Strategic Planning

We believe in strategic planning

At Gateway Financial Services, our mandate is to develop the best strategies as we design your financial plan. No one company or product can possibly meet our clients' goals. Therefore, we do not represent any single life insurance company, trust company, bank, or mutual fund company. This helps us to stay focused on strategy that will best serve you. At Gateway Financial Services, You, the client, come first.

The Financial Planning Process

Financial planning process consists of the following six distinct steps. When it is comprehensive financial planning guidance you want, these are the steps that should guide your planner. Be familiar with them. They'll help you get the most out of the process.

1. Establish the client/planner engagement
   1. Explain issues and concepts related to the overall financial planning process that are appropriate to you
   2. Explain the services he will provide, the process of planning and documentation
   3. Carify your responsibilities as a client
   4. Clarify his responsibilities as your planner. This should include a discussion about how and by whom he will be compensated.
   Discuss:
   1. The scope of the client/planner engagement
   2. And Agree on how decisions will be made.
2. Gather data and determine your goals and expectations:
   1. Obtain information about your financial resources and obligations through interviews or questionnaires
   2. Gather all the necessary documents before giving you the advice you need.
   3. Mutually define your personal and financial goals, needs and priorities
   4. Investigate your values, preferences, financial outlook and desired results as they pertain to your financial goals, needs and priorities.
3. Clarify your present financial status and identify any problem areas and Opportunities
   1. Analyze your information to assess your current situation (cash flow, net worth, tax projections, etc.)
   2. Identify any problem areas or opportunities with respect to your:
      • Capital needs
      • Risk management needs and coverage
      • Investments
      • Taxation
      • Estate Planning
      • Employee benefits
      • Retirement planning
      • Special needs: (adult dependent needs, education needs, etc.)
4. Develop and present the financial plan
   Develop and prepare a financial plan tailored to meet your goals and objectives, values, temperament and risk tolerance, while providing projections and recommendations
   1. Present the plan to you and establish an appropriate review cycle.
   2. Work together to ensure that the plan meets your goals and objectives
5. Implement your financial plan
   1. Assist you in implementing the recommendations discussed if you want.
   2. This may involve coordinating contacts with other professionals such as investment fund sales representatives, accountants, insurance agents and lawyers.
6. Monitor the financial plan
   1. Agree on who will monitor and evaluate whether your plan is helping you progress toward your goals.
7. If your planner is in charge of the process, your planner should have:
   1. A discussion about changes in your personal circumstances and how they might affect your goals
   2. Review and evaluation of the impact of changing tax laws and economic circumstances
   3. A review of your life circumstances and an adjustment of the recommendations if needed as those circumstances change through life events such as birth, illness, marriage, retirement, etc.