Six Steps to a Financial Plan
There are no costs with developing your plan. The first step where costs will be introduced will be during the recommendations stage. Along with the recommendations you will have a detailed cost of that recommendation if it has one. At that point you can chose to take the recommendation, alter it or veto it all together.
1. GATHER ALL THE DATA THAT WILL DEVELOP AND FEED YOUR FINANCIAL GOALS/EXPECTATIONS.
The first step in developing your financial plan is to gather the data that will make up your plan. This data can be categorized into three main areas: Personal Information, Assets and Expenses. The questionnaire is a good start to help you uncover this information. QUESTIONNAIRE
2. EVALUATE AND ANALYZE YOUR FINANCIAL STANDING.
During the second step in developing your financial plan, your LPL Financial Planner will analyze all of the data you supplied to determine a detailed list of recommendations based on your situation, needs and expectations. Together you will review these recommendations and determine which ones will be implemented, adjusted or vetoed.
3. SET YOUR COURSE.
Now that your recommendations have progressed into plans, an in-depth course of action will be developed and transitioned into an action plan.
4. MONITOR YOUR PLAN.
Every plan is different; some require reviews daily, some monthly and others quarterly. Some must be done by you, others must be done by your Financial Planner. During the course of action step the review plan will be determined and introduced.
5. ANNUAL REVIEW.
Annually you and your LPL Financial Planner will sit down to do a full analysis of your plan to make any needed changes or adjustments.
Knowledge is invaluable! Throughout the year you will have numerous opportunities to educate yourself on different aspects that are important to your situation. The website is a valuable source of information. Use the resource center to strengthen your knowledge in certain areas and completely learn a new subject in other areas. Madrid Retirement Advisors also holds four client seminars annually to cover some of the most important topics: Annual Market Update, Social Security, Medicare and Tax/Trusts.