Financial Planning Is a Process
At Dunston Financial Group we believe that your life goals can be achieved by following a distinct, goal-oriented process. Many of our clients have previously worked with a financial professional who sold them a financial product and was never to be heard from again. Because we aim to develop life-long relationships with our clients, and because we are not in the business of selling financial products, we follow a comprehensive, six-step financial planning process that is always centered on your goals.
Step 1. Establish And Define The Client-Planner Relationship
In our initial meeting, we’ll determine the scope of the client-planner relationship. Together, we’ll clearly document the services to be provided and define our mutual responsibilities. Our primary goal at this stage is to determine how we can best help you accomplish your financial and life objectives.
Step 2. Gather Client Data, Including Goals
The next step in the process is for us to find out as much about your financial situation and goals as possible. Together, we’ll mutually define your personal and financial goals, try to understand your time frame for accomplishing those goals, and then discuss how you feel about the risks that could potentially derail your plan along the way. Prior to this meeting, we’ll have you gather the necessary information that will help us make this meeting as productive as possible.
Step 3. Analyze And Evaluate Your Financial Status
Once your financial information has been obtained and your goals have been defined, we’ll go to work to create a personal financial plan that will help you accomplish your objectives. Among other things, this might include a review of your investment portfolio, the creation of a retirement strategy, or perhaps an analysis of your current tax and estate plan.
Step 4. Develop and Present Financial Planning Recommendations and/or Alternatives
After your plan has been prepared, we’ll meet with you to address your goals based on the information you provided. We’ll discuss the strengths as well as the weaknesses of your current plan, and then we’ll provide you with our professional recommendations on how to best accomplish your goals.
Step 5. Implement the Financial Planning Recommendations
Once we’ve discussed your objectives and have recommended to you strategies to accomplish those objectives, we’ll work closely with you to help you implement those strategies. This may mean working with your attorney, CPA, or with our firm to help you implement your wealth management and financial planning strategy.
Step 6. Monitor the Financial Planning Recommendations
You will never be alone in this process. Together, we’ll define who’s responsible for monitoring progress toward your objectives, and we’ll work closely with you towards the accomplishment of your long-term financial objectives. In most instances, this involves meeting with our firm, as well as with your attorney and accountant on at least an annual basis.