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A clearly defined and repeatable process is necessary to maintain fiduciary standards at all times. In order to incorporate the holistic fiduciary standards required of a Certified Financial Fiduciary® into everyday practice, financial professionals must consider multiple factors from a holistic planning standpoint. All planning and client engagement should begin with the gathering of relevant information (both qualitative and quantitative) followed by thorough documentation and recording of the facts. Financial professionals must prudently consider all aspects of a financial plan prior to providing any advice or recommendations relating to it. They must also ensure that these in compliance with this article provides the guidance necessary to implement the eight stages of the holistic fiduciary practice model.

Financial Planning process

Financial Planning is an ongoing process where we make sure that both your short- and long-term goals are being addressed correctly. Many things are subject to change during your life, so goes for your financial plan. A financial plan can change depending on a change in perspective or lifestyle. The following are some of the steps that are involved in making sure your financial health is up to date, both currently and for the foreseeable future:

1. Setting up your financial goals: Your financial goals are very imperative when it comes to building your financial plan. Whether that be saving up for retirement, your child’s education, or saving up for a new boat, financial goals are what helps us create a financial plan.
2. Tracking your money: When it comes to your money, it is important to make sure we are both aware of where your money is going. Tracking your money allows us to make sure your financial plan will be carried out correctly and all of your financial goals can be accomplished.
3. Emergency Savings: Life can be very unpredictable. Any emergency of any type can heavily influence a financial plan. It is important to have an emergency savings in case of any unexpected expenses, whether that be car trouble or something more serious.
4. Dealing with high-interest debt: High-interest debt can be very detrimental to a financial plan. It can limit the amount of funds that are available in order to carry out a financial plan and accomplish financial goals. Paying down high-interest debt frees up money that can now be redirected to the financial plan and can even allow you to accomplish your financial goals earlier than expected.
5. Planning for retirement: Planning for retirement is one of the most common financial goals. With that being said, it is crucial to start as early as possible. This allows us to address any issues that may affect your financial goals for retirement and help make sure you can accomplish your financial goals in a timely fashion.
6. Optimizing your finances by tax planning: Tax planning allows us to make sure you will have all the money available to you throughout the year. If you receive a refund at the end of the year, this means that you are being over withheld. This money could have been available during the current tax year to address other financial issues during the year. There can also be tax deductions and tax credits available that you may not be making use of in order to greatly affect you when it comes time to file.
7. Investing to help achieve your financial goals: When it comes to accomplishing your financial goals, investing will be crucial as it is a tool that can help accomplish your goals sooner and more effectively. Whether it is contributing to your 401(k) or having your own brokerage account, investing is one of the many tools that can be used to help you achieve your financial goals.
8. Further developing your financial well-being: If all of the previous processes are carried out effectively, this will make sure your financial well-being is in excellent shape. Once you reach a good financial well-being, it will allow you to free up money that can be used to further improve your financial well-being or help you reach your financial goals earlier than expected.
9. Estate planning: While it may be a somber topic, estate planning is crucial to a financial plan. Estate planning helps address future needs or any financial obligations that you have to take care of in case of an incapacitation or death. It will allow you to make sure all of your wishes regarding your financial obligations are carried out correctly.