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Plan for Tomorrow - La Jolla, CA

 

Our Process

At Plan For Tomorrow, our goal is to guide clients to a more secure financial future.  With our experience, knowledge and resources, we help clients navigate changing tax laws, volatile financial markets, inflation, and evolving personal or business situations.

We look at every possible way to help clients maximize all they’ve achieved in life.  Through our six-step financial planning process, we strive to leave no stone unturned and look at every aspect of a client’s financial picture.

Wealth Management Process

Step 1: Discovery and Data Gathering

The first step is to gather the necessary data to ensure a thorough understanding of a client’s situation.  Our goal is to fully understand our client’s objectives, liabilities, concerns, and needs.  This becomes the basis for the creation of a financial model, which is used to evaluate the client’s current financial situation.  The data will show their current asset allocation, net worth, the direction and rate of its change, cash flow, income and estate tax liability and other items.  We will also review the client’s wills, trusts, life and disability income insurance, and any other legal arrangements they’ve created.

Step 2: Develop and Formalize Goals

The next step is to help the client develop their personal financial objectives.  Frequently, our clients say they want to leave a legacy for their family, send a grandchild to college, or ensure they don’t outlive their assets. However, it’s often more complex than this and we strive to help clients consider questions they may never have been asked.  If they want to send their grandchild to college, we help them develop this goal further and in more detail, such as determining what type of college (public or private?), location (in-state or out-of-state?) and other important considerations.

Step 3: Identify Any Issues

The third step consists of identifying problems that are present in the client’s current planning.  It is in this step that the full benefit of the financial planning process often becomes apparent.  We help identify problems that clients never realized existed.  Often, we determine a number of new questions or issues because a client’s previous financial picture had not been so thoroughly developed and their objectives had not been so clearly explored.

Step 4: Financial Plan Development and Review

In the fourth step, we develop specific strategies for the client from which they can choose what will help them pursue their goals.  We review all of the strategies, discuss the pros and cons, and provide the client with an economic model to determine the strategy’s impact.  Our goal is to provide clients with the confidence to determine what strategy is most appropriate for them.  The selected strategies are then compiled into a comprehensive report for the client.

Step 5: Financial Plan Implementation

Once the appropriate strategies have been determined, the next step is implementation.  By this stage, the client will have a game plan and a specific course of action to take with their other professionals, including their attorney and accountant.

Step 6: Reviewing and Updating

The final step is the ongoing review process.  At least once a year, we meet with the client to update their plan and address any changes in their personal situation and the economy.  This ensures that their plan is up-to-date.