The Financial Planning Process

Various Aspects of Financial Planning

  • Retirement Planning
  • Estate Planning
  • Tax Planning
  • Education Planning

MC Wealth Managements’ team of professional Financial Advisors provides you the following six steps to assist you in identifying your needs today and in the future. We are not here to sell you products you do not need or want, but to provide you with suggestions, guidance, and a workable financial plan to serve you, your individual needs, and your family’s needs.

Step One – Collecting the Data
Together with your MC Wealth Management Financial Advisor we collect essential information by completing a detailed questionnaire. The questions are non-judgmental and assist us in forming a profile of your financial situation and lifestyle. This process is supported by:

  • Examination of past Income Tax returns
  • Analysis of life, disability, home and property insurance policies
  • Asking about wills of all family members
  • Ascertaining of “soft-data” (lifestyle preferences and risk tolerance with respect to investing)
  • Derivation of cash flow and net worth statements from pertinent information
  • Examination and analysis of “Employee Benefit Plans” when applicable

Step Two – Identifying Your Goals and Objectives
Next, we determine in as much detail as possible, your actual goals and objectives for the future. For families, we encourage both spouses to be actively involved in this process. We look ahead to your retirement; do you want to retire early? What do you plan to do during your retirement – play golf six days a week? Travel? Pursue a hobby? Do you need to provide educational funds for children? We talk about managing your money and your concerns.

Step Three- Identifying Your Financial Needs
Our MC Wealth Management Financial Advisor then translates your goals, ambitions and dreams into realistic financial terms. We estimate the money and income you would need to provide yourself with the retirement you dream of. That income level in return determines the extent to which you would need to accumulate in savings and investments between now and your projected date of retirement.
Unbiased recommendations would then be made, and a course of action would be proposed based on sound financial planning principals and professional judgment that applies to your needs and desires.

Step Four – Developing a Comprehensive Written Plan
The Plan has a two-fold purpose. It would serve as a blueprint for financial security and be a benchmark against which the results of the plan would be measured. The length of the plan depends on the complexity of your situation and your (or your family’s) needs. We then carefully review with the plan with you.

Step Five – Implementing the Plan
Once we confirm the plan is right for you the next step is to implement the schedule presented in the recommendations. We share this obligation with you to make sure the professionals are contacted and the strategies take form.

Step Six – Reviewing Your Plan
A financial plan is never carved in stone. Circumstances or situations can change. Our plans or our family’s focus can change. The plan needs to be re-evaluated yearly. Changing variables could be an addition to the family, an inheritance, the death of a spouse or an external condition like a change in a tax law. Monitoring the plan is vital to the survival of your financial future and to assist you in reaching your goals.