What to Expect During the Financial Planning Process

Get Acquainted Meeting

  • Ask each other questions.
  • Explore and determine whether a good working relationship can be established.
  • Address client expectations.
  • Discuss investment philosophy.
  • Review fees.
  • Clients to give consideration to financial goals, if proceeding to the next meeting.

Financial Planning Meeting #1

  • Bring detailed financial information to this meeting:
    • Investment statements.
    • Employer retirement plan statements.
    • Social Security and pension estimates.
    • Insurance policies and/or coverages.
    • Information on other assets (i.e., rental properties).
    • Loan/debt/mortgage information – terms of loans and dates of origination.
  • Review and discuss anticipated client spending/lifestyle (i.e., budget).
  • Set financial goals.
  • Discuss client risk tolerance – i.e., comfort level with fluctuating investment values.
  • Obtain following information for next meeting:
    • Legal names, DOB, address.
    • Dependent names and DOB.

Financial Planning Meeting #2

  • Present financial plan.
  • Make corrections, as needed.
  • Review action plan for pursuing goals.
  • Investments, estate planning, tax strategies and insurance protection.
  • Review investment portfolio that supports goals in financial plan.
  • Obtain following if moving to plan implementation:
    • Social security numbers.
    • Obtain beneficiary information to designate on accounts.
    • Occupation and employer address.
    • Emergency contact information.

Plan Implementation Meeting

  • Forms signed to establish accounts and transfer funds.
  • Assign duties, if needed (i.e., clients initiating transfers of employer plan retirement benefits).
  • Powers of attorney obtained, if any.
  • Prospectuses and other regulatory disclosures provided.


  • Introduction to LPL Financial.
  • Welcome letter and instructions provided to client on how to access accounts online.
  • Client is granted online access to financial plan.

60-Day “Reinforcement Meeting”

  • Set 60 days after plan implementation to review and confirm strategies in financial plan.
  • Meeting reinforces the goals set in client financial plan.
  • Address concerns and answer client questions.

Client Communication – What To Expect

  • Regular client meetings – usually every six months.
  • Client events – generally 4-8 per year (seminars and social events).
  • Newsletters – typically 2-4 per year.
  • Emails addressing market conditions – if stock prices drop 10 to 20 percent.
  • Phone calls addressing market conditions – if stock prices drop more than 20 percent.