This is an opportunity for both the advisor and the client to ask the questions they would need to have answered to conclude whether or not there is a mutual fit. Much of this conversation will be data driven questions on where the client is vs. where they would like to be financially and what they may expect from developing a professional relationship with an advisor.

This step will establish the professional relationship and the expectations from one another. Any compensation or fees to be rendered will be clearly explained and communicated.

A plan of action will be outlined, along with the explanation of why that specific plan of action is recommended. Supporting analysis and alternative methods of achieving desired outcomes will be explained.

While some aspects of a financial plan are put into place with a “set it and forget it” approach, other aspects will change along with life changes or professional shifts. It is crucial for an ongoing review schedule to be established and executed to ensure that these areas are kept up to date.