The first step is to do a thorough review to assess where you stand and then work with you to develop your goals. From there, we help you design a comprehensive plan to reach your goals, guide you through it and then review your progress over time. Not every relationship is the same, and your plan evolves as your life changes.
1. First Meeting
At your first meeting, we will discuss the financial planning process, what you would like to accomplish and how JTL Wealth Partners can help you. We will discuss the services we provide to you and your family, discuss our fee structure and how we are compensated, and disclose any conflicts of interest. Our first meeting will be between 60 and 90 minutes, which is complementary and free of charge.
2. Financial Planning Begins
Once you agree to the scope of the financial planning engagement, the next step is to begin providing financial planning. Our first task is to gather all relevant information about your current finances and talk with you about your needs, priorities, and goals. This is the time to discuss issues such as risk tolerance and your exposure to longevity, economic, liability and health-care risks. At this step, we gather all documents such as brokerage statements, insurance policies, employee benefit information, mortgage statements, employee stock statements, etc. Please click here to download the information that we will use to get started.
3. Analyzing Your Financial Strengths and Vulnerabilities
We will analyze the strengths and vulnerabilities of your current financial situation and course of action. Depending upon your personal circumstances, this includes your cash flow, asset protection, employee benefits, emergency fund and other financial data.
4. Developing Financial Planning Recommendations
The next step is to develop recommendations to help you meet your goals, explain the assumptions that are used to develop the plan and offer alternatives. This is the stage that we present your plan. This part of the process is designed to give you the opportunity to provide feedback and ask questions.
5. Putting Your Financial Plan into Action
Now it is time to put the plan into action. If your planning agreement includes implementation and monitoring, we provide a timeline for implementation, as well as details defining what will be monitored and how often, and when the recommendations will be updated.
6. Expect a Collaborative Partnership
This is a collaborative process. We work together to review the performance and progress of the plan through time. When there are changes in your personal circumstances (such as a change in employment or family status), that may call for adjustments to your plan. Throughout the process, we provide ongoing support, guidance, and education. Our policy is to have a minimum of 2 meetings per year (mid and year end review) to review your plan and make appropriate adjustments. You can also expect to review timely content and information multiple times throughout the year.