- Understand the Client’s personal and financial circumstances (including gathering quantitative and qualitative information, analyzing the information, and identifying any pertinent gaps in the information)
- Identify and select Goals (including a discussion on how the selection of one goal may impact other goals)
- Analyze the current course of action and potential recommendations (evaluating based on the advantages and disadvantages of the current course of action, and the advantages and disadvantages of potential recommendations)
- Develop financial planning recommendations (including not only what the Client should do, but the timing and priority of recommendations, and whether recommendations are independent or must be implemented jointly)
- Present financial planning recommendations (and discuss how those recommendations were determined)
- Implement recommendations
- Monitoring progress and updating (including clarifying the scope of the engagement, and which actions, products, or services)
