Financial Planning Process

What Is Involved in the Financial Planning Process?

As defined by the Certified Financial Planner Board of Standards Inc., the financial planning process consists of six steps:

  • Establish and define the client/planner relationship
  • Gather client data, including financial goals
  • Analyze and evaluate client financial status
  • Develop and present financial planning recommendations and/or alternatives
  • Implement the financial planning recommendations
  • Monitor the financial planning recommendations