Financial planning in a nutshell

You may have noticed in last month’s newsletter that Azzad was named in Financial Advisor magazine’s 2019 RIA Ranking. It’s a premier industry ranking of investment advisors based on assets under management. Azzad moved up the list from last year, which is great news.

More important than that, however, are the relationships that our advisors have with our clients. As a wealth management firm, we pride ourselves on taking the time to understand the unique needs of each client and crafting responsible, appropriate financial solutions. The way we do that is through the financial planning process. We’ve gotten some questions about it, so here’s a walk-through of our five-step program:

1) Identify goals: We start with listening and learning what is important to you and identifying and prioritizing your financial goals. At what age would you like to retire? Do you want to buy a home?

2) Collect financial data: We gather and organize your financial information such as assets, income and expenses. Figuring out your net worth (assets minus liabilities) get incorporated into your plan.

3) Put it all together: We develop recommendations to optimize your goals and meet with you to go over them. Unlike other advisors you have to pay on an hourly basis, we offer this service to qualified wealth management clients at no additional charge.

4) Develop your plan and put it into effect: We create an action plan for you and work closely with other professionals you employ, including attorneys, accountants and bankers, to ensure that your plan is comprehensive, and implemented correctly. We can handle relationships with these parties on your behalf, creating efficiency and saving you effort, time, and money.

5) Monitor and update: The financial planning process does not end once your initial plan has been created. Your goals and assets may evolve over time and we can help you make changes or updates to align with your changing goals.

The end result of the process is a financial plan for clients that is concrete, clear, reflective of their economic situation, and responsive to unexpected events. It’s one of the many perks of working with an Azzad advisor. They’re with you every step of your financial journey.

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