Finance Monthly. 67 Banking & Financial Services What are the steps involved in creating an effective financial plan? In short, an effective financial plan motivates a client to action. For some individuals, that takes pages of projections and numbers to prove the recommended course of action, and for others, it is a simple summary that lists out the recommendations with a brief explanation of the “why.” It is the art of the financial advisor to find the best way to communicate recommendations in a way that resonates with each client. To create a plan that meets this criterion, it takes time to understand how an individual thinks. The more time you take to learn about the unique goals of each individual and the more questions you ask, the better you will be at communicating the important pieces of the financial plan. It is hard to gather all that information in one or two introductory consultations, which is why I believe that you need multiple meetings and touchpoints to create an effective financial plan. My process starts with gathering data and asking the right questions early on so that I know what to ask for and I don’t have to send pages of fact-finding questions for the client to fill out. After I have the documents I’ve requested from the client, I set up a meeting with the individual Today, we are delighted to speak with Chris Siraganian, a seasoned Financial Advisor at First Financial Consulting. With his extensive experience and expertise in financial planning, Chris is here to share valuable insights and advice on how individuals can navigate the complex world of finance and achieve their long-term financial goals. or family where I don’t provide any recommendations, but the purpose is to ensure I fully understand their complete financial picture and review the goals for the engagement. You’d be surprised by how much often gets left out of documents and the prospect meetings that are uncovered after starting the financial planning process. After we have ironed out the finer details, I’m setting up additional meetings with the client to review each core area of their financial plan. We review these in person, and they also receive a written report of the analysis and recommendations. After the initial plan has been laid out, there are likely a dozen action items that CHRIS SIRAGANIAN Financial Advisor at First Financial Consulting
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