Financial Planning

What is a Financial Plan?

A financial plan analyzes an your and your family's situation- using current data and preparing forecasts- alongside your wishes and goals. It examines the feasibility of achieving your goals, identifies the risks that could obstruct their attainment, and offers the requisite solutions. Our financial planning services are designed to help you answer important questions such as:

  • Am I spending too much?
  • Will we have enough saved for college?
  • How should I save for retirement?
  • Do I have the right insurance?
  • How much risk do I need to take in my investments?
  • Should I purchase or lease a new car?
  • Should I pay off my mortgage early?
  • When should I start receiving Social Security?
  • Can I leave a legacy for my children?
  • Can I afford a vacation home or to travel?
  • What estate documents do I need?
  • Are my current estate documents sufficient?

Fee-Only Financial Planning Services

Fee-only Financial Planners are registered investment advisors with a fiduciary responsibility to act in their clients' best interest. As fee-only planners, we do not accept any fees or compensation based on product sales. We believe fee-only planners have fewer inherent conflicts of interest and generally give more comprehensive advice. Our clients best interest is our focus. We do not require asset management as a prerequisite for our financial planning services. Our Financial Planning services include recommendations on areas such as:

  • Cash Flow Management
  • Tax Planning
  • Estate Planning
  • Insurance Coverage Review
  • Investment Management
  • Education Funding
  • Retirement Planning
  • Social Security Claiming Strategies

BFP's Financial Planning Process

Six Steps of Financial Planning

  1. Establishing and defining the client-planner relationship - The first step is to explain all documents and services to be provided and define the responsibility of the planner and client.
  2. Gathering client data and determining financial goals and objectives - The second step, data gathering is very important in the financial planning process. Since correct inputs on a client's present situation and reasonable assumptions are essential for a competent analysis, we devote considerable attention and time to assure ourselves on the integrity of the data.
  3. Analyzing and evaluating client's financial position- Based on the objectives and goals, we analyze the client's information to assess their current situation and determine what must be done to achieve their goals.
  4. Developing the plan- Once all the information has been gathered and the objectives have been determined, we develop an in depth, highly detailed written personal financial plan. We also use probability analysis extensively to evaluate the certainty with which financial security can be attained at different points in the planning horizon.
  5. Presenting the plan- The penultimate step is the presentation, potential implementation strategies and ongoing monitoring of your plan. Financial planning is an ongoing process and we are here to form a lifelong partnership to help you reach your unique vision and goals for the future.
  6. Monitor the plan - the final step remains an ongoing process. Both BFP and our clients will continue to monitor the plan to ensure long-term success. We recommend meeting with us at least every 2 years so we can review and revise the plan as necessary.

Free Retirement Guide

It's never too soon to start preparing for retirement. But do you know what to look out for? Download our free ebook, "Retire Happy: A Simple Guide to Your Next Big Adventure."

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