The majority of people believe that they have done some level of financial planning, but the fact is most really haven't. Meeting with a stock broker or insurance agent does not constitute financial planning and the sales-based reports that they provide should not be confused with a financial plan. It is important to realize that financial planning is a process, rather than a product. Financial planning can be broken down into six areas, illustrated by the pyramid below.
A properly crafted financial plan can help you save for your child's education, ensure you have adequate insurance protection, chart a course toward financial freedom, evaluate your ability to live on your retirement assets, and maximize the amount of a legacy you leave behind.
MetLife's Financial Process can be broken down into 6 steps:
Step 1: No Obligation Discovery Interview
At this meeting, a specially trained MetLife Securities Financial Planner will listen to your financial concerns and discuss what financial planning can do to help you achieve your financial objectives.
Step 2: Gather Information
If you decide to purchase financial planning services from MetLife, we move on to the next and most important step: data gathering. This is where we learn about all of your financial goals, objectives, assets, liabilities, income, expenses and other relevant information. The foundation of a sound financial plan is having a clear understanding of who and what you are. This information is kept strictly confidential.
Step 3: Analysis and Development
A preliminary analysis of the information about you is prepared. This includes reviewing all of your objectives and determining if they are feasible. Your planner may consult, with your permission, with your attorney, accountant, or other adviser to make sure the data is complete.
Step 4: Plan Presentation and Delivery
After all of the alternatives and information is analyzed, a final plan will be presented to you. The final plan is a written document prepared especially for you by your planner. It contains specific recommendations designed to help you meet your financial goals and objectives.
Step 5: Implementation: Your MetLife Securities Financial Planner, acting in a registered representative capacity, will explain how you can act on the specific recommendations in your financial plan by purchasing financial products. Financial products may be purchased at any institution you choose.
Step 6: Monitor and Update as Needed
In life, one thing is constant: change. Each year, and perhaps more frequently, your income, investments, assumptions, and objectives will change. This is why your MetLife Securities Financial Planner stands ready to monitor and update your plan as needed.
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