Gregory N. Lewis, CPA
Planning and preparation are essential to your financial future. That is why it is so crucial to obtain expert advice and guidance on financial and tax planning strategies as well as major long term investments. We want you to enjoy life and rest easy knowing that you are receiving sound financial planning services. Working with a financial planner is the best way to ensure your financial future is secure.
The Financial Planning Process consists of the following six steps:
1. Establishing and defining the client-planner relationship. A financial planner should clearly explain or document the services to be provided and define both their and your responsibilities.
2. Gathering client data, including goals. A financial planner will ask for information about your financial situation. You and the planner should mutually define your personal and financial goals, understand your timeline for results and discuss how you feel about risk.
3. Analyzing and evaluating your financial status. A financial planner should analyze the information you’ve provided to assess your current situation and determine how to help you meet your goals. Depending on what services you have asked for, this could include a review of your assets, liabilities and cash flow, current insurance coverage, investments or tax strategies.
4. Developing and presenting financial planning recommendations and/or alternatives. A financial planner should provide you with recommendations that address your goals based on the information you’ve supplied. The planner should discuss the recommendations with you until you understand them so that you can make informed decisions. The planner should also listen to your concerns and revise their recommendations as appropriate.
5. Implementing the financial planning recommendations. The planner may implement the recommendations or serve as your “coach,” coordinating the process with you and other professionals such as attorneys or investment advisors.
6. Monitoring the financial planning recommendations. You and the planner should agree on who will monitor the progress towards accomplishing your goals. If the planner is in charge of the process, he or she should report to you periodically to review your situation and adjust the recommendations, if needed, as your life changes.
At ELLS, we will listen to your concerns and collaborate with your team of experts and strategic partners to address your financial challenges and provide solutions. We are client focused and will tailor your plan to your needs. Personalized strategies will ensure that you are receiving the advice that is right for you.
For more information or to start your financial plan call Gregory Lewis at 714.569.1000.
