What to Expect When You Work with a Financial Planner

Working with a financial planner can be as simple as getting targeted advice on a single topic, or as complex as creating a comprehensive financial plan that covers many areas of your financial life focusing on goals—like retirement—that can take years to achieve.

Whether your needs are simple or complex, the financial planners at MMBB generally employ a 7-Step process that we all use as planners who hold the designation of Certified Financial Planner™ professional:

1. Understand the client’s personal and financial circumstances
2. Identify and select goals
3. Analyze the client’s current course of action and potential alternative course(s) of action
4. Develop the financial planning recommendations
5. Present the financial planning recommendations
6. Implement the financial planning recommendations
7. Monitor progress and update

At MMBB, we frequently refer to the first three steps as part of the Discovery process.  These steps are vital, because they allow us to learn about your goals, what you value, and what has brought you to the point of seeking to work with a planner.  We also gather hard data during this process but learning about you and what you want for your life is a critical first step, so we make sure the plan we ultimately agree on is customized for you.  Because our goal is to create plans that are customized to you, different elements of the planning process will receive differing emphasis depending on your needs and the complexity of your situation.

Financial Planning Topics

As financial planners, we are trained to assist you in a number of different areas, including:

• Basic financial planning. Equip you to manage cash flow, create a budget, and manage debt.
• Retirement savings and income planning. Establish a savings and investing strategy during your working years, and safe and efficient draw down strategies in retirement.
• Risk management and insurance planning. Evaluate life and property insurance, and health care.
• Investment planning. Assist in selecting investment vehicles that align with your goals and risk tolerance.
• Tax and estate planning. Plan to minimize current and future taxes, and plan for the protection and transfer of your estate.

What will I need to do?

Financial planning is a team process that starts with you and your planner.  Your planner can only work with the information you share with them, so it is important when asked to gather and share requested information.  Depending on the areas you choose to work on, you may need to work with other professionals, for example an attorney if you are doing estate planning, or an insurance broker if you are working on risk management.  Your planner will help guide you through this process, but it will take time and engagement on your part.

If you are unsure where to start, an introductory call with a planner is an excellent way to begin.  A planner will ask questions, listen to you, and together you can decide how you want to proceed.  To schedule an introductory call with a MMBB financial planner, call 800.986.6222.