Comprehensive financial planning considers multiple aspects of an individual or family's financial situation. Topics include: taxes, debt, retirement, college savings, estate planning and insurance.
The comprehensive financial planning process begins with an initial interview. The financial advisor inquires about the family's objectives, their risk tolerance, and overall financial knowledge. This could include anything from sending children to college, buying a 2nd home, or starting a new business, to traveling the world during retirement. The current financial status is determined by reviewing bank statements, mortgage documents, insurance policies, tax returns, etc. The advisor reviews all of the information, often consulting with existing professionals such as accountants or attorneys. The advisor analyzes all information to determine how close the family is to meeting its goals and creates strategies for accomplishing them. The next step is to implement the plan, which could include reallocating assets, opening new retirement accounts and drawing up trust documents. Once the plan is implemented, the advisor monitors it, maintaining contact with the family to identify any needed changes
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