At LifePoint we’re passionate about the financial planning process. A financial plan will detangle, organize and synchronize every element of your financial life including your income, liabilities, taxes, savings, investments, insurance, pensions, giving, inheritances, social security and estate planning to name a few. With a financial plan all of these areas will work in harmony to increase the likelihood that you’ll achieve your goals. Most people would never go to a location they’ve never been to before without plugging the destination into their GPS and getting the turn by turn instructions. The financial plan creates the turn by turn instructions for your goals and can easily recalculate if there’s traffic on the route or if the destination changes. Here’s how the process works:
Step 1 – Introduction
We’ll start by learning more about each other. We’ll talk about your personal and financial objectives. We’ll then share the services that LifePoint Financial Group provides and discuss how we can work together. During this step we’ll also discuss the fees related to the process.
Step 2 – Discuss your goals and gather information
Next we’ll talk about some of the goals and plans you have for your life and try to nail down the timeframes for achieving them. We’ll discuss your current financial situation and gather any necessary documents for the planning process.
Step 3 – Analyze your information and develop recommendations
In this step we’ll analyze all of your financial information and determine the best course of action to meet your goals. Based on your information and input we’ll develop the recommendations that will be a part of your financial plan
Step 4 – Present and implement financial plan
We’ll then present our recommendations in the financial plan and the rationale we used to make them. During this step we can adjust the recommendations based on your feedback. When we mutually agree on the recommendations we’ll then start the implementation process. In the implementation phase we’ll make the necessary investments based on our recommendations and potentially coordinate with other professionals like attorneys or accountants to assist in implementing pieces of the financial plan.
Step 5 – Ongoing monitoring of the plan
The final step in the process is the ongoing monitoring of your financial plan. We’ll monitor your progress to make sure you’re on track to achieving your goals and make the necessary changes if the plan isn’t meeting our expectations. Also, we know that life doesn’t always happen according to your plan which can cause a shift in your priorities or objectives. We can restructure or redo the plan to ensure that it stays in alignment with your goals over time.