Envisioneering™ Financial Life Planning Process
Looking for a financial life planning process that can help you pursue your short and long term goals? We were too. That is why we developed the Envisioneering™ Financial Life Planning Process. The six steps help you Organize, Visualize, Analyze, Optimize, Activize and Modernize your financial life plan. These steps are incorporated into our four meetings in year one and two in the second year.
Envisioneering™ Financial Life Planning Year 1
Step 1: Vision & Concerns Meeting™
This meeting is about learning about what you want and who you are. We will take a deep dive into what you have to work with in future meetings.
- What are your goals?
- Your concerns?
- Your expectations?
- What do you hope to get out of hiring us?
As we gain an understanding of what you envision, we can assess if we are a good fit. Our Envisioneering™ Financial Structural Assessment helps assess things like taxes, estate plans and emergency funds. It’s important to build your plan on a solid foundation.
Step 2: Organize and Visualize Meeting™
Should you hire us, while we continue to learn more about you, we’ll start to quantify your goals. You may even decide to change some of your priorities. If you elect our comprehensive services, we’ll include your assets, liabilities, insurance, etc. in your plans. We’ll assess a probability of funding all of your goals. If your aren’t comfortable with the initial probability, we’ll discuss options for increasing it.. Dialing in a plan that works for you is an iterative process. You may decide to take it home and work through your options.
Step 3: Optimize and Prioritize™
In this meeting, you will make some decisions on the trade-offs you want to pursue. We will see if there are ways to increase the tax efficiency of your savings, your insurance planning, etc. Each trade-off decision may open up new ways to optimize the results of your plan. This process may also have you reassess your goal priorities and implementation steps. Congratulations, your financial life plan blueprint has been created.
Step 4: Activize™
Now it is time to make it happen. Do you need to:
- Increase your 401(k) savings
- Change your asset allocation of your 401(k)/IRA
- Consolidate old 401(k)s into an IRA
- Change your employee health, life or disability insurance elections
- Fill out insurance applications for spouses
- Open and fund and emergency fund savings account for your
- Create a systematic savings plan for your kid’s college fund
You may have told us that you want to invest based on your green or women’s issues values. It’s time to change your investment allocation fit your values.
Envisioneering™ Financial Life Planning Year 2
As you know, life happens when you’re making other plans. Therefore, your financial plan needs to be flexible. You may:
- Receive pay increases,
- Get married,
- Get divorced,
- Have children,
- Get better jobs,
- Lose jobs,
- Have unexpected health costs
- Need to help loved ones,
- Face other life/financial changes
Each one of these can significantly change the assumptions on which your plan was built.
Will changes to income, expenses, assets, liabilities and other considerations change the fundamentals on which the plan was built? Unexpected or additional children could mean additional life insurance is warranted. A job change mean changes in retirement contributions both positive and negative. This may be prior to a scheduled progress check meeting. Your plan should be reviewed when any of these significant changes occur.
Modernize™ Mid-Year and Full Year Progress Check™
While you are under no contract to continue, in the following year the process is delivered during two planned Mondernize meetings. The progress check’s purpose is to help keep you under the issues you can control. Are there changes in the environment or your situation that suggest the need to reassess your strategy, tweak it or stay put?
At the Modernize™ Mid-Year Progress Check™, we’ll revisit the projections of your personal Envisioneering™ Financial Plan™. Progress to your goals will be at the forefront of the review whether that be retirement, college or some other accumulation goal. Have you saved the amount you indicated you would?
At the Modernize Mid-Year Progress Check™, we’ll re-visit the projections of your personal Envisioneering™ Financial Plan™ and compare them to the actual results achieved to-date. We’ll also look at your investments to see if they are within the expected market risk tolerance. It is key that the management team(s) hired to manage your portfolio are providing value. We see this value as both return and portfolio fluctuation. We believe that it is prudent to take the least amount of risk for the necessary return to reach your goal.
The Modernize™ Full-Year Progress Check assesses employee benefits such as health and insurance and how they may be leveraged. You may also need to look at private pay insurance policies. As Envisioneering™ is personalized, there may be need to look at other factors such as Social Security maximization or change the agenda of the review. Your needs, wants and wishes drive the agenda.
There is no guarantee that a diversified portfolio will enhance overall returns or outperform a non-diversified portfolio. Diversification does not protect against market risk.