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Financial Planning Process

The Financial Planning Standards Board (FPSB) Financial Planning Process is a collaborative and ongoing approach used by financial planning professionals to evaluate all aspects of a client’s financial situation. It helps them develop effective financial strategies and provide appropriate recommendations. The process consists of six key elements.

Establish and Define the Relationship with the Client

The financial planning professional informs the client about the financial planning process, services offered, competencies, and professional experience.
The professional and the client mutually determine whether the services offered, along with the professional’s competencies and experience, support the services requested by the client.
The professional determines if any conflicts of interest exist and discloses them to the client.
Both parties mutually agree on the services to be provided during the engagement.
The scope of the engagement is documented in writing before services begin. This includes:
- Responsibilities of each party (including third parties)
- Terms of the financial planning engagement
- Compensation and conflict of interest disclosures
- Termination process for either party
The written agreement is signed or formally accepted by the client.

The professional and client identify and confirm the client’s stated personal goals.
The professional confirms whether the effort required to achieve those goals falls within the agreed scope of engagement.
Sufficient quantitative information and documents are collected from the client before making recommendations.
Qualitative information is also gathered to understand the client’s:
- Values
- Attitudes
- Expectations
- Financial experience and literacy
This information helps determine how these factors might influence financial decisions.

Step 3

Analyze and Assess the Client’s Financial Status

The financial planning professional evaluates the client’s current financial situation.
This assessment determines whether the client’s existing resources support their ability to achieve financial objectives and personal goals.
Any additional financial resources required are identified.

The professional evaluates strategies suitable for the client’s financial objectives, needs, and priorities.
Financial planning recommendations are developed based on the selected strategies.
Opportunities, constraints, and risks in the client’s financial situation are carefully assessed.
This includes evaluating the client’s ability to handle unexpected personal or financial events.
The professional identifies financial goals that may not be feasible and discusses potential adjustments with the client.
Recommendations are developed based on:
- The client’s current financial situation
- Existing courses of action
- Selected strategies
Recommendations are presented clearly so the client can make informed decisions.
The professional explains the assumptions and factors used to develop recommendations.
Client feedback is incorporated, which may result in modifications to strategies, priorities, or engagement scope.
The client is informed that future economic, political, regulatory, or personal changes may affect the plan.
Ongoing reviews are recommended to keep the financial plan updated.

Step 5

Implement the Financial Planning Recommendations

The professional and client agree on the final recommendations and their implementation priority.
Implementation responsibilities are defined according to the engagement scope.
The professional identifies appropriate financial products or services needed to implement the plan.

The professional and client define how future reviews will be conducted.
Reviews may evaluate:
- Financial objectives and personal goals
- Risk profile
- Lifestyle changes
- Progress toward achieving goals
Both parties agree when and how financial planning recommendations should be updated.
Updates may be necessary due to changes in:
- Client’s personal situation
- Financial goals
- Economic conditions
- Political or regulatory environments

Enquiry / Contact Form Details

Risk Factors – Investments in Mutual Funds are subject to Market Risks. Read all scheme related documents carefully before investing. Mutual Fund Schemes do not assure or guarantee any returns. Past performances of any Mutual Fund Scheme may or may not be sustained in future. There is no guarantee that the investment objective of any suggested scheme shall be achieved. All existing and prospective investors are advised to check and evaluate the Exit loads and other cost structure (TER) applicable at the time of making the investment before finalizing on any investment decision for Mutual Funds schemes. We deal in Regular Plans only for Mutual Fund Schemes and earn a Trailing Commission on client investments. Disclosure For Commission earnings is made to clients at the time of investments. Option of Direct Plan for every Mutual Fund Scheme is available to investors offering advantage of lower expense ratio. We are not entitled to earn any commission on Direct plans. Hence we do not deal in Direct Plans.

AMFI Registered Mutual Fund Distributor – ARN-336192 | Date of initial registration – 04/08/2025 | Current validity of ARN – 25/07/2028

Grievance Officer- Mr. Umang Pokar | umaaelitefinserv60@gmail.com

Financial Planning Process

Step 1

Establish and Define the Relationship with the Client

Collect the Client’s Information

Step 2

Step 3

Analyze and Assess the Client’s Financial Status

Develop and Present Financial Planning Recommendations

Step 4

Step 5

Implement the Financial Planning Recommendations

Review the Client’s Situation

Step 6

Enquiry / Contact Form Details

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