To develop a financial strategy for your future, it's important for your financial professional to see a complete, 360-degree view of your financial picture, including Social Security and pension claiming options, and how your retirement assets are integrated and work with one another. Our first appointment is simply about getting to know one another. It gives us a chance to learn more about you and provides an opportunity for you to ask questions of us. This part of the process often involves gathering information about your goals, concerns, timeframe, health and cost of living. We review existing investments, insurance, tax and estate planning documents. Based upon these initial observations, we identify areas for research and potential improvement, and together agree if there is a potential basis for us working together. After agreement and scheduling a second appointment, the Outlook team conducts extensive research and analyses.
In a second appointment, you should expect an analysis of your investment assets, current and projected cash flow, current insurance coverage, estate plans and tax strategies. We will offer financial planning recommendations that address your goals, based on information you provided. We will mutually agree on services to be provided and define both our and your responsibilities. Depending on the areas of assistance, we will explain how we are compensated and by whom.
Once we agree on how the recommendations will be implemented, we will work together to determine the best course of action. In subsequent appointments we will assist in implementation, while in other areas, we may serve as your "coach", recommending employer 401(k) or 457 plan reallocations and coordinating with your other professionals such as tax preparers, attorneys or property & casualty insurance professionals.
Any plan is only as good as the information it's based upon. Together we will agree on who will monitor what aspects of your financial plan and determine how often we should measure progress towards your goals. We all know things change over time. The economy changes, the markets change, employer benefits change, but your goals and timeframe can change as well. We will proactively contact you to review your account periodically. However, we share this responsibility and should there be a career change or major life event, we should expect to hear promptly from you as well. Additionally, you can be assured that as tax and estate planning laws change, we will keep you abreast of how these changes may provide you an opportunity for greater savings and/or lessen the tax impact on your plan.