The Financial Planning Process
The traditional Financial Planning process consists of the following six steps:
Establishing and defining the client-planner relationship.
Gathering client data and establishing goals.
Analyzing and evaluating your financial status.
Developing and presenting financial planning recommendations and/or alternatives.
Implementing the financial planning recommendations.
Monitoring the financial planning recommendations.
At B. A. Global Capital, we incorporate these steps through our Build, Live, and Maintain holistic approach to financial planning:
STEP 1: BUILD
The initial conversation is designed to establish a working relationship between the client and advisor. In this step, we look to explore, understand and clarify your life and financial goals together.
Developing a better financial plan is in actuality developing a better understanding of you. At B. A. Global Capital, we use a combination of qualitative methods to fully understand your long and short-term goals in addition to a quantitative review of your risk appetite to get a comprehensive picture of your overall financial wellness.
Goals and Concerns
What are your financial goals? And what’s stopping you?
What motivates and inspires you?
Your broader life goals help inform your financial priorities.
Work and Career
Where are you in your career or vocation?
Health and Wellness
Do you have any medical or long-term care concerns?
How do you want to support those closest to you?
Interest and Hobbies
What are your hobbies? What causes are you passionate about?
Next, we have our clients complete a risk assessment to determine their risk number, a quantitative way to pinpoint how much risk they want, how much risk they need to take to reach their goals, and how much risk they have in their overall portfolio.
STEP 2: LIVE
Based on what's discussed in the initial conversation, We will make a suggestion of the financial packages we offer that would fit the variety of services that the client requires. The next step in the process is an in-depth overview of the client's financial accounts. Then, we’ll produce a financial plan with actionable steps to align your use of capital to what is important to you.
*Note* It is also important to think about planning for unforeseen situations. Part of your plan will include step to set up an Emergency savings fund. If you haven't already done so, now is a good time to build a fund for an unexpected illness, job loss, or other surprises. It should be enough to cover your living expenses for at least three to six months.
STEP 3: MAINTAIN
The third and final step of the process is recommending and implementing the investment portfolio with client-appropriate risk parameters.
Life isn’t linear, and neither is any effective investment strategy. Because your goals and values change, our strategies and advice are flexible.
We don’t provide a rigid, solitary plan, but rather a fluid, ever-evolving process — optimized to meet your changing needs. As a fiduciary, we continue to monitor your portfolio.