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<\/strong><\/p>\nThere are five key stages in the financial planning process. You meet with your financial planner so that he or she can get a „big picture“ look at what you really want to achieve. What are your goals, values, and aspirations? Your financial planner will ask questions meant to get you to think more deeply about what you want, and really gets to know you so that he or she can best help you meet your financial goals.<\/p>\n The first stage is a great opportunity for thoughtful discussion, says Damien Rylett, MD of\u00a0Brunel Capital Partners<\/a>,\u00a0giving you the chance to open up any worries you might have about running out of money in retirement or to figure out how long you have to keep working for.<\/p>\n Your financial planner will go over your financial data with you. These are the „hard facts“ and include such things as your monthly income and expenses, debts you may have, savings, existing investments, your risk profile, and so forth.\u00a0This meeting helps your planner develop a realistic plan for you based upon both the hard data gathered and your previously discussed goals and objectives.<\/p>\n CFP Abraham Okusanya of FinalytiQ<\/a>\u00a0discusses in our second podcast why although this meeting isn’t as aspirational and exciting as stage one, it’s crucial for your planner to accurately gather this information.<\/p>\n „Garbage in – garbage out: the quality of the data we have about the client, determines what plan we can build for them.<\/em>“<\/p>\n This meeting is interactive. You’ll brainstorm with your planner to visualise cash flow projections, which can then be adjusted during the meeting based upon a variety of parameters as presented.\u00a0It’s here that you will identify goals and values that may be „hidden“ \u2013 that you may not even be aware of \u2013 but are the real drivers behind what you want and need for your future.<\/p>\n At the end of this meeting, you will both have agreed to a plan of action, which he or she will send to you in summary form.<\/p>\n
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