Process doesn’t have to be a standardized sequence of generic questions, answers and tasks. There is no substitute for getting to know someone through old fashioned conversation. Our process is very efficient, yet highly personalized and painless. It allows us to truly understand your unique situation and the things that are most important to you, in both the present and in the future. Put succinctly, we need to understand who you are to know exactly how we can best serve you.
Benjamin Franklin said, “An investment in knowledge always pays the best interest.” Investing in yourself, with our guidance, can offer great returns. We provide knowledge and experience to help you navigate the uncertain waters of life and the complexities of the financial world.
At Renaissance Financial Management, we follow the financial process outlined by the CFP® Board, which describes the gestation of financial plans. It describes a dynamic process that allows for adjustments tailored to you and your goals. While the following steps are more specific to the description in the preparation of a written, comprehensive financial plan, the steps are also germane to the engagement process that we use with investment management clients who may not need (or who are not seeking) a written, more thorough financial plan. The steps include:
- We spend ample time to understand your personal and financial circumstances. We listen. We fully understand that each of us was born with two ears and only one mouth. We pledge that our conversation will be cognizant of that anatomical reality. Our commitment is empathetic. We cannot initiate our contribution until we know you and your situation.
- Together, we Identify and select goals. We patiently and empathetically hear your story and what you want to accomplish. Your Renaissance CFP® advisor will listen to what is important to you and will assist you in prioritizing your goals.
- Then, it is our turn. We analyze your current course of action and offer potential alternative course(s) of action. At this third stage, your CFP® advisor will evaluate your current path and offer insight into other options.
- Within this fourth stage, we develop financial planning recommendation(s). Your CFP® advisor will gather information, incorporate his/her experience and knowledge and will craft recommendations personally designed for you.
- After analyzing and developing recommendations in steps 3 and 4, we present financial planning recommendation(s). We will review the recommendations with you to see what best fits with your goals and life situation.
- We implement the financial planning recommendation(s), typically by managing and/or offering advice with your financial assets. We discuss who (CFP® or client) is responsible for which component part of the plan and who is responsible for taking action. At Renaissance we request that each client, for whom we manage financial assets, agree to “discretionary” authority for CFP® advisor management of accounts.
- Finally, the CFPs® at Renaissance assume responsibility, with commensurate authority, to monitor progress and updating. This important step is germane to both your CFP® advisor’s financial asset management and/or the progress of client implementation of a financial plan. To that end, we meet regularly to adapt to changes in your life, law and economic events.
This is always a collaborative process and your input is essential. We pause to listen to what you have to say. This is the essence of financial planning at Renaissance.