At Whitnell, we practice a seven-step approach to building our clients’ financial plans:
- Ongoing Monitoring
During discovery we get to know our clients deeply. We take the time to ask important and meaningful questions. We want to understand their relationships and who is important to them. They never fill out a questionnaire. We come to understand the reasons for the decisions they’ve made for life insurance, property titling, beneficiaries, wills and other important areas.
Then we take the necessary time to gather their financial documents. We organize all of this financial information so it is ready for a thorough analysis. We gain an understanding of the resources that are available to our clients. This helps lay the groundwork for the financial plan. We also come to understand their relationships with other professional advisors today and how, or if, those advisors communicate with each other.
Through the discovery process, we identify our clients’ most important objectives. We help them create a priority list of what matters most to them and what they want to see happen with their wealth and their lives.
We advise our clients on the process of comprehensive financial planning. We help them see that financial planning is a marathon and not a sprint. It takes time, focus and effort. It is not a one-time event, but an ongoing process. We explain how a decision in one area impacts all other areas.
We analyze the data discovered to create the right balance between current and future obligations and resources. This includes six key areas for which we create the best possible strategy:
- Retirement planning
- Risk management and insurance
- Tax planning
- Investment management
- Estate planning
- Charitable planning
We present the findings of our analysis to our clients and provide them a range of options for achieving the goals that matter most to them. We help them prioritize their options and weigh the merits of each decision, looking carefully to improve the probabilities of success. We collaborate as a team in final decision-making.
We implement the details of the plan on behalf of our clients. We make sure the work gets done. We work with the range of advisors involved in the plan and coordinate details with these advisors. Rather than deliver a laundry list of tasks, we create the right plan to ensure everything is accomplished.
We don’t just leave you with a plan on a shelf. We meet regularly, on an ongoing basis to review progress against goals. We come to understand what has changed in our clients’ financial and personal lives. We modify the plan to accommodate changes in the situation. We anticipate changing needs and proactively recommend solutions.