What is Financial Planning & Process of Financial Planning

What is Financial Planning?

Financial Planning is the process of meeting your life goals through the proper management of your finances. Life goals can include buying a house, saving for your child's higher education or planning for retirement. The Financial Planning Process consists of six steps that help you take a 'big picture' look at where you are currently. Using these six steps, you can work out where you are now, what you may need in the future and what you must do to reach your goals. The process involves gathering relevant financial information, setting life goals, examining your current financial status and coming up with a strategy or plan for how you can meet your goals given your current situation and future plans.

Financial Planning Process at wise finserv

How financial planning works?

There’s no mystery to financial planning. What it requires is simply taking a personal, in-depth look at your goals and deciding how you intend to achieve them. Once you decide what you want, you can make plans to get from where you are today… to where you want tomorrow.

There Are Six Steps to the Financial Planning

Step 1
No Obligation Discovery Interview

At this meeting, our financial advisor will listen to your financial concerns and discuss what financial planning can do to help you achieve your financial objective.

Step 2
Gather Information

If you decide to purchase financial planning service, we move on to the next and most important step: data gathering. This is where we learn about all or your financial goals, objectives, assets, liabilities, income, expenses and other relevant information.

Step 3
Analysis and development

A preliminary analysis of the information about your is prepared. This includes reviewing all of your objective and determining if they are feasible.

Step 4
Plan Presentation and Delivery

After all of the alternatives and information is analyzed, a final plan will be presented to you. The final plan is a written document prepared especially for you by our team. It contains specific recommendations designed to help you meet your financial goals and objectives.

Step 5

As your Financial Planner, Our financial advisor will explain how you can act on the specific recommendations in your financial plan by following a customized Action Plan.

Step 6
Monitor and Update as Needed

In life, one thing is constant: change. Each year, and perhaps more frequently, your income, investments, assumptions, and objective will change. This is why Our financial advisor stand ready to monitor and update your plan as needed.

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