Financial Planning Process

After the first meet, if you decide you need a financial plan, a Letter of Engagement will have to be signed. A Letter of Engagement is draft stating the responsibilities of The Client and The Financial Planner. It contains the Financial Planning fees, services, duration etc. agreed at the start of the Financial Plan.

Once the Letter of Engagement is signed, we will understand your financial status, your Income sources, your responsibilities to your family and your dreams for which you need to save and invest.

We will also understand your hobbies and lifestyle which plays an important role in developing a Financial Plan.

All this Information will be collected by us in a data sheet during this meet.

After Gathering the Information we will:

• Analyse your Current Financial Situation
• Help you in Finalize your Financial Goals
• Prepare your Current Cash Flow Statement & Net Worth Statement
• Develop strategies and make recommendations on which financial products are needed. These recommendations would be on maintenance of Contingency Fund, Risk Management & Insurance Planning, Loans / Debt Management, Investment Planning, Retirement Planning, Tax Efficiency Plan and other recommendations.

After preparing the plan, the next step is implementation of the financial plan. This is the most important step as a Financial Plan not implemented is just a piece of paper for the client.

You can either implement the plan through us or on your own. If you do decide to implement it on your own, this would have to be mentioned in the Letter of Engagement.

In a review meeting we discuss the changes that have occurred in your life, changes could be in lifestyle, health and career, changes in family such as marriage, birth or death, financial goals.

We also will access changes in your financial health across income, expenses, assets (investments) and liabilities (borrowings). Besides review meetings, we can communicate as and when required with respect to the financial plan.