The financial planning process can be broken down into the following six steps:
1. Establishing and defining the relationship with the client
2. Gathering client’s data for the purpose of analysis
3. Analyzing and evaluating the client’s financial status
4. Developing and presenting financial planning recommendation(s)
5. Implementing the financial planning recommendations 6. Monitoring of the plan
The following are the details.
1. Establishing and defining the relationship with the client
To go through this step, the financial planner will have to define the scope of the engagement with the client. Prior to providing any financial planning service, the financial planning practitioner and the client will have to mutually define the scope of the engagement.
This is really quite important. The process of mutually defining (and agreeing) the scope helps to spell out the type of activities that are necessary in order to carry on with the provision of the service.
This may include but not limited to
a. Identifying the services to be provided.
b. Disclosing if there is any material conflict of interest from the financial planner.
c. Disclosing the how the financial planner is to be compensated
d. Determining the client and practitioner’s responsibilities.
This first step is necessary to establish realistic understanding for both the client and the financial planning practitioner (or financial planner).
2. Gathering Client Data
This step is basically a process to find out more about the client and will cover the following areas:
a. Determining a client’s personal and financial goals and priorities.
b. Obtaining quantitative information and documents from the client.
3. Analyzing and evaluating the client’s financial status
During this step, the financial planner takes the client’s data to thoroughly analyze them. This is to gain an understanding of the client’s financial situation and then evaluating how much of the client’s financial goals and priorities can be met by the client’s resources and current action.
4. Developing and presenting financial planning recommendation(s)
The financial planner will determine and evaluate all reasonable solutions available for the client. He will then have to develop suitable financial planning recommendations, taking into account step (3) above. Once he has developed these, he then presents it to the client. The client will then consider if he wants to implement them.
5. Implement the financial planning recommendations
At this stage, the client will have agreed on certain recommendations or solutions to be implemented. The financial planner and the client will mutually agree on the type of services (if any at all) to be provided by the planner.
6. Regular review of the plan
This step involves monitoring and reviewing the recommendations and the client’s progress of the financial plan. It may also involve reviewing and discussing with the client on the changes (if any) in his personal circumstances as well other new situations e.g. changing tax laws.
Reaching your financial goals is not too hard, as long as you follow this six-step process.
Video marketing is one of the best ways to breathe new life into a business. Many business owners see the potential in video marketing, but have limited knowledge of how to use it successfully. That is where you differ from them. You’ll know how to make video marketing work for you with the advice in this article.
Watching successful viral videos is the best way to get an idea of what makes a video popular. Stay up to date with new trends, check social networks and various sites your target audience loves and put together a list of characteristics you recognize in the viral videos you see.
Do not assume that the salespeople at you company are the ones that will look best in front of the camera. Find the person in the office that has the best smile and have them be the face of the company. Nobody has to know that your company spokesperson is janitor or secretary.
If you are thinking of using video marketing to increase your sales and website traffic, then look to your competition for some clues. See what is working for them and try to capitalize off of this information. You do not have to copy them, but see what is working for them and try to make it work for you.
After you have published your video, include your web address in the video description. You will also want to include several keywords that describe your video in the description. This will help users find your information and search engines effectively rank your video. Your web address can also be included in your video.
Try using others in your videos. This will give people the idea that you are not full of hot air. While it may be a little difficult to convince someone that the people in your video are truly fans of you and your products, it comes across better than always doing videos alone.
Use videos to answer your viewers questions. This is an awesome opportunity to provide relevant information that your viewers will want to see. When making your video, state the question, then the answer and finally explain how you came up with that answer. This is not a time to be coy. You will need to explain in detail the answer.
There is a great deal of promise that video marketing can bring to a business. Lots of business owners realize this, but they are missing one key element needed to use video marketing. You now have that key element. Put it to good use and make video marketing your most successful business strategy.
It is not uncommon to find stories of marketing failures about people who could have been great as business consultants but never made it.
The failures usually begin with a lack of awareness of the need for market consulting services, and also from choosing the wrong marketing strategy.
Never think that as a new consultant coming into the field of small business consulting, you don’t need marketing, simply because you already have existing contacts.
Not extending beyond your established group of industry contacts can prevent you from realizing your objectives, as you may become prey to the whims of a small and densely knit social circle. For today, it may be sufficient to survive. But tomorrow, there may be no guarantee.
The possibility of success in the long run depends upon being able to execute proper marketing strategies and campaigns, including social networking, email campaigns, writing books, making cold calls and a number of other marketing techniques; each of which yields results when done properly.
It’s never good to grow complacent, but it is necessary to secure your position in the market by constantly gathering leads and converting people into clients, potential clients or business leads.
It is common to hear established professionals in the field of small business consulting say that they do not invest at all on marketing, and that all business comes through references. But what many of these people do not realize, or would never tell you, is that they are constantly marketing and investing time and energy in marketing functions.
They may not be conducting well-defined marketing campaigns, but they are maintaining contacts, increasing their networks, attending professional meetings, or meeting with potential clients – all of which are marketing functions. Since they cannot delegate many of these functions to third parties, they fail to realize that they are engaging in marketing or that they could have optimized their time or income in a better fashion, had they reevaluated their approaches.
So, you need to understand that in order to launch a successful small business consulting service, you have to look at both long-term and short-term goals and define your own business strategies and business model to fulfill your business objectives.
The Advantage of Outsourcing Business Services
A lot more businesses are outsourcing expert services from other companies to raise business functionality. For companies that are intending to do this method, they will have to figure out their weak points and determine the certain business services that they must outsource. Most companies are already taking benefits from outsourcing business services.
There are a lot of freelance providers all over the world that are providing different kinds of business services but it is important to evaluate the existing companies first before hiring one that can effectively boost the performance of your company in the market. The company should think about the advantages and disadvantages of every freelance provider. The administrative management of the company should be definite that the company that they will be choosing is the best option that they have and that it can effectively impact the status of the company.
Project planning and management are the two important elements that the company need to learn to evaluate in order to be sure that the company is receiving value for money and effective services. In order for a goal to be successfully attained, it should always be backed up with a good plan. The companies should invest some time analyzing their needs to give the service provider appropriate information and training. It is important to supply the service providers with training particularly if it is a specialized area so that the companies can be relaxed that qualified individuals are handling the activities. There are many factors that business companies may want to consider in choosing from a group of options the most suitable service provider that will perform the job in behalf of the companies.
Another variable that the business company should consider is the specific location of the service provider. It is possible that the companies will need to deal with differences in time zones because of the locations, if this is the case then the company will have to arrange how they can connect with the companies in order to receive and give updates. The good thing is that technology has made this task simpler and easier. Distance is not anymore an obstacle and because of this, misunderstanding are remarkably minimized between companies.
Another essential part of a company’s success is project administration. It is not enough that you know that you have chosen a great company. The company should continuously monitor the progress of the methods used by hired business services and also the company must make sure that it is receiving satisfactory results. It is wise to hire a highly qualified and dependable service provider to make sure that the areas handled by these companies are appropriately managed and the company itself can focus on the core processes.
Citation: from this source
One of the best ways to enhance and personalize a space is to Make it smell good with a scent diffuser. A pleasant aroma can transform a plain office, room, or car into an attractive and inviting space for both the owner and guests. Often, people don’t even realize that their feelings about a place are a direct result of what they smell. The best way to add scent to an area is with a diffuser, a device that disperses the scent of an essential oil or oil blend throughout a room through evaporation. There are several different types of diffusers.
The simplest type of diffuser is a hollow reed that is partially immersed in a scented liquid, usually an essential oil mixed with an unscented base liquid. The liquid is naturally drawn into the tiny opening until it reaches the top of the reed, where it evaporates into the air. Reeds use no heat or electricity, so they are safe and easy to use. The only maintenance they require is the occasional addition of more liquid.
A nebulizer relies on a similar principle, that is, drawing a scented liquid into a tube, but it adds blowing air to more forcefully disperse the scent into the room. As air blows across the top of the tube, the molecules of scent are sprayed into the room in a fine mist that quickly fills the room with scent. Because they work quickly and efficiently, they can be used for just fifteen minutes or so at a time.
Heat And Evaporative Diffusers
Both of these types of diffusers increase the speed of evaporation. A heat diffuser uses a low level of heat to speed up the evaporation process, while an evaporative diffuser blows air through a scent-infused pad. Both types of diffusers transfer scent into the air fairly quickly.
This type of diffuser uses a very small amount of oil in a much larger quantity of water. Electric currents create ultrasonic vibrations that break down the oil and water into a vapor of tiny particles that are easily absorbed into the nose and lungs. Ultrasonic diffusers are often preferred for aromatherapy for this reason.
Being reflective is very important in the business world today. Companies are encouraging critical thinking with their employees. There is even a push in education to create future problem solvers.
These skills require one to read and be reflective on the topic. Many would say that technology has stalled the amount of reading. Online gaming and social sites have taken first place to reading.
However, innovative thinkers now encourage reading through blogs. Online blogs are places where readers can read and be reflective. Readers have access to a media article and anothers interpretation.
Reading these and the posts of other members gives new perspectives. Thus, online blogs are intentionally reflective in purpose and intent. One can find blogs on nearly any topic, such as current affairs.
Current affairs deal with a large range of hot topic items today. These include topics on global warming, politics, and the economy. All these impact each other and why they are labeled current affairs.
Blogs on current affairs are quite informative and impactful. One can read about what experts are saying and their reasons. The online author often gives another view to the topic at hand.
Current affairs blogs traditionally have the most online discussions. This is because people have varied beliefs on current affairs. Thus, there is a great range of ideas to read and reflect on as well.
Current affairs blogs are very general but more specific ones exist. One example is a blog on economics that has posted material. The blog on economics shares different ideas of what is happening.
The blog on economics typically starts with a published article. For example, an article on interest rates from August is posted. The blog on economics discusses reasons the article made assertions.
The purpose of the assertions and the consequences are posted. Readers from all over are invited to read the blog on economics. After reading the blog on economics, readers are encouraged to post.
A psychology blog is available online as well for readers to enjoy. The psychology blog considers things like growing ADHD numbers. A discussion may start on labeling people too early in life.
One common thread in a psychology blog is the actions of some. Many people with a mental diagnosis are excused from their actions. This thread generates emotional discussions in a psychology blog.
One can find a psychology blog and others in online blog sites. There are many to choose from and they are growing in number. It is best to pick one that offers a range of ideas and perspectives.
Over the past twelve months a great deal of attention has been paid to the prospect that a recession may be on the horizon. Concerns about recession have been on the front burner in a number of countries around the world, including in the United States. With that in mind, this article is presented to provide you with a US economic recession history . This information on US economic recession history can give you a better perspective about what a recession is all about.
According to experts in the field, including highly qualified economists, when it comes to US economic recession history there have been 32 specific cycles of expansion and contraction since 1854 in the country. Thus, in considering this example of the US economic recession history, it can be argued that there have been 32 recessions in the United States during this 150 year plus time period.
With that said, in examining the US economic recession history, and in looking at these 32 particular cycles, on average there have been 38 months of expansion on average followed by 17 months of contraction on average. In other words, in tracking US economic recession history the typical recessionary period has lasted about 17 months on average.
Although this is the average length of a recession during the US economic recession history time period referenced in this article, the fact is that in more recent times recessions have been significantly shorter in duration and fewer in number. For example, since 1980 – over the course of nearly three decades – there have been only seven recessions.
1. January 1980 – July 1980 = 6 months
2. July 1981 – November 1982 = 16 months
3. July 1990 – March 1991 = 8 months
4. March 2001- November 2001 = 8 months
In the midst of these relatively short period of inflation – all below the US economic recession history average of 32 – there existed the longest period of economic expansion in the history of the United States. This occurred starting in March of 1991 and lasting until March of 2001. During this 10 year period there was only unprecedented growth – 120 months of unparalleled economic expansion in the United States of America.
Many experts do maintain that at the present time in the United States – as well as in some other nations around the world – we are on the brink of a recession. In fact, there is even some debate as to whether a recession actually exists in the United States at the present point in time – although a recession has not, as of yet, been formally declared.
If you want to purchase an offshore corporation anonymously in Panama, it is still permitted as long as it is done by bearer shares. Most offshore/IBC financial centers prohibit bearer shares. This serves as a key and resourceful opportunity in preserving financial privacy in Panama as an offshore business and banking center.
Panama corporations list officers and directors (President, Secretary and Treasurer) on a public record with the Panama Public Registry. If you have basic understanding of English and access to the internet, you can access this information online.
In order to preserve financial privacy in Panama, there are bearer share corporation options known as nominee directors that provide an extra layer of asset protection to the Panama corporations beneficial owners. A nominee director serves as passive in nature, and just receives an honorarium for renting his or her name. Generally, nominees are employees of the law firm involved in the incorporation of the Panama company. Through a private Power of Attorney, the beneficial owner remains in control.
There are times when a professional Panamanian director rather than a nominee may be appointed. The difference between a professional director and a nominee is that a professional director has more control over the day-to-day- operations (for example, having signatory power over the offshore corporate bank account). However, the beneficial owner is at the end of the day still responsible for running the company.
In order to ensure and guarantee the safety of a nominee director, the beneficial owner and a nominee director may want to sign a director indemnity agreement or letter. More often than not, the nominee director will sign an undated resignation letter, which the beneficial owner may execute at any time he desires. In doing so, a new director, whether nominee or otherwise, will be registered at the Public Registry.
Not only is a nominee position viewed as respectable, but well paid profession. The purpose is to maintain the personal and financial privacy of people who do not wish to disclose their interest or association with a given corporate body. Furthermore, it enables clients to maintain their Panama corporations in full compliance with Panamanian law, and also protecting the identities of the persons actually controlling the company. Our firm is more than happy to provide the nominee and professional director service for all offshore Panama corporations we incorporate. Please contact us for further details.
While a disability Insurance policy provides paycheck protection for common man and makes a huge difference in his life when he has met with an accident or injury, at the same time good companies use it to protect their business and employees during the tough and unexpected times. Learning the basics of disability insurance policy is a must for every person these days. How much is right for you
While you are purchasing your disability insurance policy, you are taking a positive step towards protecting your income. Your financial capabilities usually are the deciding factor on what type of lifestyle you can maintain and determine for what lengths. There are needs assessment calculator available free online to get started or you could also use financial worksheets to begin with understanding your financial capabilities and requirements. The insurance policy you take must cover your monthly living cost, so that during this lean period you and your family are taken care of.
Types of disability insurance policies
While there are various types of disability insurance policies covering and varying at great lengths in the amount of injury or accidents they cover might be different. They are Short term disability insurance policy and long term disability policy. The short term disability insurance might work out great if you are want to be covered from day one of the injury or accident or you want coverage only for a short time till your employer starts paying benefits. This type of disability insurance is also works great if you wish to keep your premiums low. Long term disability insurance works great if you want are looking for life-long benefits. As the name suggests in this type of policy you can be covered for several years after disability. When you should contact a disability insurance law firm
If in anytime you face an accident and may incur sever body damages or injury, it is the time for you to prepare yourself to claim the benefits from the people guilty of such accidents. During such situations things often get difficult as most of us not familiar with the legal and technical language mentioned in your disability insurance policy. A good attorney belonging to a good experienced company will not only understand your situation well but can also provide free consultation/ review on the status of your case.
Visit your nearest Disability insurance attorney to settle your Disability insurance claim
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