The Financial Planning Department works with Shoemaker advisors and their clients to develop personal fee-based financial plans. Department members have obtained the following designations Certified Financial Planners (CFP), Chartered Financial Consultants(ChFC), Certified Funds Specialists(CFS) and Certified In Long Term Care(CLTC). A financial planner is assigned to each case and consults with a client’s personal advisor to clarify exactly what the client’s goals actually are. All pertinent information that has been assembled about the client’s financial resources is gone over with the client to assure accuracy in calculations about cash flow, income tax, investment risk tolerance, emergency reserves, accumulation goals, college education, retirement, disability, long term care, survivor needs and estate planning.
Once the advisor and the planner from the department are fully engaged in the case a thorough analysis is conducted using financial planning software. The analysis is thoroughly evaluated and the next collaboration between the Personal Advisor and the financial planner assigned to the case begins. Working together the advisor and planner develop strategies most appropriate for the individual client’s goals and aspirations. The “Draft” presentation of the plan is prepared including all implementation steps necessary to fully engage the plan. A “Mid-Point” meeting is conducted with the client where all strategies are discussed in detail. If further plan revisions are necessary, the plan is returned to the planning department for the final revisions.
Once the “Final” draft is delivered to the client the planning department stores all planning reports for future reference, and sets up the plan renewal process when applicable. Not less than once each year, a plan up-date report is produced and delivered to the personal advisor, on the plan anniversary date, and the annual review process begins. Constant re-evaluation is necessary to identify the changes that will be necessary to keep the plan functioning when confronted with life’s ever changing circumstances.
Separate from the financial plan and an advisors’ role as financial planner, an advisor may recommend the purchase of specific investment or insurance products or accounts. These product recommendations are not part of the financial plan and clients are under no obligation to follow them.