Prince Financial Advisory, LLC offers personalized financial planning for individuals or couples. The financial analysis is customized and not a boilerplate or prepared in the back office.
Financial planning can have various meanings for different people. In it's true sense, financial planning is a process that helps you understand where you are and where you are going with your finances. The process helps you to be in control of your money. Having this control is key to avoiding a financial quagmire or financial devastation.
The financial planning process begins with having a written blueprint which provides a check on where you are with your spending and how well you save money and where you want to be in the short-term and long-term with your finances. The financial plan can help you see where your financial decisions need to improve and if your timeline is realistic.
Certified Financial Planner professionals adhere to financial planning process subscribed to by the Certified Financial Planner Board of Standards. There are six steps to the financial planning process. These steps are:
- Establish the relationship with a CFP® professional to understand the scope of the project, the fees, and your responsibilities,
- Gather the data needed through statements and documents and formulate financial goals and timeframes,
- Analyze and evaluate your financial situation. Depending on the scope of the engagement, this may result in a written analysis of your cash flow, debt management, current insurance policy coverage, tax strategies, and investment strategy,
- Review of CFP® professional's recommendations and rationale,
- Set up a monitoring method to see how the recommendations are carried out,
- Monitor your progress either with the help of the planner, if they are hired to do this, or on your own.