The initial step in the planning process is the collection and assessment of all relevant personal and financial data. Such data would include lists of assets and liabilities, tax returns, insurance policies, trusts, wills, pension plans, etc.
It is essential that realistic long-term goals, both personal and financial, be identified and analyzed. It is equally critical that financial short-falls which create barriers to financial independence can be sought and the framework of a personal, customized financial plan begins to emerge.
A thorough analysis of the needs, wants, and desires of the client, when joined with the equally thorough analysis of the financial options available, form the basis of the final plan. Our role is to provide guidance; the decision to implement, modify or reject the plan recommendations is the sole responsibility of the client.
REVIEW AND REVISE
Future changes in personal or economic conditions are impossible to predict. It is essential then to conduct periodic reviews of the plan and initiate revisions if called for. Such reviews are an inherent part Murnick Financial Group's service.