Financial Planning Process

Our Planning Process

Every client has unique and personal goals with their own challenges.  It is important that we at Fritz Financial Plan understand your hopes and dreams so that we can guide you and your family.

It’s also important you review your plan annually and update it, if necessary.  It’s a good idea to update your plan when a major life event (birth of a child; retirement) occurs, or you meet a previously defined goal.  Your needs define your plan – not vice versa!

1)  Establish the client—planner engagement

We will explain issues and concepts related to the overall financial planning process that are appropriate to you as well as the services we will provide.

We will discuss our responsibilities as your planner which includes a discussion on how and by whom we are compensated. We will clarify your responsibilities as a client.

We will discuss the scope of the client/planner engagement and agree on how decisions will be made.

2)  Gather client data; determine your goals and expectations

An important aspect of the financial planning process is obtaining information about your financial resources and obligations.  We do this through interviews and the use of a questionnaire.  Please note that all information gathered is confidential and is used solely in providing you with a plan.  It is also necessary to gather all the necessary documents before giving you the advice you need.

In this step, we will define your personal and financial goals, needs and priorities.

3)  We will then analyse the data collected, clarifying your present financial status and identify any problem areas and opportunities.

We will analyze your information to assess your current situation (cash flow, net worth, tax projections, etc.).

We will then Identify any problem areas or opportunities with respect to your: 

Capital needs 
Risk management needs and coverage 
Investments 
Taxation 
Retirement planning 
Employee benefits 
Estate planning 
Special needs (i.e. adult dependent needs, education needs, etc.)

4)  At this point we will develop and prepare a financial plan tailored to meet your goals and objectives, values, and risk tolerance, while providing projections and recommendations.

5)  We will then present the plan to you.  We will also establish an appropriate review cycle.

During the presentation, we will work together to ensure that the plan meets your goals and objectives and that you will be comfortable with the implementation.

We will then assist you in implementing the recommendations discussed if you desire. This may involve coordinating contacts with other professionals such as investment funds sales representatives, accountants, insurance agents and lawyers.

6)  The last aspect of the financial plan is to monitor the progress.

We will agree on who will monitor and evaluate whether your plan is helping you progress toward your goals.

If we are in charge of the process, we will periodically contact you to review the progress of the plan and make adjustments to the recommendations required to help you achieve your goals. This review will include:

i)  A review and evaluation of the impact of changing tax laws and economic circumstances. 
ii)  A review of your life circumstances and an adjustment of the recommendations if needed as those circumstances change through life events such as birth, illness, marriage, retirement, etc.

Click here for our Financial Plan Questionnaire

Here's The Plan bochure