About Us : Our Process
What to expect
At Solid Financial Solutions, we follow the six steps of financial planning, as recommended by the Financial Planners Standards Council.
Here’s what you should expect from a good financial planner, and what you can be sure to expect from Solid Financial Solutions.
Step 1: Establish the rules of engagement
Planner explains the overall financial planning process, the services he or she will provide, the process of planning and documentation, and compensation. Planner also clarifies your responsibilities as a client and his or her responsibilities as your planner. Together, you agree on how decisions will be made.
Step 2: Set objectives
Together, with the help of information you provide, you and your planner define personal and financial goals, needs and priorities. You investigate your values, preferences, financial outlook and desired results as they relate to your financial goals, needs and priorities.
Step 3: Identify problems and opportunities
With objectives in hand, your planner assesses your current situation (cash flow, net worth, tax projections, etc.) and identifies problems or opportunities as they relate to your capital needs, risk management needs and coverage, investments, taxation, retirement planning, employee benefits, estate planning and special needs (i.e. adult dependant needs, education needs, etc.).
Step 4: Develop the plan
Next, your planner develops and presents a plan that meets your unique goals and objectives, values, temperament and risk tolerance, while providing projections and recommendations. Together, you agree upon an appropriate review cycle and work together to ensure the plan meets your goals and objectives.
Step 5: Implement the plan
Your planner now implements the recommendations you choose to pursue. This may involve coordinating contacts with other professionals such as investment funds sales representatives, accountants, insurance agents and lawyers.
Step 6: Monitor the plan
If you designate your planner to monitor and evaluate your plan to ensure it remains on track towards your goals, he or she should contact you periodically and make adjustments as needed to address changes to your circumstances (through life events such as birth, illness, marriage, retirement, etc.) as well as changes to tax laws and the economy.