"Why should I choose a CFP® (Certified Financial Planner) and how can they help me?”
Although many professionals call themselves "financial planners", Certified Financial Planner™ professionals have completed extensive training and are held to the highest ethical and educational standards. CFP® professionals understand the complexities of the changing financial climate and are committed in making financial planning recommendations in your best interest. No matter where you are in life, you’ll find confidence in working with a CFP® professional to evaluate your finances and develop a comprehensive plan for your financial future.
Now, you might be wondering “What does that plan entail and is it geared to my needs?"
Let’s discuss the financial planning process and how it works:
- Establishing and defining the client-planner relationship is imperative. The financial planner explains or documents the services to be provided and defines his or her responsibilities along with the responsibilities of the client.
- The CFP® begins to gather client data and determine their goals and expectations. The client will be asked about his or her financial situation, personal and financial goals and attitude about risk.
- Analyzing and evaluating the client's financial status comes next. The CFP® analyzes client information to assess his or her current situation and can then determine what must be done to pursue the client's goals.
- Then the CFP® moves on to developing and presenting the financial planning recommendations and/or alternatives along with recommendations that address the client's goals, based on the information the client provided.
- Implementation of the financial planning recommendations will begin as the CFP® and client agree on how recommendations will be carried out.
- Finally, monitoring the financial planning recommendations will begin as soon as the CFP® and the client agree upon who will monitor the client's progress toward goals. If the planner is involved, he or she should report to the client periodically to review the situation and adjust recommendations as needed.
In summary, this is the process I follow when working with clients to help them achieve the best financial position possible, while helping them pursue their financial goals.