Purpose For A Retirement Plan

In the planning the financial manager identified the steps that must be taken to fulfill the agency’s objectives

Planning tools may need to be adapted and terminology often needs to be changed so that it can be understood by the person. It is essential that the person’s preferred ways of communicating are taken into account so that they can play a full part in the planning process

In the context of an advisory relationship, the wealth management firm works with the client to develop, implement and monitor a comprehensive wealth management strategy.

Planning is a function that is employed by every organization in projecting the future outcome of the firm. Successful firms achieve their goals through the use of different types of budgets. These budgets include, production budget, sales budget, labor budget and expenses budget. These budgets also show the targets that should be achieved by the firm within the budgeted time plan.

Bateman, Scott A. Snell, 2009). Step one gathers and summarizes information that is in question. It examines current conditions with an attempt at forecasting future conditions. Step two generates alternative goals that may be used as an alternate if the first desired plan does not work. Step three evaluates the potential of the alternative goals and prioritizes/eliminates ones that might or might not work.

VII. Implement financial planning recommendations, or refer clients to someone who can assist them with plan implementation.

According to Figure 1-1 of Personal Finance, the five steps in the personal financial planning process are:

Week two gave us an inside look on what the six steps are during the planning process. These steps are situational analysis, alternative goals and plans, goal and plan evaluation, goal and plan selection, implementation, and finally monitor and control. The step that Tina, Joanne, and Chris thought was most important in the planning process was the role of setting up alternative goals and plans. They believe it is always a good idea to have an alternative plan just in case the original plan did not achieve the intended goal. We all were able to agree that having a backup plan was a great way of running a business.

B. Ballew and Mink (1996) stated the importance of documenting and formulating a client “service plan” is critical p.21. This record would aid in maintaining order and planning of short and long-term activities. Sharing this with members of the management team facilitates collaboration among each discipline encouraging the attainment of set goals.

The planning process begins with a situation analysis of the external and internal forces affecting the organization.  This examination helps identify and diagnose issues and problems and may bring to the surface alternative goals and plans for the firm.  Next, the advantages and disadvantages of these goals and plans should be evaluated against one another.  Once a set of goals and a plan have been selected, implementation involves communicating the plan to employees, allocating resources, and making certain that other systems such as rewards and budgets are supporting the plan.  Finally, planning requires instituting control systems to monitor progress toward the goals.

Planning, just like saving for the future does not always come natural to a person and a lot of times has to be recommended by professionals. It takes personal discipline along with dedication to follow a good retirement plan. In order to achieve personal goals for retirement there has to be a plan of action to obtain success. Proper planning for retirement will also provide a positive outlook for that stage of life.

1. The process of creating a detailed plan to meet your financial needs and prepare for the future is called

In the exploration process there are so many areas in the life of clients that needs to be addressed through the help of the practitioner, and how to figure out their present necessities is done by genuine understanding. I like the fact that there are some systematic order one can follow in trying to recognize client’s needs, because it can be really confusing and hectic for a worker who is trying to render help to a client’s when they lack the knowledge on how to proceed.

Financial Planning Financial planning is an appraisal of those financial aspects that may or are likely too occur in future but need immediate decision making. It involves setting financial objectives in terms of profits, sales or acquistion of assets along with financial foorecasting for the organisation. This includes estimation in the areas of: Ø

Discuss client’s reaction to their road map, include any questions they may have had and how you handled those questions