What are the next steps in the process of financial planning?
As mentioned above, the first steps are for the financial planner to find out your goals, risk tolerance and current situation. He or she can then begin the analysis to prepare your actual financial plan. For instance, the analysis might show much money you need to save each month, earning 8%, to retire at age 60 with sufficient retirement income to last for 30 years after that. Your financial plan might show various scenarios, such as a scenario based on what you are currently doing, and another that shows what you need to do differently to actually reach your financial goals. You would discuss the plan with your financial planner at this point to make sure it correctly identifies your goals and situation, and that you understand the analysis and results of your financial plan. This analysis and delivery of a plan form the basis of financial planning. Some financial planners will charge you only for the time necessary to create your financial plan. You can then take the financial plan
