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140 Adams Avenue, Suite A8, Hauppauge, NY 11788

631-813-1138
dominic@twplanning.com

Comprehensive Financial Planning

Comprehensive Financial Planning

This holistic approach encompasses every aspect of your entire financial world.  Creating an all-encompassing financial plan will allow you to organize and clarify your financial life and examine your current situation.  Once you are able to focus you will be able to set financial goals and measure your progress towards those goals.  Below is a list of the six steps we’ll take to help you create your financial plan:

  1.  Establish our relationship – We will explain our financial planning services and define each of our responsibilities.  Along with compensation, we’ll discuss how long the professional relationship can last and how to make decisions.
  1. Gather your data and develop your financial goals - You should gather any necessary documents and talk to us about your current financial situation. Together, we can define your personal and financial goals, including timeframes.  We will also discuss your comfort level when it comes to taking financial risks.
  1. Analyze and evaluate your financial status - We will consider all aspects of your situation to determine what you need to do to pursue your goals.  Depending on what services you've asked for, we may analyze your assets, liabilities and cash flow, current insurance coverage, investments or tax strategies.
  1. Review our recommendations - We will go over our financial recommendations, explaining the rationale so you can make informed decisions. At this stage, share any concerns with us so any recommendations can be revised if necessary.
  1. Set your course – Together we will need to agree on how the recommendations will be carried out.  We may carry out the recommendations or serve as your coach, coordinating the process with you and other professionals, like attorneys or stockbrokers.
  1. Benchmark your progress against the financial goals you established - As you work toward your goals, together we need to decide who monitors your progress so you stay on track. If we are in charge, we will check in on a predetermined schedule, reviewing your situation and making any necessary adjustments to our recommendations.