Any successful financial planning begins with clearly defined written goals and objectives. These goals and objectives should be agreed upon by both the client and the wealth management specialist at First Generation Life. These action items should have a clearly defined timeframe, be prioritized and separated between needs and wants, and be both quantifiable and achievable, thereby creating an easy to follow road map for your financial future.

The success and quality of your financial plan will be directly connected to the quality of information collected by your wealth management specialist. He/she will complete a detailed fact-finder with you to collect all relevant financial information including but not limited to: income and expenses, assets and liabilities, risk management/insurance and investment risk tolerance. This will paint an accurate picture of where you are currently in the process and also identify any gaps or potential pitfalls.

After carefully analyzing the information received in the fact-finder, your wealth management specialist at First Generation Life will take time to custom design and build a solution for your specific situation. We do not to offer a “one size fits all” strategy because every individual situation has its own unique nuances and challenges. Typically, the wealth management specialist at First Generation Life will develop 2-3 different solutions for the client to review before presenting and implementing the final solution.

After analyzing the fact-finder and development of the plan is complete, the wealth management specialist will schedule an appointment with the client to present the solutions. The First Generation Life specialist will take as much time as necessary to educate the client about the features and benefits of the solution, but even more importantly, about how these solutions will help the client to reach their desired end goals.

After the wealth management specialist and the client come to a conclusion and agree upon the best course of action, the implementation process begins. However, this also marks the beginning of a long-term relationship. Financial planning is a dynamic process that will require continuous monitoring to stay on track. A review should ideally take place on an annual basis in order to properly account for changes in income, assets and business and/or family circumstances.