Keeping Your Priorities in Order
» by Chad Leatherwood, CFP®, Wealth Advisor
The beginning of the year provides the perfect opportunity to assess your long-term financial planning strategy and make necessary adjustments. One of the key elements to consider is whether a product or process approach best fits your needs. Read more about the differences between each approach, and find out which one Summit Wealth recommends.
The Product Approach
Some financial advisors think of your financial strategy like a golf game. There are dozens of manufacturers trying to sell you equipment like clubs, balls, and shoes; each promising to improve your performance. These financial advisors use a similar technique with their investment strategies. They promise success by financial products, including annuities, investments, and mutual funds. However, financial planning doesn’t exist in a vacuum, and markets have periods of unpredictability that can make the product approach difficult to maintain for long-term financial prosperity.
The Process Approach
If the product approach represents the clubs, balls, shoes, and other equipment amenities in your golf game, the process is the swing. Regardless of how much money you spend on gear, a swing that lacks technique and consistency leads to poorly hit balls that land in hazards. While the market experiences occasional periods that are difficult to predict, the process approach allows for regular adjustments and keeps an eye on your long-term goals. With the process approach, the power exists in the means.
Which Approach Do the Advisors at Summit Wealth Partners Recommend?
Unlike other financial firms that try to sell products that increase their commission; Summit’s advisors act as fiduciaries and believe that clients should have access to a process designed to help maximize long-term growths. That’s why we use a comprehensive, consultative approach. it gives our clients the best opportunity to achieve success and allows them to maintain their lifestyles while protecting their families. As a comprehensive financial planning firm, we prioritize creating a relationship where our success is dependent on our client’s success. Our process approach follows these four main steps:
Organization
Defining our engagement is the first step of our financial planning process and involves a complimentary one-hour consultation with our advisors. We discuss your goals and review your current financial situation to determine if our services are a good fit for your needs.
Formalization
Building your financial future starts immediately. We use the information gathered during the free consultation to create a custom financial strategy. This process involves walking you through each step and providing you with transparent solutions that align with your goals. Our advisors also address any concerns and adjust your strategy based on your risk management preferences.
Implementation
This is where we start to turn your dreams into reality. Your advisor takes the information gathered during formalization and starts putting your goals into action. Our team is committed to helping you reach your financial goals and performs regular cash flow analysis and liability management to verify your financial future is secure.
Monitoring
Our services don’t stop after implementation. We give you regular updates on your portfolio and schedule meetings to discuss market fluctuations and life changes. We know that your long-term goals can change, and our process approach allows us to adjust your plan when necessary.
Summit Wealth Partners: A Leading Fee-Based Financial Planning Firm
Summit Wealth Partners has been helping individuals and families improve their long-term financial health for nearly 40 years. From comprehensive financial planning to wealth management solutions, our team has the knowledge and processes to provide our clients peace of mind. Contact us today for a free consultation and see how our process approach helps build a better financial future for our clients.
