What Are the 7 Steps of Financial Planning?

"Never depend on single income. Make
investments to create a second source
- Warren Buffett"

The seven steps of financial planning start with getting to know the client's current financial situation and goals and end with continually measuring performance toward those goals and updating them as necessary.

1. Understanding the client's personal and financial circumstances.

2. Identifying and selecting goals.

3. Analyzing the client's current course of action and potential alternative course(s) of action.

4. Developing the financial planning recommendation(s).

5. Presenting the financial planning recommendation(s).

6. Implementing the financial planning recommendation(s).

7. Monitoring progress and updating.