There are 6 stages involved in helping client’s to reach their financial goal.
1. Establish and Define the relationship with the client: This will broadly cover the scope of engagement and will determine and will help to understand the client’s needs better and also covers the role of the financial planner in the engagement.
2. Collecting data (or) information: This includes both qualitative and quantitative data. The client’s investment that was done earlier along with his financial objectives, priorities and goals.
3. Analyze the data and assess the client’s financial status: Here, the financial planner will try to understand what is the present financial situation and what is the goal period and how it can be achieved.
4. Develop Financial planning recommendations: Based on the client’s goal, suggest recommended products and solutions that meet his goals (short term, medium-term (or) long term).
5. Implement the recommendations: After clarifying the client’s queries, implement the product recommendations and the service support during the journey. The risk profile of the client should be considered while implementing the product suitability.
6. Review on a periodic basis: During the investment journey, have a periodical review (once in a year) ideally or based on the client’s modifications. (ex: change in job, emergency or other plans)… This will help the client to understand his journey towards Financial Independence and to attain the goal at the stipulated time.
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