Home | Overview | Services | 4-Step Process | Why Choose Hirst? | Prospective Client | Forms | My Schwab Account

The Planning Process

Do you remember when life was easier -- a simpler time when there were no 401K's, 403B's, Roth IRA's, U-Plans, Keough plans, real estate trusts, etc.  to worry about. If you're feeling confused and overwhelmed by the vast number of financial choices available today, Hirst Wealth Management wants to help you. By following our straight-forward 4-step financial planning process, we'll demystify the choices so you can make smart decisions about what to do with your money. And, if you prefer, we can even provide a turnkey solution where we will manage all aspects of your financial life in keeping with your risk profile and objectives.

4-steps to financial insight

As your accredited personal financial officer, we follow a 4 -step process to create your personalized financial action plan. We begin by taking a snapshot of your current financial situation and then logically progress to a detailed action plan designed to meet realistic and attainable goals. All along the way, we'll provide you with insights and recommendations that address your unique situation.

Figure 1: 4-Step Planning Process Details (PDF*)

Step

Description

What Happens

Related Documents & Deliverables

1. Assess Financial Situation

Financial goals & objectives are established. A snapshot of your current financial picture is taken that considers your income, assets, liabilities, debts, retirement plans, insurance, etc.

You'll receive a package in the mail that gives you an overview of the planning process along with several forms to be completed. An initial exploratory meeting is arranged to review the completed forms and determine your goals and expectations. At this stage you are exploring the possibility of becoming a Hirst Wealth Management client but no commitment has been made.

2. Prepare Preliminary Plan

A preliminary financial plan is prepared that is built around your goals and resources. The plan includes: risk assessment, cash flow & balance sheet analysis, tax & insurance planning, investment portfolio evaluation, retirement objectives, and estate planning.

Upon your request, Hirst Wealth Management will prepare a preliminary financial plan that addresses your specific situation. The plan is reviewed at a second meeting with special emphasis placed on the underlying assumptions used to create the plan.

3. Finalize Action Steps

As an outgrowth of the preliminary financial plan, specific concrete action steps (such as the amount of 401K contributions, investment recommendations, asset allocations, life insurance requirements, etc) will be agreed to and implemented.

The specific action steps are determined through a series of meetings. Each meeting focuses on one aspect of your financial plan. Meetings will focus on the bulleted topics listed to the right.>>>>>>>

At the conclusion of the process you'll have a thorough understanding of your current situation and the likelihood of attaining your goals based upon your available and projected financial resources. You'll also have a clear roadmap to follow to help you achieve those goals.

  • Detailed Financial Action Plan including:

    • Tax analysis

    • Cash flow analysis

    • Income statement

    • Investment portfolio recommendations

    • Balance sheet

    • Asset allocations

    • Retirement projections

    • Estate plan

    • Life insurance needs

    • Long-term care requirements

4. Ongoing Review & Adjustment

A financial plan is always a "work in progress". Personal needs and resources change as do economic conditions and laws relating to investment options. These changes require monitoring of each client's situation.

We regularly reassess and recommend adjustments to each client's plan and portfolio of investments.  At a minimum, we have a quarterly financial checkup with each client -- more frequently, if desired. Checkups can be held via phone or a face-to-face meeting.

  • Quarterly Review

  • Monthly Account Statements (via broker)

  • Annual Plan Updates