In order to create a financial plan having a substantial chance of success, the financial advisor must perform the following steps:
- Obtain all relevant client information necessary to become sufficiently knowledgeable about the client and his or her goals.
- Evaluate where the client currently is with respect to accomplishing the goals in order to determine:
- whether the client can achieve the stated goals under the current plan, if any, and
- whether the current plan, if enabling the client to achieve the goals, can be made more efficient.
- Develop a plan to enable the client to achieve the identified goals:
- as efficiently as possible and
- in a manner consistent with the client’s risk tolerance level.
- Present the plan along with any performance benchmarks to the client and obtain the client’s approval to implement it.
- Implement the plan.
- Periodically review plan performance against the previously established benchmarks along with any changes in the client’s situation and revise the plan as necessary.
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About Stu: With more than 29 years of experience as a tax professional, Stu Steinberg brings a broad depth of knowledge to his work with his clients. Stu founded Erock Tax to help provide tax and financial planning strategies to individuals, families and small businesses and is passionate about empowering his clients through education about their money health. Stu is highly energetic and brings a sense of optimism, creative problem-solving and a deep level of commitment to every Erock client.