Financial Planning Process

Do you dream in black and white or in high quality color? You've dreamt about what you want to achieve in life, the places you wanted to visit, the company you want to be at your side. These dreams have ignited that fire in you to work hard, save and sacrifice so one day you can achieve them. You have your life goals. At Cross Country Wealth Management, it is our job to turn those black and white microfilms of dreams into a 256 color manuscript.

All too often, clients at our exploratory meetings mistake financial planning with money management or asset positioning. This is due, in part, to a very loose definition of the title “financial planner”. Essentially, any stockbroker, insurance salesman, mutual fund broker or banker can call themselves “financial planners”. We are different. At Cross Country Wealth Management, our planners are committed to the financial planning process and true professionalism. Our advisors are either CERTIFIED FINANCIAL PLANNING™ Practitioners (CFP’s), Chartered Financial Consultants (ChFC’s) or are in the process of obtaining certification. Continuing education is mandatory for all of our professional staff.

We are committed to the financial planning process. This process offers a complete service so you will never risk that some aspect of your financial life is being neglected. This includes understanding your whole picture including retirement planning, tax planning, charitable planning, small business planning, educational planning, estate planning, succession planning and insurance analysis.

Cross Country Wealth Management’s financial planning approach meticulously follows the Certified Financial Planner® Board’s six step practice standards:

Step 1. Establishing and Defining the Relationship

Your wealth manager will clearly explain the services provided and will outline the responsibilities necessary to provide you with a quality financial plan. This will also be the meeting to discuss the length of the relationship, the decision-making process and fee arrangements.

Step 2. Gathering Data

Your wealth manager will dig deeper into your financial situation. All relevant documents will be discussed to best advise you. Together, we will define your personal and financial goals, understand your time frame for results and success, and discuss your tolerance for risk.

Step 3. Analyzing and evaluating your financial status

Your wealth manager will analyze your information to assess your current situation and determine what needs to be done to address your goals. These recommendations will include an analysis of your assets, liabilities and cash flow, current insurance coverage, investments and tax strategies.

Step 4. Developing and Presenting the Plan

Your wealth manager will present the recommendations that address your goals, based on the information you provided. This process will be a discussion between you and the wealth manager as you go over each step of the recommendations, educate you so you will be able to make informed decisions, as well as tweak the final recommendations if appropriate.

Step 5. Implementing the Plan

Together with your wealth manager, you will determine the most beneficial way to implement the recommendations provided in your plan. The wealth manager may execute portions of the plan or serve as your “coach” and coordinate the entire process along with you and your other relevant professionals such as your attorney or accountant.

Step 6. Monitoring the Plan

The discussion at this stage will be focused around who will be responsible for the monitoring of your progress towards your goals. If your wealth manager will be overseeing this process, it will be periodically updated and reviewed with you as your situations or life changes and adjusted accordingly if any modifications are required.