Our 5-Step Process
Our five-step process is efficient and friendly, and we take the time to hear what is important to you. We believe that following a disciplined and systematic process is essential to understanding our clients’ goals. And a well-informed client is equipped to make decisions with more confidence regarding their financial future.
At Bowman Financial Strategies, we follow the Department of Labor (DOL) fiduciary standard when working with clients, which means we act in only the best interest of our clients and ensure that all retirement advice given is suitable to the client’s objectives, needs and circumstances.
1. Establish the Relationship — Discovery
Our goal at the beginning of any client relationship is to get to know you and gain clarity about what’s important to you. We start with our financial wellness meeting, which is no more than an hour and at no charge to you. This meeting allows us both to get to know each other.
Everyone’s definition of a comfortable retirement is a little different, and our goal is to learn about your goals as we explore how to help you retire the way you want. We believe that it is essential to understand you and your family’s needs. What are those needs, and do you have any concerns? What past experiences have led you to where you are today? What are your visions or dreams for your future?
Once we have all the information, then we can begin to consider your situation and provide our best recommendations. As your life changes, we can update the dynamic plan to meet your needs.
2. Creating Your Customized Financial Plan
This is where we close the office doors, put on our blinders and get to work! BFS uses sophisticated software in conjunction with the planning knowledge of our team and we perform a thorough analysis of all the information gathered in order to create a plan unique to you and your situation.
We analyze your investment portfolio’s current asset allocation mix, as well as your risk exposure in relation to your needs. We run scenario testing to find the best combination of timing and elective choices for your future income sources (Social Security or pensions).
In addition, we will analyze your tax liability and your present financial estate plan. BFS will also perform a formal analysis of your insurance protection pieces to make sure they are aligned with your goals from a cost and risk management perspective. From this analysis, we will identify your current areas of strength, as well as any inconsistencies that present opportunities for improvement.
Our goal is not to undo the good work of you and others you may have worked with. We want to reinforce areas of strength in your current plan and recommend prudent solutions to address any areas of improvement.
3. Present Your Customized Income Plan
This is when we provide you a full plan that may include, but is not limited to, a retirement income strategy, investment recommendations and analysis, Social Security analysis, insurance review and recommendations, specific action steps and timelines.
We like to reinforce areas of strength in a current plan. We also believe that “If it’s not broken, don’t fix it!” Our goal is not to undo the good work of you and others you may have worked with. We want to reinforce areas of strength in your current plan and recommend prudent solutions to address any areas of improvement.
We will help you execute your plan, taking each important step, one at a time. Bowman Financial Strategies can implement all parts of your plan to include investments, annuities, life insurance and long-term care.
4. Implementation Meeting
When the key steps are in place for improving your overall financial health, together we will set the plan in place. Side by side, BFS will help you execute your financial plan. We believe in efficient workflow and processing to minimize the impact to your already busy life.
5. Periodic Financial Review Meeting: Ongoing Review and Reporting
By closely monitoring the progress in relation to your established goals, we ensure you stay on track. We’d like to meet with you on a regular basis that is paced at the level you’d like and that you’re comfortable with. We will review your results together and discuss any changes that may be necessary.
This review process is ongoing and brings us back into focus on your what and why, and this is also where we can address any changes in your life that affect your financial plan.
Your world, your family, your goals, and your future … it’s all the guiding purpose for the work we do. We measure our success by your satisfaction!
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