How It Works

The Financial Planning Association® defines Financial Planning as an ongoing process involving taking stock of all existing resources, creating a plan to utilize them, and systematically implementing the plan to achieve short-and long-term goals. They stress the plan has to be monitored and reviewed periodically so any necessary adjustments can be made, to assure that it continues to move you toward your financial goals. 

The Financial Planners Standards Council defines six steps in the Financial Planning Process: 

  1. Establish the client/planner engagement 
  2. Gather client data and determine your goals and expectations 
  3. Clarify your present financial status and identify any problem areas and opportunities 
  4. Develop and present the financial plan 
  5. Implement your financial plan 
  6. Monitor the financial plan 

Initial Meeting

The purpose of the first meeting has several goals including:

  • Allowing client and planner to interview each other and determine the potential for a comfortable working relationship
  • Understand your current financial situation
  • Get to know your financial concerns, life goals and objectives
  • Provide you with a price quote for the services you request

Plan Creation
Once we know your current financial situation and objectives, we develop specific recommendations to achieve your goals.

Depending on the complexity of your situation and the scope of the engagement, the plan may contain some or all of the following:

  • Net Worth Statement
  • Income/Expense Statement
  • Debt Reduction Plan
  • Tax Reduction Strategies
  • Investment Policy Statement
  • Portfolio Analysis & Asset Allocation Plan
  • College Funding Plan
  • Insurance Needs Analysis
  • Retirement Planning
  • Long-Term Care Needs Assessment
  • Charitable Giving Plan
  • Estate Plan Recommendations
  • Business Succession Planning

Plan Presentation Meeting
We will have one or more meetings to present and discuss the recommendations and create schedule for implementation, to include specifying responsibilities for each step.

Plan Monitoring
Clients are provided with a review at least annually to assess plan progress, incorporate any changes in circumstances, and refine the scope of the engagement, if necessary. 

Penn Cove Financial uses MoneyGuidePro for planning. Click here to reach the MGP website.

For clients who need to open an investment account, Penn Cove Financial uses Shareholders Service Group as custodian. Click here to learn more about them. To access your account, through Pershing's NetX Investor click here.


Want to Test Drive the Experience?

You can click this link to see what the experience of using a financial planning program is like.