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Our Financial Planning Process

At C.M. Carrillo Financial Advising, we pride ourselves on taking a very comprehensive, strategic, and well balanced approach to the overall financial planning process. However, should a client express a desire to address one specific area of need, we are certainly more than happy to assist in any way that we can.

With that being said, it should be emphasized that our process is different.
When we work with our clients, our process is not based on a sales cycle.

Our process was specifically designed with a very sincere desire to take the right approach to conducting business, which is to say, it is very important to us that the conversation with every client begins in the right way. We wholeheartedly believe that the conversation must absolutely begin not with a product or service that we have to offer, but rather with a pure focus on the client’s vision and desired lifestyle. For us, this is of the utmost importance. Furthermore, this philosophy establishes the foundation of our process. We are very proud of our process and it is actually one of the things that effectively differentiates us from so many others within the marketplace.

If something is important to you, you make time for it.
Are you ready to begin?

The 3 Phases of Our Process

  1. Vision & Desired Lifestyle:

    The first phase of our process involves learning about the client's vision and desired lifestyle. This requires the client to invest the time necessary to work through our Discovery Process Self Reflection, which is the name of both a document as well as an exercise.

    Link: The Carrillo Lifestyle Page

  2. Goals & Objectives:

    The second phase of our process involves taking the client's vision and desired lifestyle and extracting their specific financial goals and objectives. This phase of the process is also included in our Discovery Process Self Reflection.

  3. Solutions & Strategies:

    The third phase of our process involves taking the client's specific financial goals and objectives and identifying appropriate solutions and strategies to incorporate into their financial plan in order to help them transform their vision into their reality.

    Link: Our Solutions Page

It should be noted that each phase of the process has no specific or predetermined timeline. Each phase could take either one meeting or multiple meetings, and if it takes multiple meetings, that's alright. It really depends on how much conversation is necessary in order to develop a clear understanding of what it is that the client would like to accomplish. We believe it is important to allow the conversation itself to dictate how the process unfolds.

At the end of the day, we are always more than happy to invest time with our clients because we genuinely care about them.

Furthermore, within the world of finance, trust is essential, and it should be noted that trust takes time and interaction. That is why we actually have a very sincere desire to get to know each of our clients on a much deeper level. Consequently, we are committed to listening and asking the right questions. Ultimately, beginning the process is easy. Individuals simply have to be willing to invest the time necessary to do some self-reflection and then invest the time necessary to begin a conversation with the Financial Advisor about what was discovered during the self-reflection.

Should you and the financial advisor agree that it makes sense to proceed to phase three,
the process can be summarized with the following four steps.

Phase 3: Solutions & Strategies

  • Analyze

    Before we make any recommendations, we must first analyze what you currently have in place. This involves reviewing any in force insurance policies and/or your current investment portfolio in order to identify any gaps or issues that may exist.
  • Recommend

    Once we have developed a clear picture of your present circumstances, we then go about the process of matching up your financial goals and objectives with appropriate products and services. Once identified, the advisor will then provide you with specific recommendations.
  • Implement

    If you agree with your advisor’s recommendations, together we will work to implement the agreed-upon strategy and help you secure the required products and services.
  • Review

    Because your financial situation is bound to change over time, your financial advisor will conduct periodic reviews with you in order to monitor your progress and subsequently make any changes to your plan as needed.

Now let’s take a look at all of the components that comprise the overall financial planning process.
This involves going back to the basics, which can be illustrated by
The Financial Planning Pyramid.

It should be noted that every financial institution has its own version of The Financial Planning Pyramid, and they all look a little different, but essentially say pretty much the same thing. This is because, at its core, what The Financial Planning Pyramid represents is many years of collective experience, which is the result of financial advisors coming together and agreeing upon the most appropriate way to go about the overall financial planning process. Consequently, at the end of the day, we don't have to reinvent the wheel. We simply have to follow a process that has been proven to work.

Risk Management

We begin by explaining to our clients that just as you wouldn’t build your home without a solid foundation, the same is true for your financial plan. The base of the Financial Planning Pyramid is a level of planning that we refer to as Risk Management. Risk Management involves various insurance solutions that help individuals, families, and business owners effectively manage certain threats. We use the word threats very deliberately because these are things that can derail one’s financial plan and jeopardize one’s ability to retire when they want and how they want. Therefore, by addressing each threat, we are essentially able to help all of our clients construct a comprehensive financial plan.

Wealth Accumulation

Then we move on up to the Wealth Accumulation level of planning. Wealth Accumulation involves one’s investments as well as one's retirement planning. Generally speaking, Wealth Accumulation is everybody’s favorite topic of conversation and consequently more savvy financial advisors will take a moment to remind all of their clients that they always have to eat their vegetables before they have desert. – In other words, do not forget about the foundation of your financial plan.

At C.M. Carrillo Financial Advising, we have a really phenomenal platform that we are able to bring to the table in order to help our clients access the financial markets and invest for the future.

Wealth Preservation & Distribution

Then we move on up to the Wealth Preservation and Distribution level of planning. Wealth Preservation & Distribution involves one’s Estate Planning. Wills and Trusts often come into play at this stage of planning, and it also becomes necessary to start working with a trusted estate planning attorney. Your financial advisor should be able to refer you to an attorney if you do not already have one. It should be noted that Annuities also often times come into play at this stage in the overall planning process. Estate Planning is very important because proper planning will result in you being able to fully decide how your assets are allocated and used in the long-term.

Special Notes:

Many clients have asked where The Budgetary Process and The College Planning Process fit into the overall financial planning process. Both are very good questions.

  • Ideally, The Budgetary Process, which is also known as Budget Planning, should be completed either before you and your advisor begin the Risk Management level of planning, or it may be completed during the Risk Management level of planning.

    Many financial advisors will include a client's Household Allocation Plan as a part of their Life Insurance Needs Analysis, which is actually very responsible. One's Household Allocation Plan is an exceedingly relevant component of the Needs Analysis that is necessary in order to ascertain the appropriate level of life insurance coverage for an individual. That being said, The Budgetary Process can certainly be revisited at any stage of planning; however, it is always a good idea to address it sooner rather than later.

    The Allocation Plan Program Page

  • The College Planning Process is very involved, and generally speaking, it should be started as soon as possible. There are certain planning strategies that can come into play at both the Risk Management level of planning as well as the Wealth Accumulation level of planning. In short, we consistently recommend that all of our clients start their college planning as soon as possible because when the child is still young parents still have time on their side. Late stage college planning can very much limit one’s options.

    The College Planning Page

Helping You Transform Your Vision Into Your Reality

C.M. Carrillo Financial Advising, MassMutual, and Prosperity Wealth Management, Inc. do not render tax or legal advice.