Be Intentional

Answer: Those are very thoughtful questions that are often overlooked. When people think about financial planning and building wealth, they often jump right in and want to discuss investing. True financial planning is a structured process entailing far more than investing.

When studying for my CERTIFIED FINANCIAL PLANNER® Practitioner exam, we used EGPRIM as the acronym that represents the six-step financial planning process. It stands for 1. Establish, 2. Gather, 3. Provide, 4. Review, 5. Implement, and 6. Monitor. Understanding each step, and what to do ~ or not do ~ along the way may help you build stronger and more resilient long-term wealth, providing the difference between long-term success and long-term frustration.

1. Establish the Relationship

The first step is simply defining how you and your advisor will work together. This is where we talk about your goals, values, and expectations.

Do: Openly share what money truly means to you and the values that shape your plan.

Don’t: Jump directly into investment ideas or chase “hot” investments without first identifying your priorities.

Real-life example:

A couple once told me they wanted to “retire comfortably.” While talking, the real goals surfaced: supporting an aging parent, helping with a granddaughter’s education, and preserving travel time. Those priorities shaped their entire plan.

2. Gather the Data

Here we collect the financial facts including expenses, income, assets, liabilities, insurance, tax documents, and more. Advisors aren’t trying to be nosy; precision matters. It’s similar to seeing your doctor - we both need as much information as possible to make appropriate and useful recommendations.

Do: Provide accurate, complete information. Be thorough and honest about your spending and liabilities.

Don’t: Estimate or round down expenses—guessing leads to gaps.

Real-life example:

One client believed he “didn’t spend much.” When we reviewed his accounts, we discovered nearly $1,800 a month in dining out and $12,000 a year in untracked travel, plus sizable credit card debt. Suddenly, the mystery of the disappearing paycheck wasn’t a mystery at all. With the real numbers, meaningful corrections could be made.

3. Provide the Analysis

This is the point where your advisor identifies strengths, gaps, risks, and opportunities.

Do: Be open to an honest financial assessment and hearing about risks you may not have considered.

Don’t: Avoid tough conversations. This is where clarity helps create safety.

Real-life example:

A business owner’s net worth looked strong until we discovered that 85% of it was tied up in the business, leaving him vulnerable. She had no disability insurance or emergency funds. We uncovered a significant risk that she didn’t recognize, allowing her to correct her course.

4. Review the Plan

This involves reviewing your personalized strategy and confirming the path forward.

Do: Ask questions until you fully understand the recommendations. Build a strong foundation before exploring advanced strategies.

Don’t: Chase trends or the “my neighbor made 30% in crypto” stories. Proper planning involves much more than investment performance.

Real-life example:

A young family wanted to invest aggressively. We recommended they first build a six-month emergency fund and secure life and disability insurance. After this was in place, we moved into long-term investing. That foundation kept them financially stable during a later job loss that could have wiped out their progress.

5. Implement the Plan

A great plan only works if it’s put into action. Many people get overwhelmed at this stage.

Do: Prioritize and break the process into manageable steps.

Don’t: Try to do everything at once and overwhelm yourself into inaction.

Real-life example:

A client needed to update beneficiaries, refinance debt, adjust retirement plan contributions, and rollover an IRA. We organized the tasks across three months, making the process easy and stress-free. All items were completed on time. It’s just like eating an apple; it’s accomplished one bite at a time.

6. Monitor and Adjust

Life changes, and so should your financial plan.

Do: Review your plan annually or whenever life changes.

Don’t: Set it and forget it. Your life isn’t static, and your financial plan shouldn’t be either.

Real-life example:

A client planning to retire in 2035 received an inheritance and changed careers. After updating the plan, we determined they could retire three years earlier. A regular review turned a good plan into a great opportunity for our client.

Wealth isn’t built through guesswork or impulse. It’s built through a disciplined, structured planning process—and knowing the right moves (and pitfalls) at each stage. EGPRIM is a structured path to understand and manage wealth. Whether you’re just beginning or refining your long-term strategy, following these steps can help turn financial goals into financial reality. When paired with smart dos and don'ts, your decisions will be thoughtful, intentional, and aligned with your goals. Stay focused and plan accordingly.