Insights: Article

Financial Planning Process

May 18, 2017


At Eide Bailly Financial Services, financial planning is the defining core of who we are, as well as the foundation of each of our client relationships. As a firm, we strive to build relationships that go beyond just quarterly account statements or portfolio investment returns. Instead, our goal is to truly get to know you; to gain a deeper understanding of your personal goals, and to help you successfully navigate the changing seasons of your life.

Financial Planning ProcessThrough our comprehensive planning process, we’ll consider the entirety of your financial life as we explore your needs for:

  • Cash Flow Planning
    – Education funding needs
    – Retirement funding needs
  • Investment Portfolio Review
  • Estate Planning
  • Insurance Protection

Establish Goals
In the first step in the planning process, we’ll work with you to gain a clear and thorough understanding of what’s important to you today, as well as your goals for tomorrow.

Gather Data and Information
Once we have a thorough understanding of your goals, we will collect the information necessary to create your personal financial plan. To help simplify this process, we’ll provide you with a comprehensive planning packet to guide you.

To help you share or exchange information with us, we’ll provide you with access to a document vault: a secure, cloud-based portal which you can use to transfer documents or store personal information.

Analyze Information
Once your data has been gathered, we will analyze your information using our financial planning resources, including our unique data aggregation tool that will allow us to consolidate all your asset and liability accounts for an up-to-date, holistic view of your financial situation.

As a CPA -based firm, we’re able to leverage the experience of our team of specialists to assist with a variety of complex or specialized planning needs. Based on the analysis of your data, we will share findings such as:

  • Cash flow projections and your current progress toward reaching your goals
  • The suitability of your asset allocation and investment portfolio
  • The appropriateness and adequacy of insurance coverage
  • The potential benefits of tax advantaged strategies
  • Opportunities to enhance estate planning

Interactive Solutions
Prior to implementing your plan, we will walk through various “what if” scenarios together. With the help of our technology and software, your plan will “come alive” as we stress test the results by applying changes to various plan assumptions such as investment rates of return, anticipated retirement dates, or planning for longer or shorter life expectancies.

Action Steps
Once we identify a strategy that may be best for you, we’ll implement your plan according to your priorities and personal financial needs. We’ll collaborate with your team of professionals who have the knowledge and experience needed to help implement even the most complex solutions. Because life is fluid and ever-changing, we believe your financial plan should also remain adaptable in order to meet the potential changes of life. When you combine the power of a well-designed plan together with the advice and guidance of your financial advisor, we believe you’ll be better positioned to stay focused on the long-term, and committed to success.

Real-Time Monitoring
To help you monitor your plan over time, we’ll provide you with access to the Client Dashboard: a client portal that allows you to conveniently access your financial plan. Through the dashboard, you can view your account balances and individual investment holdings so that you can better track your progress toward reaching your goals.