Why is having a process important? It ensures no stone is left unturned, that the recommendations that are being made for you are precisely what you need – nothing more, nothing less. It also provides organization and structure, which we've often seen is at the top of everyone’s goal list when it comes to their finances. One of the top things you should do when you are trying to find a good fit in an advisor is to ask whether they have a process, and then ask to see what that process looks like.
Here’s ours – it’s called PULSE.
Step 1: P – preparation; intake; goal setting & fact finding
This is where we discuss a general, high-level overview of where you are today, the different ways Pulse can help, and most importantly, we get a feel for whether we are a good fit for each other. First though, we sign a privacy agreement so that you know everything you share will remain confidential.
Most people have the pieces to their financial picture scattered amongst various professionals and organizations, and aren’t really sure how it all comes to together.
We'll get you know you by asking the right questions
Are you an employee or self-employed? Do you have children? What is your household income and expenses, and what is left over at the end of every month? What do you have already in the way of savings and family and business insurance protection? What level of debt do you carry? We gather as much information as possible to help everyone get on the same page about where you stand today.
In this first step we set up goal setting. What goals do you have? Do you want to better manage your day-to-day finances? Would you like to travel yearly? Buy a home or your first rental property? Retire comfortably at 55?
An article from Forbes showed that if you write down your goals, you are 1.2-1.4 times more likely to accomplish it.
Goal setting is more than just writing it on a piece of paper though, you will have help to define them by figuring out how much you’ll need, and a reasonable time frame for accomplishing it.
At the end of this meeting, the only missing piece of information needed to help you understand how we can help is your monthly cash flow – what’s left over at the end of every month to accomplish your goals.
By now, you’ll have a good idea of whether you want to continue this journey, and if so, you’ll complete a simple budget exercise so we both understand what’s coming in, what’s going out, and what’s left over every month. Once you’ve returned the completed exercise, we have a 20 minute video call to discuss the list of actionable items we've put together for you that once executed, will have you on your way to accomplishing your goals. Once you give the green light to the outline and investment for our work together, we move into Step 2 – Uncover.
U- UNCOVER-budgets, net worth analysis and projections
This is where we take that general high-level overview discussion about your finances, and we dig deep into the details. All you’re required to do is send over your statements or documents that you referenced to in the uncover stage, and the rest of the analysis and projections is on us!
We create your entire life on one piece of paper
We will create a Net Worth sheet for you – essentially your entire life on one piece of paper so that you understand very clearly what you have in all areas of your financial picture. We identify any gaps in savings or insurance protections. We discuss some potential solutions to your goals.
Next, we move into the exciting part! The Lifelong Plan step.
L- LIFELONG PLAN- customized step-by-step recommendation
Now that all of the analysis is done and you know exactly where you are today vs where you’ve outlined where you want to be, you will be presented with a 30-60 page binded document with all of your analysis and projections, but most importantly – your step-by-step plan on how to accomplish your goals.
Sometimes we can start right away with putting money towards every one of your goals. Other times it's more of a progressive approach where we start with 2 or 3 now and as they are checked off, we move into the next goals. Once you’re happy with the recommendations, we move into step 4 – Start Now.
S – START NOW-Implement your plan
Start Now is all about implementation. One of the great benefits of working together is that we don’t just tell you what to do and send you on your merry way. We will help you implement every single recommendation by completing all of the paperwork and opening all of the accounts necessary. We also get you set up on our exclusive expense and savings tracker web tool so you can better manage your money. Then, we keep you accountable to semi-annual check-ins and annual reviews, if not more often as life events happen. This brings you to the last step in the PULSE process, Evolve.
E – EVOLVE-Monitor, Review & Expand your plan
You could easily consider this the most important step, as it happens continually through your lifetime with regular check-ins and changes to the plan as necessary. Life isn’t stagnant, so neither should your plan. As you change jobs, start a business, have a baby, buy a bigger home or another property, or want to leave a legacy to your children, you will want to discuss with your advisor these life changes, as they will be able to help you determine the best way to finance your goal to ensure your money is always working at maximum capacity for you.
You'll have clarity and an understanding of your finances
What you’ll get out of the 5-step planning PULSE process is incredible clarity and understanding around your finances, a cash-flow management tool tailored to you, a step-by-step plan on how to accomplish your goals and a financial partner to help guide you along the way. You’ll be able to sleep like a baby knowing that you, your family and your business are well protected and set up for the future. No more anxiety and overwhelm with your money – you’ll be a knowledge powerhouse with complete confidence in where your money is going and what it’s doing for you.
Are you ready to take the next step in achieving your financial goals?