Planning Process
Click on our Planning Process Diagram to learn more.
1. Discovery Phase:
Through questions, discussion, and constructive listening, we discover your goals and expectations as well as ascertain your present financial situation. We also explore what you perceive to be the potential barriers to achievement of your stated objectives. The purpose of this phase is to identify relevant facts, clarify objectives, discover planning opportunities, and identify planning gaps which might hinder achievement of your objectives.
Time Involvement:
• Fit Meeting (1 hour)
• Pre-Discovery Web Conference (30 minutes)
• Discovery Meeting (2 hours)
2. Clarification Phase
We discuss and evaluate 'alternative' creative solutions to the opportunities and gaps identified in the Discovery Phase. We believe maximized advisory results are possible only where careful discussion occurs around alternative solutions to previously prioritized gaps and opportunities.
Time Involvement:
• Web Conference Data Verification Meeting (45 minutes-1 hour)
• Clarification Meeting (2 hours)
* If investment management issues are complex, additional meetings may be suggested (either by web conference or face-to-face).
3. Decision Phase
We now discuss specific recommendations around each clarified issue. Our clients will ultimately make one of three possible decisions for each recommendation:
• Implement the recommendation (green light).
• Continue to learn about and discuss the recommendation (yellow light).
• Defer taking action on the recommendation; in which case the recommendation may be deferred to the next planning cycle (red light).
In summary, we have identified gaps and opportunities, we have discussed alternative solutions and now, in the Decision Phase, our clients gain traction by harvesting tangible results from our combined investment of time in previous phases.
Time Involvement:
• Decision Meeting (2+ hours)
4. Action Phase
Decisions are finalized on yellow light actions remaining open from previous Decision Phase discussions. All forms and paperwork required to execute certain green light action items are processed during this phase. Green light action tasks requiring coordination with outside professionals are cued up and monitored by The Advocate Group. The Action Phase generally concludes what we broadly classify as our new clients' 'first round of planning' which allows us to move into the fifth and perhaps the most important phase of our professional relationship: monitoring change.
Time Involvement:
• As necessary for implementation.
5. Monitoring and Renewal Phase
Closing planning gaps and applying appropriate strategies, tactics, and tools is vitally important work, but if the process of doing so was an end unto itself, the work would not stand the test of time. Families change, employment can change, tax laws and employee benefits change, economic, market, and political conditions all change. The objective of achieving financial serenity is accomplished, over time, by continuous monitoring of and adaptation to the many changing factors influencing our lives. This is why monitoring our plans on a continuous, structured basis is the only way to produce long-term financial serenity. Investment reviews occur on six month cycles and the renewal planning process occurs annually. Monitoring never ceases...
Time Involvement:
• As necessary or desired
• Annual Renewal Meeting (2 hours)
