Step1: Establishing and defining the client partnership
The financial planner should explain and document the services that would be provided to the client and also document responsibilities of both the sides. The planner explains how and to whom the payment is to be made. The planner and client should agree on how long the relationship would last and on how decisions will be made.
Step 2: Setting goals
Reaching your goals and achieving your personal ambitions are major objectives of the financial planning process. In order to make plans, you need to know where you are today and where you want to be in the future. You need to know a starting point and an ending point, the time frame and an estimated dirham cost.
Many people think they have to write down a list of future goals- 25, 50, or even 100 different things to cross off. However, any sized list is fine but a small number of action items is definitely less confusing to start with.
Once you write down your "bucket list," you can begin to convert your dreams into financial goals by making them specific and measurable with a date and a price. It is very important to prioritize goals depending on our present life stage.
Step 3: Analyzing and evaluating the client's financial situation
We analyze the client’s information to assess his current situation and determine what must be done to achieve the client's goals. Depending on the services requested, this assessment could include analyzing the client's assets, liabilities and cash flow, current takaful insurance coverage, investments or tax strategies (for expats).
Step 4: Develop financial planning recommendations and alternatives
We offer financial planning recommendation suiting your goals based on the information provided by the client. We go step by step through the plan to help you understand each recommendation in order to make a clear decision. In this step, listening to the client’s concerns is crucial because we can revise the recommendations if required.
Step 5: Implement the financial planning recommendations
After a mutual agreement on how these recommendations would be implemented, we can act as a coach or in other words, the process coordinator with you and other trusted professionals such as, accountants, stockbrokers, attorney/notary or trust managers.
Step 6: Monitor the financial planning recommendation
The client and financial planner agree upon as to who would monitor the client's progress toward goals. If the planner is involved, he or she should report to the client periodically to review the situation and adjust recommendations as needed.
We agree with the client as to who would monitor the progress towards the goals. As life changes and if the planner is still in charge of the progress, they should report to the client periodically to review the situation and adjust the recommendations if required.