Comprehensively assess, analyze and plan your financial future with our Financial Needs Analysis Template. Secure wealth and ensure ongoing financial health.
1
Identify client's financial objectives and goals
2
Arrange a meeting with the client
3
Prepare an agenda for the meeting
4
Collect relevant financial information
5
Analyze current insurance policies
6
Calculate client's net worth
7
Evaluate client's income, expenses and cash flow
8
Assess client’s risk tolerance
9
Create initial financial Needs Analysis
10
Approval: Initial Financial Needs Analysis
11
Establish an investment plan based on client's needs and risk tolerance
12
Develop a retirement plan
13
Formulate a strategy for debt management
14
Prepare a tax planning strategy
15
Draw up a plan for wealth protection and estate planning
16
Compile all data into a comprehensive financial plan
17
Present the financial plan to the client
18
Approval: Financial Plan presented to Client
19
Make necessary revisions based on client feedback
20
Finalize and implement the financial plan
Identify client's financial objectives and goals
Dive deep into understanding the client's financial aspirations and goals. Uncover what they hope to achieve through financial planning and how it aligns with their values and priorities. Discuss their short-term and long-term objectives and document them for reference throughout the process.
Arrange a meeting with the client
Schedule a meeting with the client to discuss their financial needs in detail. Define a suitable time and venue for the meeting and ensure the client's availability. Confirm the meeting details with the client and any other attendees, if applicable.
Prepare an agenda for the meeting
Outline key discussion points and create an agenda for the meeting. Include topics like financial goals, current financial situation, risk tolerance, and investment preferences. Make sure the agenda is clear and concise, providing a roadmap for the meeting and guiding the conversation towards achieving the desired outcomes.
Collect relevant financial information
Gather necessary financial documents and information from the client. This may include income statements, tax returns, bank statements, investment portfolios, and any other relevant documents. Ensure that the information collected is accurate and up-to-date for effective analysis and planning.
Analyze current insurance policies
Review the client's existing insurance policies, including life, health, and property insurance. Assess the adequacy of coverage and identify any gaps or areas that need improvement. Summarize the findings and recommendations for discussion with the client.
Calculate client's net worth
Evaluate the client's assets, liabilities, and overall net worth. Calculate the net worth by subtracting total liabilities from total assets. This analysis provides a snapshot of the client's financial position and helps determine their capacity for future investments and financial planning strategies.
Evaluate client's income, expenses and cash flow
Assess the client's income, both earned and passive, and their regular expenses, including fixed and variable costs. Analyze the client's cash flow to understand how their income is allocated. Identify opportunities for saving, reducing expenses, and improving cash flow management.
Assess client’s risk tolerance
Determine the client's risk tolerance by exploring their attitudes towards risk and their ability to handle potential losses. Consider their financial goals, time horizon, investment knowledge, and personal preferences. Establish a risk profile for the client to guide investment decisions and balance risk and return.
1
Conservative
2
Moderate
3
Aggressive
Create initial financial Needs Analysis
Approval: Initial Financial Needs Analysis
Will be submitted for approval:
Create initial financial Needs Analysis
Will be submitted
Establish an investment plan based on client's needs and risk tolerance
Develop a retirement plan
Formulate a strategy for debt management
Prepare a tax planning strategy
Draw up a plan for wealth protection and estate planning
Compile all data into a comprehensive financial plan
