Financial Planning = The process of setting and achieving specific financial goals by analyzing an individual’s or organization’s current financial situation, formulating strategies, and implementing appropriate actions to manage and allocate resources effectively.
Steps of Financial Planning (according to the CFP® Board):
- Schedule first meeting with CFP® professional to discuss the financial planning process and what you would like to accomplish.
- Gather information about your current finances and personal circumstances.
- Set your goals.
- Analyze your financial strengths and vulnerabilities.
- Develop recommendations to help meet your goals.
- Provide feedback, ask questions, and discuss adjustments to the plan.
- Put your plan into action.
- Monitor the performance and progress of the plan through time.
March Financial Group 