The Financial Planning Process
A well-developed financial plan will encompass key items such as Cash Flows, Savings, Budgeting, Investments, Risk Management and Insurance Planning, Retirement and Estate Planning. Our approach to providing Financial Planning Services includes:
- Initial Inquiry: We provide a brief description of our services, philosophies, methodology, and fee structure. If our service offerings appear to fit your needs, a complimentary Get Acquainted Meeting will be scheduled either in person, virtual, or on the telephone.
- Introductory Get Acquainted Meeting: The purpose of this meeting is to get to know each other. This is an opportunity to exchange information about your needs and objectives, where you currently are in reaching your goals, and what you are looking for in an advisor. We will discuss which services are right for you, and provide an estimate of the cost of our services. Remember, T Rowland Financial Services does not accept commissions, and instead charges for services on a fee-only basis.
- Discovery and Data Gathering Phase: The financial planning process is all focused on you. The only way that we can deliver what you need is to understand what those needs and priorities are. We do this through a collaborative discovery approach of getting to know you, and helping you understand what we can do for you. This process of discovery forms the basis of the financial plan. You and your advisor will discuss in detail your current financial situation as well as gather any related documents. These could include statements, pension information, insurance policies, social security estimates, wills and trust documents, and any other pertinent information. Together we will work to further define and quantify your goals. We will also discuss your comfort level when it comes to taking financial risks. Please be assured that you cannot overwhelm us with documents or information. The more that we can understand you and your circumstances, the more accurate we will be able to design your financial plan.
- Planning and Presentation Phase - We will then take your priorities and finances into account in developing a plan. Together we will review the main assumptions, recommended course of action, and the pros and cons associated with your plan. Our goal is not to make decisions for you, but to provide you with the information and analysis so that you can make informed decisions. This phase may require one or a few meetings to refine and make adjustments to the assumptions and overall strategy. This is the phase of financial planning that we do not want to rush. We want to take the time needed to consider multiple options and make sure that you understand and that you are comfortable with the strategy.
- Implementation -The plan is reviewed again before it is put into motion, addressing any questions and concerns that you may have. We review the action steps from the financial plan and discuss how they will be carried out. T Rowland Financial Services will walk alongside you each step of the way as you implement the various financial strategies. Some, like the investment portion, we may be able to implement for you. Other action steps may need the assistance of other professionals such as attorneys, CPAs, and insurance professionals.
- Monitor and Review - Financial planning is an ongoing process, not a one-time event. As life happens, and your financial situation and goals evolve, your financial plan should change as well. We regularly review the plan and make modifications when required. Client meeting reviews should take place at least annually, (but can be more frequent if needed) and should consider changes in personal circumstances as well as changes in legislation, economic conditions, and long-term planning assumptions. These annual meetings are a great opportunity to hear from you about your life changes and to make sure you are staying on track. During these meetings, we will make recommendations for any necessary adjustments to the financial plan.
For further information as well as pricing, please visit our FAQ page.