Financial Planning

The concept of Financial Planning is a process of developing financial and protection goals and then developing a plan for achieving those goals. The process for Financial Planning has essentially six steps:

Establish and define a client – advisor relationship
Determine goals and gather data regarding current situation
Analyze and evaluate the data
Development and acceptance of a plan for achievement of desired goals
Implementation of the plan
Constant monitoring of the plan making minor changes as needed.

Financial Planning can be established to achieve a single purpose, multiple purposes or even be totally comprehensive to encompass all financial goals. Areas of planning can include:

Investment Planning
Pension/Retirement Planning
Comprehensive Planning
Estate Planning
Portfolio Management
Income Tax Planning
Insurance Planning
Education Planning
Elder/Long Term Care Planning
Business Succession Planning
Business Benefit Planning

The concept of financial planning looks at where you are in your life span as part of the planning process. Throughout the life span the plan is reviewed and revised to address the needs as they change. Determining what is needed and what assets are available to achieve your goals is key to the success.

Throughout the process of financial Planning many types of advisors may be called upon to assist in the process. These include:

Insurance Agent
Investment Advisor
Attorney
Accountant
Trust Officer

Using the talents of these individuals and with proper supervision of the annual results substantially increases the probability of achieving the desired results regarding your financial planning needs.

Your Pharmacists Mutual Representative can assist you in this process.