Our Financial Planning Process

Our first meeting can be described as a ‘conversation’ and it’s one we keep in the strictest of confidence, as with all client meetings. 

Our financial planning process begins with an initial, complimentary consultation.  It serves as an opportunity for all of us to get to know one another. You’ll be asked to prepare a few things in advance, and though not required, this preparation will assist in the process.  Rest assured, you will not be asked to sign any documents or make any decisions during the first meeting.  Your choice to engage with Freedman Financial is not something that’s taken lightly.  It’s important to us that you feel good about the relationship first, without pressure.

Our Approach

Establishing a financial planning and investment management relationship requires open communication and trust.

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You should expect nothing less from us. There are no limits to the questions you can ask us. We are fully transparent and seek to deliver “financial advice in a language you can understand™.”

It’s likely that we’ll ask questions about your financial goals that have never been posed before. Our goal is to be certain that we fully understand what’s most important to you, your financial life, and how it aligns with your hopes and dreams.

Together we’ll embark on a journey that will provide greater clarity and a sense of empowerment around your personal finances in the pursuit of your goals.


After the Initial Meeting

You’re in control. There are no contracts.

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Following an initial meeting, the conversation continues.

• We create and archive an electronic ‘memo to file’ detailing your visit. We want to be certain we remember what you said.
• You’ll received a personalized thank you and follow-up note that will recap what was discussed. We’ll include next steps for moving forward.


What to Expect From a Financial Plan

An analysis built on your situation; not a collection of rules of thumb.

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The primary goal of an initial financial plan is to help you achieve three important targets:

• Identify Your Financial Goals and Objectives
• Get Your Financial House in Order
• Provide “Financial Advice in a Language You Can Understand™”


Data Gathering

Knowing where you stand financial is an integral first step

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A financial planning analysis starts with the development of a Net Worth Statement. We gather documents, copies of statements, tax returns, and more so that we can help you better understand where everything is, and what everything is worth.

Items we’ll analyze include, but are not limited to:

• Pay stub
• Your 401k Plan
• Investments/Insurance
• Tax return
• Bank statements
• Mortgage accounts
and everything in between

Our primary objective is to be a Fiduciary, placing your interests first. Thus, before any recommendations are offered we create and review a collective picture of where you stand financially. Once this preliminary Net Worth document is completed, we collaboratively review the data by checking for accuracy and potential omissions. Upon your approval, we’ll begin the next phase.


Deep-Dive Analysis

Imagine the treasures we’ll discover together

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Now’s the time to dig deep into each element of your assets and liabilities and cash flow. During this phase we’ll seek to understand:

• How much money comes into your household
• How much you spend annually
• Whether your tax withholdings are appropriate
• Overall asset allocation, costs and risks associated with investments, retirement plans and insurance products you own
• Ownership and beneficiaries of your assets
• Insurance policies: Auto, Homeowners, Disability and Long-Term Care
• Instructions in your estate planning documents (or whether you own them at all)
• Benefits available through your employer

And more.


Recommendations

It’s time to put it all together

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With your data analyzed, we will draft an executive summary highlighting your Strengths, Weaknesses, Opportunities and Threats. Recommendations are provided in writing, and accompanied with schedules, analyses and graphics designed to best illustrate our findings. We may also prepare some “what if” scenarios.


The Planning Presentation

The big reveal – The mystery if over

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Presentation day is exciting for both our planners and our clients. It’s the capstone day where all the wondering, the work, and worries are shared in an interactive format. Our presentations are delivered both in writing, and through our interactive financial planning software, eMoney.

A presentation generally lasts 90 minutes. During the session you’ll begin to see how we’ve crystallized all your moving parts into a cohesive plan. We’ll restate your goals to ensure that our recommendations support them. We’ll even test ‘what-ifs’ by adjusting your plan real time. Adjustments might include spending less, saving more, retiring earlier or planning for an unexpected loss. When the starting data is accurate, we can model scenarios to your heart’s content.


Action Plan

How will you choose to take the next step

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Upon conclusion of your financial planning presentation, you will receive an action plan. You can implement any of our recommendations anywhere you like – though most clients elect to have us manage investment assets and provide ongoing advice following our planning presentation. Items such as reallocating your existing 401k plan, making changes to insurance, estate documents and tax withholdings on your pay-stub are items you can perform on your own – and we’re happy to step in and help when needed.

Our Financial Planning Process

Our first meeting can be described as a ‘conversation’ and it’s one we keep in the strictest of confidence, as with all client meetings. 

Our financial planning process begins with an initial, complimentary consultation.  It serves as an opportunity for all of us to get to know one another. You’ll be asked to prepare a few things in advance, and though not required, this preparation will assist in the process.  Rest assured, you will not be asked to sign any documents or make any decisions during the first meeting.  Your choice to engage with Freedman Financial is not something that’s taken lightly.  It’s important to us that you feel good about the relationship first, without pressure.