financial planning process at park lake advisors

Whether you want to focus on a single goal or are interested in a comprehensive financial planning, we utilize the following process and tailor the process to your specific financial needs, goals and objectives. If you are looking for “comprehensive financial planning near me”, you can meet with a financial planner in Lansing, Michigan or a financial planner in Okemos, Michigan. If you are interested in “virtual financial planning“, we can meet you online. 

We don’t believe in being vague in our fees. You can review them online at your convenience.

Discovery Interview

During the the first step of the financial planning process, we get to know you, your goals, dreams, concerns and challenges. This is a complimentary meeting where we take time to get to know each other. During this step, we will get to know you and your goals, dreams, concerns and challenges. By having these deeper discussions regarding you and your goals, we can better understand both you and your goals. Some important questions to consider:

1) How do you feel about the stock market? Why do you feel that way?
2) What are some of your previous experiences with financial planning? 
3) What are your financial strengths and weaknesses?
4) How do you plan to save enough for retirement?
5) What are you currently doing to achieve your goals? Is it enough?

Data Gathering

This is where we gather the information for us to make recommendations for the appropriate strategies to reach your goals. 

What is your time horizon? What is your risk tolerance? What, if any, money do you have saved for your goals? Do you have a will? A trust? Children? 

These are just a sampling of the questions that we will ask. It is important that we gather the correct information. (Think of it as garbage-in, garbage-out.) We are able to gather most of the financial information either by electronic (online) or, if preferred, through paper.

Analyze Data & Develop a Plan

No matter the plan that you choose, this is the time that we use to analyze the information that you’ve provided. During this initial review, and prior to the next step, we will reach out to you to confirm relevant details so that we can be assured that the plan is as accurate as possible.

Plan Delivery & Presentation

After developing your customized financial plan, we will present the plan for your review. At this meeting, we will review the list of your goals and the path to achieve those goals.

We will also discuss various options available for you to achieve those goals. That could range from changing your asset allocation to saving more to doing exactly what you’re doing.

Plan Implementation

Now is the time to put your financial plan to work! As simple as this sounds, it is often the most difficult step in the financial planning process. It takes discipline to put this step into action.

That’s why we’re here.

We’re your coach to help you through this step and to help prevent inaction. We will assist you with any coordination with other advisors that you might need. Without taking this step, the other financial planning steps would not matter.

Monitor & Update

As you progress towards your goals, your financial planner will help monitor your goals through our online portal. It’s called “financial planning” for a reason. All of our plans are renewed annually because we understand that plans, much like life, change. Whether there’s been a marriage, divorce, a death, a birth or everything has stayed the same, nothing is constant. Your plan won’t be either.

By continuously monitoring and benchmarking your financial plan towards your goals, you will have a constant reminder of what you need to do to accomplish those goals.

Our Financial Planning Roadmap can be a resource when you’re reviewing the areas of Financial Planning that are important to you and your family. Whether you want to focus on one goal, are interested in a comprehensive financial plan or anything in between, we have options available to meet your needs.

Financial Planning Roadmap

Investment Planning
  • Review of Portfolio
  • Asset Allocation
  • Time Horizon
  • Withdrawal Strategies
  • Investment Policy Statement
  • Tax Efficiency
  • Stock Concentration
  • Equity Compensation
Estate Planning & Charitable Giving
  • Review of Estate Documents
  • Multi-Generational Planning
  • Estate Taxes & Reduction Strategies
  • Charitable GIving Strategies
Retirement Planning
  • Retirement Goal Setting
  • Social Security Planning
  • Medicare
  • IRA’s
  • Employer-Sponsored Retirement Plans
  • Annuities and Pensions
  • RMD’s & Withdrawal Strategies
Risk Management and Insurance
  • Review of Existing Policies
  • Life Insurance Needs
  • Disability Insurance Needs
  • Long-Term Care Insurance Needs
  • Health Insurance Review
Assistance for Family
  • Gifting
  • 529 College Savings Plans
  • Roth IRA’s for Children
  • Special Needs Planning
  • Caring for the Elderly
Cash Flow & Budgeting
  • Income Sources
  • Expenses & Budgeting
  • Emergency Funding
  • Savings Plan
  • Debt Management
  • One-Time Expenses
  • Planned Large Expenses
  • Mortgage Review
  • Lines of Credit
Tax Reduction
  • Review of Cost Basis
  • Review of Realized Gains
    • Carry-Forward Losses
    • Tax-Loss Harvesting
    • Deductions & Credits
    • Potential Roth IRA Conversions
    • Health Savings & Flexible Savings Accounts