The 7 steps in the Financial Planning Process:

Financial Planning is a process of investigation, analysis, and corroboration that culminates in a “roadmap” to reach life goals.  The steps in the process are:

  1. Understand the Client’s Personal and Financial Circumstances
  2. Identifying and Selecting Goals
  3. Analyzing the Client’s Current Course of Action and Potential Alternative Courses of Action
  4. Develop the Financial Planning Recommendation(s)
  5. Present the Financial Planning Recommendation(s)
  6. Implement the Financial Planning Recommendation(s)
  7. Monitor Progress and Update periodically

Dwayne firmly believes in a quote from Benjamin Franklin: 

“A failure to plan is a plan to fail.”


Sound financial planning is not contingent on high income or holding to a blind belief that personal finances will somehow just “take care of themselves.”  Rather, it is a detailed process serving as a solid foundation to gain perspective and guidance regarding ongoing decisions based on reason.  Fully implementing plans have ancillary benefits, such as managing taxation, optimizing investment returns, developing income streams as well as managing risks.

In contemplating whether you should adopt a formal personal financial planning process, there are two questions that you should ask yourself:

  1. What seems like the wise course of action to take?
  2. When was the last time that you regretted taking the wisest course of action?