The financial planning process involves different elements for each individual situation. But, at Independent Planning Group, where we focus on maintaining advice relationships with clients for many years, the process we follow in order to provide advice is always the same.

Clarifying your present situation

When first assessing a new client's situation your advisor will gather all relevant information. Such details may include information about assets and liabilities, income and expenses, tax returns, insurance policies, employment benefit and pension details and estate planning documents.

Identifying personal and financial goals and objectives

In order to provide appropriate recommendations to you, your advisor must first help you clarify your specific goals and objectives.

Identifying financial problems and opportunities

With knowledge of both your personal goals and your current financial position, your advisor can determine whether there are any impediments to reaching your goals. They will also identify opportunities that will allow you to meet your goals. For example, you may not be taking advantage of all the income tax deductions and credits available, or may have too much or too little insurance.*

Providing recommendations and alternative solutions where appropriate

The recommendations provided will be specific to your goals and will vary with the complexity of your individual circumstances. In some cases, alternative solutions may be included. Your advisor will meet with you to determine which recommendations you are comfortable implementing and who will be responsible for implementation.

Implementation

This is a key step to ensure that you reach your goals and objectives. Your advisor will assist you with implementation, or refer you to other appropriate professionals.

Periodic review

Last but not least, your financial plan needs to be reviewed and revised periodically, in order to take into account changes in your personal circumstances or the economy. For most individuals, an annual review is appropriate.

* Insurance Products Offered Through IPG Insurance Inc.