When I teach clients the “Introduction to Financial Planning” I share with them that it is like eating a Mickey D’s Big Mac. Now, many say, “What makes the Big Mac unique is the special sauce.”

The sauce that solves financial problems is called “The Six Steps to Financial Planning”.

How can I retire? Can I get cheaper health insurance? Can I save enough to go on vacation next year? How can I lower my taxes and still get a huge tax refund? Questions, concerns, financial problems.

And yes, you can get a financial hamburger anywhere. In a bank? In an insurance office? At a lawyer’s office?
But does the hamburger have that special sauce?

The Six Steps to financial planning are:

1. Establish Relationships: In short, you should meet a financial fiduciary and introduce yourself to each other and in the process define the scope of your arraignment and how can they help you.
2. Gathering Data: Now, speaking as the advisor, we define the client even more: by their goal, their need and their priority. This is gathering as much qualitative and quantitative data on the client (or you). You want to define their goal and priorities even further. You want a listing of their assets, income, liabilities and expenses. While in conversation, you would also request for documents such as tax records, bank, investment and insurance statements.
3. Analyze Information: So now that we know their goals, what tools and resources are there to take action? Research, research research! Now is the time to evaluate different options and look at different assumptions.
4. Develop a Plan: By identifying alternatives and using science and products and services, we can develop recommendations based on the gathered data so clients will have a plan for success.
5. Implement the Plan: The client agree with the recommendation, products, services, and agreement.
6. Monitor the Plan: From either quarterly to annually, you want to make sure your four car tires are still sound. That goes for your financial plan.

So, in simple terms, what’s the sauce: it is a systematic way to develop a relationship with a financial advisor that will look at your data to see if you’re fiscally healthy today. After analyzing your data, the advisor will make fiduciary recommendations as to what would be best to solve your financial problems today and in the future while keeping you fiscally healthy. Hopefully, based on both, the relationship and the plan, you and the advisor will periodically check on the plan to make sure it is going toward achieving your goals.

So yes, your financial plan might look like any regular hamburger, but remember, you got the special sauce.

How do you tell which store has the special sauce if they both are selling hamburgers? Ask if that financial representative if they are a broker or a registered financial advisor.

A broker uses their company’s sauce. An advisor uses one approved by the Securities & Exchange Commission (SEC).

The difference? The SEC recognizes financial planning as an objective credentialed process. The other hamburgers? Well, think White Castle. Your short-term stomach might get full-time but long term, as most know at 3 a.m., it could be a disaster.

Anthony Rivieccio is the founder and CEO of The Financial Advisors Group, celebrating its 20th year as a fee-only financial planning firm specializing in solving ones financial problems. Mr. Rivieccio, a recognized financial expert since 1986, has been featured by many national and local media including: Klipingers Personal Finance, The New York Post, News 12 The Bronx, Bloomberg News Radio, BronxNet Television, the Norwood News, The West Side Manhattan Gazette, Labor Press Magazine, Financial Planning Magazine, WINS 1010 Radio, The Bronx News, and The Bronx Chronicle. Mr Rivieccio is also currently an Adjunct Professor of Business , Finance & Accounting for both,  City University of New York & Monroe College, a Private University.  For financial assistance , Anthony can be reached at  (347) 575-5045. Feel free to visit their FACEBOOK Business page for past Financial Focus articles:  www.facebook.com/iwantmytaxmoney