Welcome to the final installment, blog #3 in the Maxima Wealth Management rebranding.
With everything in place to officially launch my new identity, I wanted to review the final outcome along with the process I took to get there. This step is actually referred to as The Review and is the final step in the financial planning process. At Maxima Wealth Management, I believe that planning is the cornerstone of financial success, so it should not be a surprise that The Quest and The Identity are an illustration of the “5-Steps to Planning” — a strategy I have found useful whether for personal use or for wealth management.
Assess the Situation
The first step to this five-step approach is assessing the situation. In my first blog, The Quest, I did some informal and formal assessments. Part of the assessment was recognizing I needed to re-ignite my passion for my profession. This assessment led me to the analysis and clarification of my short and long-term goals. This step is very important in the financial planning process and one that we would accomplish before anything else.
Develop a Plan
For the second step, I worked at developing the plan to meet my goals. I have found that realizing my goals, whether they are personal or professional, is a much more successful process when I have a plan. When you decide to develop a financial plan it’s important to take into account several considerations.
The first is to address any obstacles standing in the way of you and your financial goals.
The second consideration is to determine the tools available to help overcome and avoid the obstacles.
Finally, it’s important to make sure that your plan is workable and makes sense. It will do you absolutely no good to develop a plan if you cannot follow it. This is where professional assistance is necessary.
I was able to identify and overcome my obstacles through the utilization and implementation of a personal self-assessment tool. This process required me to assess my strengths, clarify what is most important to me and then define my Ideal Client. As I discussed in The Quest, this process became one of the most important aspects to my plan.
Choose Planning Tools
The third step required me to decide on the tools to use that could help me achieve the desired results. As with most tools – the user needs to know how to properly use the tool before it can be of use to them.
For my purpose, I chose tools that would illustrate my level of commitment to my clients, which include my original Client Service Experience and a newly developed client-friendly website. Just as a hammer is meant to drive a nail and is not intended to cut through wood, certain tools have specific uses.
At Maxima Wealth Management, using a holistic approach to planning, we look at your entire financial picture and recommend tools that will integrate well with the rest of your plan to create synergy. We take the view that a proper financial plan will utilize the most appropriate tools available and that there is no such thing as “one-size-fits-all” in the financial world.
Implement a Structure
Implementation is the fourth step in the planning process. With the website complete and a client agreement in place my quest was nearing the final stage.
Just as a hammer will never drive a nail into wood unless somebody picks it up and swings it, your tools and your plans will do you no good unless you use them. To help facilitate the use of the financial tools, Maxima Wealth Management has developed, and makes available to our clients, resource materials designed to help educate our clients so that they can properly use the structures and tools created.
Review the Structure
I see my quest as an ongoing way of life, much like I see the requirement of a regular review of your financial plan. Once you have developed and implemented a plan, it is important to review the plan periodically as required by the fifth and final step. It makes good sense to review your plan and to reassess your situation at least on an annual basis.
Remember, if a ship leaves port and is off by one degree when it departs and the crew does not catch the mistake for a week, they will be many miles off course when they do discover that they made a mistake. A periodic review allows you to get back on course if things change or new obstacles arise.
I encourage you to come in and go through this five-step approach whether it’s for you, your family or your business. It’s never too late to take The Quest and make sure your financial plan is in place and leading you to the financial future you envision.
Please take some time and peruse my new website, https://maximawealth.com/. Make sure you continue to check back for upcoming blogs!