The Six Steps to Financial Planning

Financial planning is a comprehensive and ongoing process that can help you achieve your personal and financial goals.

1. Establishment and Definition of Client-Advisor Relationship

At your first meeting with your MD advisor, you will get information about our services, what you can expect from the financial planning process, how MD advisors are compensated, and our fees and expenses. You and your MD advisor will also determine how your investment and other decisions will be made and how often you will meet.

2. Collecting information and discussing goals and objectives

You will be asked to collect certain personal information and all of your financial information to help your MD advisor understand your situation. Analyzing your cash flow, net worth, insurance policies and other financial information will allow you to discuss your goals and objectives, your risk tolerance and your time horizon in a timely manner.

3. Analysis of your overall financial situation

Once you have formulated your financial goals and objectives, your MD advisor will conduct a thorough analysis of your finances. Using state-of-the-art tools and other resources, this analysis will demonstrate whether your goals and objectives are realistic and can be achieved under current circumstances. This analysis will also determine whether it would be useful to consult with other MD specialists, such as an advisor, Estates and Trusts, or an MD advisor.

4. Discuss the plan with your MD advisor

Your MD advisor will develop a financial plan for you to make recommendations for. He will then discuss it with you in order to make it clear to you. If the plan involves other MD specialists, they will present the part of the plan that corresponds to their competencies. The financial plan may require you to change your habits or think about the possibility of using new services or strategies. Your MD advisor will take your concerns, if any, into consideration and review their recommendations.

5. Implementation of the plan

Following acceptance of the recommendations, the plan must be implemented. Your MD advisor will help you prioritize tasks, complete relevant documents and coordinate meetings with other MD specialists.

6. Monitoring of Plan Implementation

Financial planning is an ongoing process. You and your MD advisor will jointly establish the frequency of your future review and assessment meetings. These periodic meetings will allow you to detect any changes in your situation or in your goals that require changes corresponding to your financial plan.

Finance

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