An Opportunity to Get To Know Each Other:
Our engagement meeting is your meeting. It is an exchange of questions, concerns, ideas, and a discussion of your financial goals. You are provided the opportunity to ask us key questions that are of concern to you.
We focus on who you are, what you want and need. We'll help you prioritise your goals and test your tolerance to risk. We take stock of your financial position to evaluate how you can achieve your goals and objectives.
You will learn more about what you can expect from our firm, the potential benefits of our financial planning process, the service options available to you, and the costs involved. Should this consultation successfully meet your expectations
The initial meeting will give you an opportunity to meet and interview us. Hopefully this will be a first step in creating a bond of trust between you and Jonathan.
Once we have cover the scope of the services to be provided, as well as your responsibilities during the planning process. We can move forward with a formal financial plan, a fee agreement will be completed and a financial planning fee agreed upon, the next step in our process will our discovery meeting.
No great plan is worth the paper it is written on — unless somebody does the heavy lifting to make it work.
The data gathering stage is a critical step in the planning process. This is where we need key financial data such as investment statements, copies of tax returns, wills, income, and expense information. The information required to make recommendations for the appropriate strategies needed to reach your goals.
Each document is thoroughly reviewed, analyzed, and key information is extracted and then entered into our financial planning databases for simplification, analysis, and reporting purposes. We will complete a comprehensive Client Discovery Questionnaire this information will become your Personal Financial Inventory initial draft is compiled and reviewed.
Once a final draft has been prepared it is then presented to our entire advisory team for peer review.
Peer review provides an added level of expertise consideration and recommendations The resulting personal financial inventory becomes the starting point that all financial progress will be measured against and compared to in the future. It is the baseline for all financial analysis and projections.The backbone of any financial plan is accurate and comprehensive data.
Developing a plan of action
After the discovery session we will have all the necessary information to review the findings. We are now ready to move into the strategy meeting.
An opportunity to prioritize your objectives and begin the discussion of potential strategies and solutions. Having specific financial goals are vital to financial planning, The purpose of this analysis is to differentiate your needs from your wants.
Confirming goals and verifying key data to go over initial plan conclusions We beging discussing possible strategies and solutions for you to review.
We consider all aspects of your situation to determine what you need to do to meet your goals. Depending on the services been rendered to you, we analyze your assets, liabilities and cash flow, current insurance coverage, investments or tax strategies*. We use this comprehensive analysis to make recommendations, explaining the rationale so you can make informed decisions. At this stage, you may share any concerns with us so any recommendations can be revised if necessary.The next step and schedule plan presentation session.
*Neither RANDA Strategies LLC, its staff nor New York Life Insurance Company, nor its agents/affiliates provides tax, legal, or accounting advice. Please consult your own tax, legal, or accounting professional before making any decisions.
"A good financial plan is a road map that shows us exactly how the choices we make today will affect our future." - Alexa Von Tobel
Our presentation meeting is where we deliver the final financial plan to you. We will review the recommendations or action plan to follow. We will cover all recommendations and strategies within the plan and Go over key plan reports, determining timeline for implementation of plan and Reviewing next steps.
Set Your Course It is important to discuss how the recommendations will be carried out. We may carry out the recommendations or serve as your coach, coordinating the process with you and other professionals, like attorneys, accountants, agents, or stockbrokers.
At this point the financial planning data has been gathered and analyzed, financial planning statements have been created, goals and objectives have been measured and financial gaps found. Your financial plan has been delivered to you.
The next step is implementing the financial plan’s recommendations. Though this is not the last step in the process, most of the hard work is behind you. With that said, the best financial plan is worthless if it is not implemented.
To help with the implementation we will need to create an “Action Plan”. This action plan should include all of the tasks that you will need to accomplish in order to improve your financial situation as follow:
Purpose of Accomplishing Goal
When implementing a financial plan you will probably need to rely on the expertise of a few specialists. These professionals can help you draft legal documents, find the right service for your needs and help leverage a specific program or opportunity.
Certified Public Accountant
Insurance and Brokerage Services
Estate Planning Lawyers
Financial advice is only valuable if it is complimented by ongoing opportunities to adjust and realign.
Structured reviews provide comfort that your goals remain relevant with the changes in your life. We call this the professional step. Modifications to your existing plans will often be required. Just as your Doctor will ask you to visit for a regular check — so will we.
Our ongoing service and advice commences in accordance with the relevant Ongoing Service Agreement upon execution. We generally review Ongoing Service Agreements every 12 months.