Hosts Jason L Smith and Bryan Bibbo along with special guest Dave Alison, CFP®, EA, BPC, President and Founding Partner of C2P and Alison Wealth Management, explore the intricacies of the holistic wealth management process through the widely acclaimed financial process, The Bucket Plan®.  

Their discussion offers a comprehensive look into the first, crucial step of financial planning called the discovery phase. This episode is a must for anyone interested in gaining a deeper understanding of what to expect during the discovery phase of holistic wealth management and the value of holistic, personalized financial planning. 

Key Topics Discussed: 

Introduction to the Discovery Process: Smith opens with the purpose of the discovery step in understanding clients’ financial goals and preparing a personalized plan. 
Role of Prosperity Capital Advisors: How the Registered Investment Advisory (RIA) firm JL Smith and Alison Wealth Management use, Prosperity Capital Advisors, offers support to advisors’ compliance, trading, reporting, and portfolio management to focus on client service. 
Importance of Tailoring Financial Plans: Alison emphasizes how personal finance is more personal than finance and should focus on the client’s specific needs, goals, and personal circumstances for effective planning. 
Navigating the Discovery Meeting: Alison discusses how he sets the agenda for discovery meetings, ensuring alignment of goals, and establishing a comfortable environment for open communication about financial aspirations and concerns. 
Pre-Discovery Consultation: Alison and Smith discuss the precursor to the discovery meeting, where advisors evaluate how they can serve potential clients and determine the appropriateness of proceeding to the discovery phase. 

Stay tuned for future episodes describing each step of the holistic wealth planning process!  

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In Episode 16 of the podcast series “Planning Your Financial Future,” the hosts continued their discussion on the first step of financial planning: Discover. This step involves taking a hard look at your current financial situation, setting goals for the future, and understanding your financial values. In the first part of the Discover phase, the hosts focused on how to assess your current financial situation. In this second part, they dive deeper into setting financial goals and understanding your financial values.

Setting financial goals is a crucial part of the financial planning process. It gives you direction and motivation to work towards a specific outcome. The hosts emphasized the importance of setting both short-term and long-term financial goals. Short-term goals are typically achievable within a year, such as saving for a vacation or paying off a credit card debt. Long-term goals, on the other hand, may take several years to achieve and often involve larger financial milestones, such as buying a house or saving for retirement.

To effectively set financial goals, the hosts recommended using the SMART goal-setting framework. SMART stands for Specific, Measurable, Achievable, Relevant, and Time-bound. By setting goals that meet these criteria, you increase the likelihood of achieving them. For example, instead of setting a vague goal like “save money,” a SMART goal would be “save $5,000 for emergency fund by December 31st.”

In addition to setting financial goals, the hosts also highlighted the importance of understanding your financial values. Your financial values are the principles and priorities that guide your financial decisions. They can include things like security, freedom, generosity, and personal growth. By identifying your financial values, you can align your financial goals with what truly matters to you, making it more likely that you will stick to your plan.

Overall, Episode 16 of “Planning Your Financial Future” provided listeners with valuable insights into the Discover phase of financial planning. By taking the time to assess your current financial situation, set goals, and understand your financial values, you can lay a solid foundation for achieving financial success in the future. Whether you are just starting your financial journey or looking to reassess your current plan, this episode serves as a helpful guide to getting started on the right track.