The Planning Process
Do you remember when life was easier -- a simpler time when there were no
401K's, 403B's, Roth IRA's, U-Plans, Keough plans, real estate trusts, etc.
to worry about. If you're feeling confused and overwhelmed by the vast
number of financial choices available today, Hirst Wealth Management wants
to help you. By following our straight-forward 4-step financial planning
process, we'll demystify the choices so you can make smart decisions about
what to do with your money. And, if you prefer, we can even provide a
turnkey solution where we will manage all aspects of your financial life in
keeping with your risk profile and objectives.
4-steps to financial insight
As your accredited personal financial officer, we follow a 4 -step
process to create your personalized financial action plan. We begin by
taking a snapshot of your current financial situation and then logically
progress to a detailed action plan designed to meet realistic and attainable
goals. All along the way, we'll provide you with insights and
recommendations that address your unique situation.
Figure 1: 4-Step Planning Process
Details (PDF*)
Step
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Description
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What Happens
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Related Documents & Deliverables
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1. Assess Financial Situation
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Financial goals & objectives are
established. A snapshot of your current financial picture is taken that
considers your income, assets, liabilities, debts, retirement plans,
insurance, etc.
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You'll receive a package in the mail
that gives you an overview of the planning process along with several
forms to be completed. An initial exploratory meeting is arranged to
review the completed forms and determine your goals and expectations. At
this stage you are exploring the possibility of becoming a Hirst Wealth
Management client but no commitment has been made.
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2. Prepare Preliminary Plan
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A preliminary financial plan is prepared
that is built around your goals and resources. The plan includes: risk
assessment, cash flow & balance sheet analysis, tax & insurance
planning, investment portfolio evaluation, retirement objectives, and
estate planning.
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Upon your request, Hirst
Wealth Management will prepare a preliminary financial plan that addresses
your specific situation. The plan is reviewed at a second meeting with
special emphasis placed on the underlying assumptions used to create the
plan.
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Preliminary Financial Plan with
Recommendations
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3. Finalize Action Steps
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As an outgrowth of the preliminary financial
plan, specific concrete action steps (such as the amount of 401K
contributions, investment recommendations, asset allocations, life
insurance requirements, etc) will be agreed to and
implemented.
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The specific action steps are
determined through a series of meetings. Each meeting focuses on one
aspect of your financial plan. Meetings will focus on the bulleted
topics listed to the right.>>>>>>>
At the conclusion of the
process you'll have a thorough understanding of your current situation
and the likelihood of attaining your goals based upon your available and
projected financial resources. You'll also have a clear roadmap to
follow to help you achieve those goals.
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Detailed Financial Action Plan
including:
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Tax analysis
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Cash flow analysis
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Income statement
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Investment portfolio recommendations
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Balance sheet
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Asset allocations
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Retirement projections
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Estate plan
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Life insurance needs
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Long-term care requirements
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4. Ongoing Review &
Adjustment
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A financial plan is always a "work in
progress". Personal needs and resources change as do economic conditions and laws
relating to investment options. These changes require monitoring of each
client's situation.
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We regularly reassess and recommend
adjustments to each client's plan and portfolio of investments. At
a minimum, we have a quarterly financial checkup with each client --
more frequently, if desired. Checkups can be held via phone or a
face-to-face meeting.
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Quarterly Review
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Monthly Account Statements (via
broker)
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Annual Plan Updates
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