Our Planning Process
A financial plan isn’t a dusty 2″ binder you stick on a shelf – it’s a living strategy designed to put your wealth to work towards your goals. At Barnett Financial, your financial plan forms the basis of every decision we make together over the course of our relationship.
To create your personalized, holistic financial plan, we lead you through a proven process that identifies your goals and analyzes your financial situation, then provides tailored recommendations to help get you from here to there. Explore the way we work.
1. Initial Meeting
We offer a complimentary, hour-long consultation that allows us to get to know you and to determine whether there is the possibility of a good working relationship. We strive to provide an unparalleled level of personalized service to a limited number of clients. Therefore, we carefully assess potential customers to find individuals with whom we can have the most fruitful, long-lasting relationships.
2. Goal Setting and Data Gathering
Next, we meet with you for one-to-two hours in order to have an in-depth conversation about your aspirations, career goals, life goals, attitudes toward money and anything else that is important to you and your family. After all, the heart of financial planning isn’t about asset allocation and rates of return — it’s about you.
From retiring early to funding a college education or two, to fueling your passion for philanthropy, we want to know what’s important to you, your spouse, and your family — and how you see those needs change over time. This is a full and frank discussion during which we document your goals in a structured way.
In this initial phase, we also collect all of your basic financial data in order to assess your current situation. We take the time to assess the full picture — including your age, risk tolerance, cash flow needs, tax position, and current investments — so that we can tailor our recommendations specifically for you.
3. Financial Plan Development
Comparing your goals with your current financial situation, we map out a plan to get from here to there. Then, our team develops your financial plan based on your goals, and in consideration of your current financial situation. Depending on the circumstances, it may address some or all of the following areas:
- Goals and Objectives
- Cash Flow / Budgeting
- Retirement Planning
- Investment Analysis and Recommendations
- Employee Benefits
- Life and Disability Insurance Needs Analysis
- Income Tax
- Estate Planning
- Risk Management
- Education Funding
- Business Planning
4. Scenario Analysis
In pursuing your goals, you will have the opportunity to try different strategies and options. While not perfect or predictive, scenario analysis reveals the relative impact of the choices you might make on your ability to meet your financial goals over time.
If you’ve ever asked yourself, “Am I spending too much each month?” or “How long can I expect my retirement assets to last?” then you can benefit from scenario analysis. With this tactic, we can help you set reasonable expectations about the future and make difficult life decisions in a clear-headed way.
Once the financial plan has been established, we work with you to implement the recommendations. We establish your investment allocation, streamline your record keeping, handle the administrative details and maintain the investment portfolio on your behalf.
Barnett Financial does not take custody of client assets. Instead, assets are typically held at Charles Schwab Institutional. You’ll receive consolidated, easy-to-read reports that provide you a comprehensive view of your investment portfolio and its performance on a quarterly basis.
Over time, whether you need help with your investment portfolio, insurance, employee benefits, or anything else, our team ensures that you get great recommendations and sound advice that support your financial plan.
6. Maintenance and Reporting
Financial planning is an ongoing process, not an event. Once your financial plan has been implemented, it must be continuously monitored and periodically rebalanced to meet your allocation targets and ensure that your overall goals are being met, even as laws and market conditions change.