Final+Product

This first little booklet I found really cool. It's more or less a script that is given to some financial advisors to help them walk the clients through the financial process. It really helps you understand the financial advisors position and what he/she wants to know, so they can help you as best they can. It has questions that he/she should ask to see what goals you want to meet, and what you expect from the advisor. This really wasn't a big part at all to what I did, but I found it really intriguing, and I hope other people do as well so that's why I am adding this into my final project.
 * Setting The Stage**

First off to start the financial process I have a financial planning process (FPP), which is a little question and answer that gives a financial advisor a little sight into were his clients are sitting. This booklet starts off asking about the six major areas of financial planning. These consist of questions regarding your current financial position, how you plan on accumulating wealth, how you manage income tax, what you plan on doing for retirement, how you feel about risk, and how you plan to preserve your wealth. This is one of the most important things to fill out, because its the foundation to a healthy and strong financial plan. As a client you will read through this Q and A with your advisor and check the box's that apply to the you. Part two of this booklet is listing your financial goals and objectives you would like to accomplish in your life. This is usually made up of things like retiring comfortably, saving for your children's education, and purchasing a vacation home. Next is one of the biggest questions of this process. What is important about money to you? This question almost always comes down to being able to take care of family. Step four in this booklet is to find where you are. Not physically, but financially. This is were the client would go into a very vague detailed description of what they think they own. This shows the financial advisor what he has to work with. Last the financial advisor would tell his/her clients they process they are going to take to meet their financial goals. Analysis. Strategies. Action.
 * FPP**

The laundry list will be included into my final project as well. This is something I wasn't sure if i should or needed to add into my project. This is a list that is sent home with the clients that has them go into detail of everything money related to them. The clients would fill in how much they spend on expenses monthly and annually, how much they save in what accounts through out the year, how much they spent on vacationing, medical, transportation, how much they but on their credit cards, and what they used out of their checking accounts. This is a very detailed process, but also a very important one. This shows where every last dollar is put and helps the financial advisor figure out what he thinks is best to do with the dollars that the clients make.
 * Laundry List**

The focus plan for the financial process is similar to the FPP, but more complex and detailed. This process helps the financial advisor make decisions on what to do with the clients dollars. It asks questions on personal data, concerns and who their current advisors (accountants, bankers, attorneys, etc.) are. Next this process help the client find out what their risk tolerance is, which helps in making decisions for investing. Next is income and taxes. After that is the process of putting all the data from the laundry list into the expenses category. After that is the stock options, this page I wanted to stay away from because I didn't want to learn about stocks. I know what they are and a bit how they work so I thought it was better to focus on the financial planning part more. Next is insurance, then retirement, then education goals, accumulation goals, survivor needs, and last but not least estate planning. This comes together to analyze the information and propose appropriate solutions.
 * Focus Plan**

The financial portfolio (FP) is the final product of this project. When my mentor and I combined all the information I have from the FPP, Laundry list, and focus plan we plugged it into Waddell & Reeds software and used it to create the financial portfolio. This portfolio goes into detail about all the key areas that make up a financial plan. These consist of financial statements, asset allocation, retirement, education goals, accumulation, survivor needs, and disability insurance. Each one of these areas use the information we gathered from our other resources to create the appropriate solutions to help the clients achieve their financial goals. This portfolio helps is the financial advisor review and monitor the progress over time.
 * Financial Portfolio**