step 6
Implement

IDENTIFYING AND SELECTING GOALS

Your Generations Wealth Professional Team, our professional partners and any other trusted advisors you retain will put to work the customized strategies that were carefully designed to support your unique aspirations and financial goals.

We will work with you and your other trusted advisors to establish responsibilities for implementing the Financial Planning recommendation(s).

Step 7
Manage

IDENTIFYING AND SELECTING GOALS

Collaboratively, your Generations Wealth Professional Team will establish which actions, products, and services are/are not subject monitoring and if multiple advisors are involved, who is doing the monitoring of each element.

We will monitor all aspects of your financial picture. We will analyze the data at appropriate intervals and review the results of their analysis with you. When plans need to change due to an opportunity, a problem or a life change, we will adjust the plan in accordance with our Financial Planning Process.

Our team will recommend fluid changes to the plan as needed to optimize the results as both micro and macroeconomic circumstances dictate.

Take the Next Step

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