create an individual financial plan
Gathering Client Information
- Ask the client for their full name, date of birth, and current contact information.
- Record the client's address, phone number, and email address for future communication purposes.
- Request the client to provide their recent income statements, including salary slips or business profit statements.
- Ask the client to submit their tax returns for the past few years to assess their financial history.
- Collect the client's bank statements for a specified period to analyze their cash flow and financial transactions.
- Conduct a detailed discussion with the client to identify their short-term and long-term financial goals.
- Determine the client's risk tolerance by asking about their comfort level with investing and potential losses.
- Assess the client's objectives, such as retirement planning, education funding, or wealth accumulation.
- Create a questionnaire or interview the client to gather information about their current assets, including property, investments, and savings.
- Collect details of the client's liabilities, such as mortgages, loans, credit card debts, and other outstanding obligations.
- Request the client to provide a breakdown of their monthly expenses, including housing, utilities, transportation, and discretionary spending.
Analyzing Client's Financial Status
Identifying Financial Goals
- Ask the client to share their specific financial goals
- Listen actively and take notes on the client's goals
- Ask follow-up questions to clarify and understand the client's goals
- Review the client's goals and categorize them as short-term or long-term
- Discuss with the client which goals are most important to them
- Consider the feasibility of each goal based on the client's financial situation
- Ask the client when they would like to achieve each goal
- Discuss any time constraints or deadlines associated with the goals
- Consider the client's age and other factors that may impact the time horizon
- Ask the client to estimate the amount of money needed for each goal
- Discuss any research or calculations that may be needed to determine the required amount
- Consider inflation and other factors that may impact the cost of the goals
Use in Manifestly