Financial Planning .
. Fiduciary . Independent . Fee-Only
What is Financial Planning?
planning is the process of
formulating, implementing, and monitoring financial
decisions in order for an individual or family to optimally achieve their financial goals.
Facilitating this process is the primary mission of Grossman Financial
Comprehensive financial planning involves the management of
personal financial resources, opportunities and risks through a careful and
ongoing planning process. The financial planning process helps clients to
effectively manage their finances in many ways:
formulates a realistic plan of action.
what resources are needed and available.
*It identifies risks and contingencies.
*It enhances the client's control of their financial destiny.
*It facilitates better strategic decisions.
provides an ongoing process of planning, feedback, evaluation, and course
*It emphasizes measurable goals that provide guideposts for financial action.
*It makes it more likely that goals will be achieved.
financial planning process guides clients to realistic and attainable goals. In
so doing, it plays a critical role in avoiding behavior that may be counter to a
client's real needs.
The planning process generally follows these steps:
*Development of the client goals, such as for retirement and investments.
*Collection of the relevant information, financial and otherwise.
*Analysis of the data and the goals to determine feasible courses of action.
*Selection of the most appropriate strategies.
*Specifying detailed implementation targets and action items.
*Monitoring and measuring the implementation.
*Modifying actions and targets as needed over time.
It is critical to recognize that not all publicly available financial
planning software programs calculate financial forecasts properly. In
fact according to a 2016 academic study of 36 major online retirement
programs from the University of Texas, "publicly-available retirement
planning tools are publicized to aid households in their retirement planning
efforts, but households are likely overestimating tool effectiveness...the
advice provided from a majority of these tools is extremely misleading to
households" ("The Efficacy of Publicly-Available Retirement Planning
Tools", February 2016; see
In the final analysis,
financial success is in the eyes of the beholder. At Grossman Financial
Management, we believe that personal financial planning, properly done, advances significantly
the probability that clients will be financially successful in their own eyes by
realistically establishing financial goals and then prudently managing financial
affairs to those ends.
560 First Street,
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it is properly registered, or excluded or exempted from registration
requirements. Past performance may not
be indicative of future results.
Therefore, no current or prospective client should assume that the
future performance of any specific investment, investment strategy (including
the investments and/or investment strategies recommended and/or purchased by
adviser), or product made reference to directly or indirectly on this Website,
or indirectly via link to any unaffiliated third-party Website, will be
profitable or equal to corresponding indicated performance levels. Different types of investment involve varying
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