The first step in the financial planning process is an introductory meeting. This is an opportunity for you to learn more about L Squared Wealth Management. It is also an opportunity for us to learn more about you and your financial planning needs. We will introduce you to the services we provide, including financial planning and investment management, explain how services are billed, and discuss how we can work together.
Defining goals is at the heart of the financial planning process. In this phase, we seek to understand your hopes, dreams, needs, and overall goals. Examples of these goals include funding major purchases, saving for your child’s education, ensuring adequate protection against risks for your loved ones or your business, meeting retirement needs, and estate planning.
In order to put together a plan that is measurable and achievable, we must gather the details about your life. This includes your family profile, assets and liabilities, cash inflows and outflows, insurance information, employee benefits, pension and retirement plans, tax returns, details on investments, and current estate plans. We also collect qualitative information such as your investment time horizon, risk tolerance level, health status, and any other planning considerations we need to consider. Using the information you have provided, we develop strategies and an overall plan to achieve your goals.
DISCUSS AND IMPLEMENT
In this phase, your customized plan is explained and reviewed with you. We work with you to implement your financial plan. This may include implementation of investment allocations and strategies, setting up college funds, purchasing insurance to ensure adequate protection for your loved ones, as well as working with other professionals such as lawyers and accountants to implement your estate plan or advanced tax strategies.
MONITOR AND REVIEW
Events and circumstances change so a financial plan needs to be reviewed periodically. At regularly scheduled intervals, we meet with you to review the status of your plan. This includes updates to goals, income and expenses, and other personal details that may have changed. We also review how changes to the economy, such as tax laws or other issues, may affect your financial situation. We provide an update of your progress toward meeting your goals and any modifications we need to make to ensure you remain on target.