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Financial Planning

The Financial Planning Process

Why Do You Need A Financial Plan?

As human beings we have an astounding facility for self-deception when it comes to our own money.

We tend to rationalize our own fears. So instead of just recognizing how we feel and reflecting on the thoughts that creates, we cut out the middle man and construct the façade of a logical-sounding argument over a vague feeling.

These arguments are often elaborate, short-term excuses that we use to justify behavior that runs counter to our own long-term interests.

This self-deception is why we have financial plans.

Creating a financial plan helps you see the big picture and set long and short-term life goals, a crucial step in mapping out your financial future. When you have a financial plan, it's easier to make financial decisions and stay on track to meet your goals. Working with Total Wealth Advisors can help secure your financial wellbeing, give you peace of mind, and help you reach financial planning success.

Here are the steps in our financial planning process:

1. Establish a Relationship

This first step is critical to ensuring long-term success. We want to hear about your interests, values, and key relationships. We will also share more about who we are and our experience.  This will also be a time to further explain our services and define responsibilities moving forward.  Along with compensation, we'll discuss how long the professional relationship will last and how to make decisions.

2. Gather Your Data and Establish Your Financial Goals

Next, we will talk about your current financial situation and gather any necessary documents. We utilize the latest in account aggregation software so we can efficiently gather your data. Together, we'll define your personal and financial goals, including timeframes. We will also discuss your comfort level when it comes to taking financial risks. 

3. Analyze and Evaluate Your Financial Status

We will also consider all aspects of your situation to determine what you need to do to meet your goals.  We will analyze your assets, liabilities and cash flow, current insurance coverage, investments and tax strategies.

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4. Review Recommendations

Next, we will go over our financial recommendations, explain the rationale so you can make informed decisions. At this stage, we will also listen to any concerns you may have and revise our recommendations if necessary. 

5. Prioritize and Set Your Course

Next, we will need to agree on how the recommendations will be carried out.  There are some recommendations that we will carry out on our end, some where we will serve as your coach as you carry them out, and some where will will coordinate the process with your attorney, accountant, or insurance professional.

6. Benchmark Your Progress Against the Financial Goals You Set

As we work toward your goals, we will monitor your progress to make sure you're staying on track. Together we will decide how often we should check in, review your situation and make any necessary adjustments to the recommendations. We are always a phone call away if anything unexpected comes up.

Bringing it All Together

Our financial planning process can help secure your financial wellbeing, give you peace of mind, and help you reach financial planning success.