Financial Planning Process
Initial Discussion – Determining Your Needs
The very first step of a sound financial planning process includes accessing your current financial situation with regard to assets and liabilities, income and expenses, debts and so on. Preparation of a list, which has all your financial details, gives you a solid foundation to move in the direction of achieving your short-term, mid-term and long-term financial goals.
Developing a Financial Plan
Based on your goals, we devise a financial plan, which includes our suggestions regarding the course of action you should take to achieve your goals. We also come up with alternative course of actions at this stage of planning and eventually zero-in on a particular plan, which suits you the best.
Putting the Plan in Action
At this stage, we implement your plans and focus on achieving short-term goals for you as they come first in the priority list. As time passes, the focus shifts to mid-term to long-term goals.
Evaluating the Plan
Strategic financial planning is a dynamic process that does not end at implementing a plan. For a plan to fully succeed a financial plan needs regular assessment and modifications, as and when necessary.
At Sponenburgh & Co, we encourage our clients to be financially aware and informed. Call us today to schedule an appointment now with one of our accountants.