Financial Plan

6 Steps to Creating

When developing a solid financial plan to best suit your situation, it is vital to cover all of your bases. This can be done by:

  • Examining your current situation
  • Setting your financial goals
  • Measuring your progress

Our CFP® professionals can help guide you through the following financial planning process to help you achieve your financial goals.


6 Steps to Help Create a Financial Plan

1. Establish a relationship with a CFP® professional

Upon meeting with your advisor, he/she will explain their financial planning services and define each of your responsibilities in the process. Besides discussing compensation, you will discuss how long the professional relationship will last and how you both will make decisions.

2. Gather your data and develop your financial goals

Together, you and your CFP® professional will discuss your current financial situation and gather any necessary documents that may be needed. Besides defining your personal and financial goals, you and your CFP® professional will also work out time frames and discuss your risk tolerance.

3. Analyze and evaluate your financial status

After this is done, your CFP® professional will then consider all aspects of your situation to determine what you need to do to meet your previously discussed goals. Depending on what services you have asked for, your planner may analyze your assets, liabilities and cash flow current insurance coverage, investments or tax strategies.

4. Review your CFP® professional’s recommendations

Your CFP® professional will go over his/her financial recommendations with you, explaining the rationale so you can make informed decisions. Your planner will always be available to listen to any concerns you may have and revise his/her recommendations if necessary.

5. Implement your CFP® professional’s recommendations

After you and your CFP® professional agree on how the recommendations will be carried out, your CFP® professional may serve as your coach or implement the recommendations on your behalf by coordinating the process with you and other professionals, such as attorneys or accountants.

6. Benchmark your progress against the financial goals you established

As you work toward achieving your goals, you and your CFP® professional will decide who will monitor your progress to make sure you are staying on track. If the planner is in charge, he/she will check in from time to time, reviewing your situation and making any necessary adjustments to his recommendations.

The CFP® professionals at Aspen Wealth Management will work with you to reach your financial goals and obtain financial planning success.

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