THE FINANCIAL PLANNING PROCESS
1. DISCOVERY MEETING
We offer a complimentary consultation to get to know each other and to determine whether there is the possibility of a good working relationship. We strive to provide an exceptional level of service to a limited number of clients and so we look for individuals with whom we can have the most fruitful and long-lasting relationships.
2. GOAL SETTING & DATA GATHERING
In this phase, we collect all of your basic financial data. We meet with you for one-to-two hours and have an in-depth conversation about your aspirations, career goals, life goals, attitudes toward money and anything else that is important to you and your family. We have a full and frank discussion and document your goals in a structured way.
From retiring early to funding a college education or two, to fueling your passion for philanthropy, we want to know what’s important to you, your spouse and your family — and how you see those needs changing over time.
3. FINANCIAL PLAN DEVELOPMENT
Comparing your goals with your current financial situation, we map out a plan to get you from here to there. Depending on the circumstances, it may address some or all of the following areas:
- Goals and Objectives
- Cash Flow / Budgeting
- Retirement Planning
- Investment Analysis and Recommendations
- Employee Benefits
- Insurance Needs Analysis
- Income Tax
- Estate Planning
- Risk Management
- Education Funding
- Business Planning
4. SCENARIO ANALYSIS
In pursuing your goals, you will have the opportunity to consider different strategies and options. While not perfect or predictive, scenario analysis can help show the relative impact of the choices you might make on your ability to meet your financial goals over time.
If you’ve ever asked yourself such questions as “Am I spending too much each month?” or “How long can I expect my retirement assets to last?”, then you have needed scenario analysis. With this approach, we can help you set reasonable expectations about the future and consider the trade-offs in making important life decisions.
5. IMPLEMENT STRATEGY
Once the Financial Plan has been established, we work together with you to implement the recommendations. We establish your investment allocation, streamline your record keeping, handle the administrative details and maintain the investment portfolio.
Balanced Financial Services does not take custody of client assets. Instead, assets are held with Manulife Securities Investment Services Inc. and individual mutual fund companies. Our clients receive consolidated, easy-to-read reports on a quarterly basis that gives them a comprehensive view of their investment portfolio and its performance.
6. MAINTENANCE AND REPORTING
Financial planning is an ongoing process, not an event. After the Financial Plan has been implemented, it must be continuously monitored to ensure that your goals are being met, as laws and conditions change.
Over time, whether you need help with your investment portfolio, insurance, employee benefits, or anything else, our team ensures that you get sound advice that supports your financial plan.