Financial planning is a comprehensive process that involves several key steps to help individuals and families achieve their financial goals. It starts with establishing and defining the relationship between the client and the planner, emphasizing the importance of honesty and understanding one'
At MOST, a study in self awareness blending psychology and philosophy to articulate a set of values, establish a set of goals in alignment with those values, identify the paths that could lead to the completion of those goals, create and implement a plan to achieve them and continually review and revise the plan.
At LEAST, the comprehensive analysis of cash flow, net worth, investments, insurance, tax planning, retirement planning and estate planning.
Chapter 1
Money has no power other than that which we give it.
P.26 What is the value of money? (Bretton Woods Agreement) Gold Standard
P.25 There are 4 things you can do w $$
Question: What % of marriages end in divorce? Why?
I mentioned I got into this business for $$. Not why today.
Question: Is money powerful?
FV/PV
Question:
What's your earliest financial memory?
CFP(r) Financial Planning Process
6. Monitor the financial planning recommendations
Review and revise
5. Implement recommendations
Prioritize and implement
4. Develop financial planning recommendations
Develop course of action
3. Analyze and evaluate financial status
Analyze your entire financial situation
2. Gather client data, including goals
Determine values & goals
1. Establish & define the client/planner relationship
