Why Financial Planning?
What is total financial planning?
Financial planning is the intelligent management of money decisions. The Financial Planning Association defines financial planning as “a six step process… designed to produce a unified approach to the solution of a client’s financial problems.”
Why do I need a financial planner?
The financial environment of today is significantly different from what it has been. Deregulation of financial institutions has resulted in an explosion of products and services available to the consumer. This increase in options has led to much confusion.
Planning for the future has become a full-time job that requires the skill of professionals. Financial planning will help you inventory your current financial products, sort out your options and make informed, effective money decisions.
A comprehensive approach
In this age of specialization, it has become more and more difficult to integrate the advice of your many advisors. Lack of effective communication between these advisors can create financial inefficiency. Financial planners are generalists who work with your other professional advisors (accountants, attorneys, etc.) to develop a coordinated approach to your financial needs. Total financial planning is an ongoing process… not a one time experience. At Financial Architects, we believe that financial planning should be a client-oriented process focusing on all your needs. With that in mind, we have developed The Lifetime Solution TM program. Our Process is unique in the fact that it looks beyond the financial aspects of your plan and incorporates them into a broader canvas that will help you build a better life by assisting you in defining direction and building your confidence about the future.
In the area of direction, we will provide leadership by helping you eliminate the dangers to your future. We will help you focus on the opportunities by providing a plan and a path to a more fulfilling life. In addition, we will help build your confidence by defining and reinforcing your strengths while increasing certainty in your life through our state-of-the-art systems and high level of professional expertise. Accordingly, we have designed our planning program into four phases.
DATA ASSEMBLY PHASE
We help you organize your financial records, legal and tax documents, insurance policies, budgets, contracts, and other data. Then, in a series of interviews, we help you identify areas of concern, clarify your needs, and prioritize your financial goals.
Here, an interdisciplinary team of planners with different technical specialties begins to analyze your situation. Using sophisticated computer technology, several problem solving approaches are evaluated. The result is a cohesive plan which will achieve your objectives within your financial constraints and personal preferences.
However valid recommendations might be, they are worthless unless they are implemented. This can be a complex and time consuming process. After you approve the plan, we will oversee its implementation. Where necessary, we will work directly with your other advisors.
PLAN SERVICE AND REVIEW PHASE
We are available throughout the year, providing informational newsletters, reports, and other valuable input. Also, conditions, and even your objectives, can change over time. We will review and update your plan, managing the process as you move from where you are to where you want to be.