Personal Financial Services: Step 6

 Monitoring and Adjusting the Plan

A very important step of the financial planning process is monitoring the progress toward the goals and objectives set out. There are constantly changes that may affect the plan such as changes in the tax or estate law, the general economic environment, or just the clients personal situation or desires. Therefore, it is extremely important for the financial planner to review the plan in order to ensure its validity to the goals of the client. At regularly scheduled reviews with the client, the planner evaluates the client's situation to determine changes in the plan. If significant changes are required, the planner returns to the early stages of the process to re-evaluate the goals and objectives.

Financial Planning Process