What is financial planning?
A rock-solid plan evaluates everything. You must examine your current situation, set goals in accordance with your risk tolerance and measure your progress.
There are 6 steps in the financial planning process:
1. Establishing and defining the client-CFP® professional relationship
We will explain the services provided and define each of our responsibilities. Along with compensation we will discuss how long the professional relationship will last and how we will make decisions.
2. Gathering client data, including goals
We discuss with you everything about your current financial situation and gather all necessary support documents. Together, we define your personal and financial goals, including timeframes and risk tolerance.
3. Analyzing and evaluating your financial status
We consider all aspects of your situation to determine what you need to do to meet your goals. Depending on what services you've requested, this could include analyzing your assets, liabilities, cash flow, current insurance coverage, investments, and tax strategies.
4. Developing recommendations
We discuss our financial recommendations with you and explain the rationale so you can make informed decisions on whether or not to move forward with each suggestion. We listen to your concerns and will revise the recommendations as needed.
5. Implementing recommendations
We will need to agree on how the recommendations will be carried out. We may carry out the recommendations ourselves and/or serve as your coach, coordinating the process with you and other professionals, like attorneys and CPA's.
6. Monitoring recommendations
As you pursue your goals, you decide how much you want us to monitor your progress to make sure you're staying on track. If we are in charge, we will check in regularly to review your progress and provide you with the latest updates and developments in the financial world. Your situation is continuously evaluated and we will make all necessary adjustments to the game plan as we move forward together.
Andrew Chabot, MBA, CFP® LPL Registered Principal
Andrew Chabot has been in the financial services industry for over 15 years. Andrew is a CERTIFIED FINANCIAL PLANNER™ professional and takes pride in helping his clients pursue their goals in life. He specializes in growing and preserving his client's wealth and helps his clients make better decisions.Read More
About Our Company
We help you make better decisions with your money. As a long-term investor, you are faced with a wide array of financial considerations. You may need to provide financial assistance for a child's college education or help support someone. In addition, you must prepare for your own retirement, consider what's to be done with your estate. You're also confronted with a growing number of investment and insurance products and services, and more ways to access them than ever before.Read More
The financial consultants of Rancho Wealth Management are registered representatives with and securities and advisory services offered through LPL Financial, a Registered Investment Advisor. Member FINRA & SIPC.
The LPL Financial Registered Representatives associated with this site may only discuss and/or transact securities business with residents of the following states: Arizona, Arkansas, California, Florida, Missouri, Nevada, New Jersey, Ohio, Oregon, Pennsylvania, Texas, Utah, Virginia.