.webp){kind=small}
If you’re like many folks, you might feel unsure or hesitant about working with a financial advisor. Perhaps you worry you’ll be sold products you don’t need, or think financial planning is only for the ultra-wealthy. At Axon Capital Management, we understand these concerns. We’re a fee-only, fiduciary advisor – meaning our only compensation comes from our clients (no commissions), and we’re legally and ethically obligated to act in your best interest. In other words, our priority is helping you achieve your goals with unbiased guidance.
One way we build trust and clarity is by following a clear, step-by-step financial planning process. In fact, the Certified Financial Planner Board (CFP Board) – the organization that licenses CFP professionals – outlines a seven-step process designed to cover every aspect of your financial life. This process might sound technical, but it’s really a roadmap for a collaborative journey. It takes you from our very first conversation through years of adjustments as your life evolves. Below, we’ll walk through each of the CFP Board’s seven steps in plain English – explaining what each step means, why it matters, and how a fiduciary advisor like Axon helps you at every stage. By the end, we hope you’ll see that financial planning isn’t daunting at all – it’s empowering.
What it is: Step 1 is all about understanding you – your overall financial situation, personal circumstances, and what really matters to you. We’ll start by having honest conversations and asking questions to gather a full picture of your finances. This includes the basics (income, expenses, assets, debts) as well as details like your family structure, career, lifestyle, and values. We want to hear about your concerns and dreams – whether it’s saving for your children’s education, buying a home, or planning for retirement on the lake.
Why it matters: This foundational step is crucial because a plan is only as good as the information behind it. By taking time to thoroughly review where you stand, we can tailor our advice to your reality. Think of it like a doctor diagnosing a patient: without the full background, any prescription could miss the mark. Similarly, a financial advisor needs to know your full financial picture and what you care about before giving advice.
How a fiduciary helps: A fiduciary advisor will listen closely and ask insightful questions in this stage. Our goal is to make you feel heard and understood, not judged. As a fee-only fiduciary, we aren’t here to push any products – we’re here to learn about your life so we can act in your best interest. By building trust from Step 1, we set the stage for a plan that truly reflects your needs.
What it is: Once we understand where you are now, the next step is to clarify where you want to go. In Step 2, we work together to identify and prioritize your financial goals. These goals can be short-term or decades down the road. For example, you might say, “We’d like to be debt-free before our kids start college,” or “I want to retire comfortably at 65 and travel.” We’ll discuss and refine these objectives, making sure we have a clear, realistic picture of what you hope to achieve financially.
Why it matters: Setting clear goals gives direction to your financial plan. It’s hard to hit a target you haven’t defined! By pinpointing your goals, we create a focus for the plan and a way to measure progress. This step is empowering because it turns vague worries (“Will I have enough someday?”) into concrete targets (“I need X amount for retirement by age 65”). When you and your advisor are on the same page about your goals, every recommendation can be aligned with what you value most. It also helps prioritize – if paying off your student loans is more urgent than buying a vacation home, we’ll address that first.
How a fiduciary helps: A fiduciary advisor like Axon will help you articulate your goals and may even point out important goals you haven’t considered. For instance, we might discuss protecting your family with adequate insurance or building an emergency fund if those haven’t come up – not to sell you something, but to ensure no critical goal is overlooked. We bring professional experience to help balance and prioritize your objectives. Most importantly, your goals drive the plan – not any hidden agenda. We’ll be transparent about trade-offs (e.g., how saving more for a home might impact your retirement timeline) so you can make informed choices. By Step 2, you should feel excited and confident about what you’re aiming for, with a trusted partner to guide you.
What it is: Step 3 is like a financial check-up. Here, we analyze your current course of action and consider alternative ways to reach your goals. In plain language, we look at how you’re doing today and whether that will get you where you want to go. This might involve reviewing your current budget, savings rate, investments, insurance coverage, and so on. We’ll ask, “If you keep doing what you’re doing now, are you on track to meet your goals? If not, what could you change?”
Why it matters: This step highlights any gaps or adjustments needed in your plan. You might discover, for example, that at your current savings rate you’d fall short of a comfortable retirement – but a few tweaks could change that. Analyzing your situation shows whether you’re on track or if you need a course correction. It’s better to know early and adjust than to be surprised later. Also, by exploring alternative solutions, you can see different paths to your goals. There’s often more than one way to achieve a goal (e.g. reducing expenses or aiming for higher investment returns). Evaluating these options is key to finding a strategy you’re comfortable with.
How a fiduciary helps: At this stage, a fiduciary advisor brings expertise and objectivity. We use financial planning tools and experience to crunch the numbers on your behalf. For example, we might project your retirement nest egg under your current strategy versus an adjusted strategy. We’ll identify potential improvements – perhaps refinancing a mortgage, adjusting your investment mix, or starting a dedicated college fund for your kids – that could help you reach your goals faster or more safely. As fiduciaries, we’ll explain these options without bias. We’re not tied to any particular bank or investment product, so any suggestion (be it boosting your 401(k) contributions or consolidating debt) is purely for your benefit. By the end of Step 3, you’ll have a clear sense of how your current path measures up and what choices could enhance your financial outlook.
What it is: Now we get into crafting the roadmap. In Step 4, your advisor develops the financial planning recommendations tailored to your situation. In other words, we design your financial plan. This is where we take everything learned in Steps 1–3 and create a set of actionable strategies for you. The plan will cover all relevant aspects of your financial life – from investments and retirement strategy to insurance, tax planning, debt repayment, and estate considerations – whatever is needed for your goals. We might run scenarios and “what ifs” (for example, what if you retire at 65 vs. 67? What if you invest more conservatively?). Based on this analysis, we choose recommendations that best fit your needs and maximize your chances of success.
Why it matters: This step is the heart of financial planning – it’s where the ideas turn into a concrete plan. A well-thought-out plan gives you a strategy instead of just good intentions. It answers questions like, “How much should I be saving and where? What insurance coverage is appropriate? How should my money be invested given my goals and comfort with risk?” Without this planning step, it’s easy to make ad-hoc decisions that might conflict or leave gaps. With a comprehensive plan in hand, you gain clarity on what to do next and why. It’s essentially a roadmap to your financial goals, designed to help you avoid wrong turns and reach your destination efficiently.
How a fiduciary helps: Developing a plan is where having a fiduciary advisor is incredibly valuable. At Axon, we use our professional knowledge to sort through countless possibilities and select the best recommendations for you. Because we’re fee-only and independent, our advice isn’t influenced by commissions or sales quotas – we can recommend paying down debt or buying an insurance policy with equal objectivity, based solely on what benefits you most. We also take into account reasonable assumptions (like future inflation, investment returns, or life expectancy) when designing your plan, and we’ll be careful not to be overly optimistic or pessimistic. The result is a plan that is realistic, personalized, and in your best interest. By Step 4, we’ve done the heavy lifting to design a blueprint for your financial future, all with your goals at the center.
What it is: In Step 5, we sit down together and present the financial plan and recommendations to you. This is a collaborative review where we walk you through each part of the plan. We’ll explain the recommendations in plain language, showing how each one addresses your goals. It’s not a one-way lecture – it’s a conversation. You’ll have plenty of time to ask questions, provide input, and make sure you’re comfortable with everything. If something doesn’t make sense or doesn’t feel right to you, we discuss it and adjust as needed. The plan document itself will be yours to keep, often with a summary of action steps and supporting details.
Why it matters: This step is all about making sure you fully understand and agree with the plan before moving forward. Even the best plan is useless if it sits on a shelf because the client felt confused or unconvinced. By reviewing the plan together, we ensure you know the “why” behind each recommendation – for example, why we suggest a certain investment mix or a particular savings target – and how it helps you. It’s also an opportunity to double-check assumptions and preferences. Maybe during the presentation you realize you’re not comfortable with a recommendation; we can then explore alternatives. The goal is that you feel confident and informed about every aspect of your plan. When you understand your financial plan, you’re more likely to follow through and less likely to worry, because you know the reasoning behind each step.
How a fiduciary helps: A fiduciary advisor will take the time to educate and clarify, not pressure you. At Axon, we pride ourselves on being patient and transparent during plan presentations. We’ll often say, “There are no dumb questions.” We want you to ask anything on your mind. We also make sure to disclose any assumptions (like expected investment returns or inflation rates) and how they affect the outcomes. We want you to understand the plan because an informed client is an empowered client. If any recommendation isn’t the right fit, we adjust it together – remember, it’s your plan. By the end of Step 5, you should feel a sense of relief and clarity, knowing exactly what your financial plan involves and why each piece is in place.
What it is: A plan on paper is great, but now it’s time for Step 6 – implementing the plan. This is where we turn recommendations into reality. Implementation can include a wide range of actions depending on your plan: opening or updating investment accounts, reallocating assets in your portfolio, purchasing or adjusting insurance policies, setting up automatic savings transfers, paying off certain debts, updating legal documents like wills, and more. Both you and your advisor will have roles in this stage. For example, you might need to fill out forms to roll over a 401(k) or increase a contribution to your IRA, while your advisor might help execute investment trades or coordinate with other professionals (like an attorney for estate documents or an insurance agent for coverage). We’ll create a clear to-do list and timeline so you know what happens next and who’s responsible for each item.
Why it matters: Even the best financial plan means nothing without action. This step is where many DIY planners stumble – knowing what to do but not actually doing it. Life gets busy, or the tasks feel overwhelming. That’s why having an advisor to guide implementation can make a huge difference. By following through on each recommendation, you start seeing real progress: your investments get aligned with your goals, your debts shrink, your insurance protections fall into place, etc. Implementation is also where any issues with execution are discovered and resolved (for example, paperwork issues or the need to adjust a strategy slightly). In short, this step bridges the gap between planning and results. It might involve some effort and habit changes, but with the right advisor, it doesn’t have to be hard.
How a fiduciary helps: We are by your side to help make implementation as smooth as possible. We don’t hand you a plan and disappear; instead, we provide a roadmap of action items and help you carry them out. For many of our clients, this hands-on help is one of the biggest reliefs – you’re not left alone to figure out how to, say, move your investments or choose an insurance policy. We can handle a lot of the legwork or connect you with trusted professionals for specialized needs (like a lawyer for setting up a trust). Because we operate transparently, you’ll know what we’re doing on your behalf and what costs are involved (if any). For example, if part of the plan is to invest in a diversified portfolio, we’ll walk you through setting that up, ensuring no hidden fees or conflicts of interest in the products chosen. By Step 6, you’ll see your plan taking shape in real life – accounts updated, policies in force, and concrete steps taken toward your goals – all with your fiduciary advisor coordinating the process in your best interest.
What it is: The final step is an ongoing one: monitoring your progress and updating the plan as needed. Think of financial planning as a continuous journey rather than a one-time event. After implementation, we don’t just wave goodbye – we set up a schedule to review and tune up your plan regularly. This typically means periodic check-ins (for example, quarterly or annual reviews) to see how you’re doing relative to your goals. We’ll review things like your investment performance, your savings progress, and any changes in your life. When life throws curveballs or your priorities shift, we update the plan. Got a new job with a higher salary? We might increase your savings targets. Had a baby or bought a house? We’ll reassess insurance and budgets. The markets will also have ups and downs, so we’ll ensure your investment strategy stays on course through those changes. In short, Step 7 is about adaptation and keeping you on track over time.
Why it matters: Change is the one constant in life – and in finances. Regular monitoring means your financial plan stays aligned with your life, even as your circumstances evolve. Without monitoring, a plan can become outdated or off-track (for example, an investment portfolio might drift from its target mix, or a goal might no longer be relevant). By reviewing and updating, we catch issues early and seize new opportunities. This gives many clients peace of mind: you don’t have to watch the markets or tax laws obsessively – that’s our job. If something significant happens (a recession, a new tax rule, etc.), we’ll evaluate whether we need to adjust your plan. Monitoring also reinforces accountability. We’ll celebrate progress with you (“Look, you’ve paid off 50% of your debt!”) and gently remind you if you need to get back on course. Ultimately, this step is what turns your financial plan into a living, breathing strategy that supports you throughout your life.
How a fiduciary helps: A fiduciary advisor is committed to your long-term success, not just a quick sale – and Step 7 is proof of that commitment. At Axon, we view our client relationships as ongoing partnerships. We will periodically review your plan’s performance and your evolving needs, making adjustments to keep you moving toward your goals. Because we’re fee-only, our incentive is to see you succeed over the long haul, not to churn investments or ignore you after the initial plan. We often set up regular meetings (for instance, annual strategy sessions) and are always available for questions in between. Did you get a new job offer, or are you considering buying a ranch property out in the Hill Country? Shoot us a call – we’ll discuss how it fits into your plan. As fiduciaries, we also proactively reach out if we see something that might benefit you, whether it’s a new tax-saving opportunity or an adjustment in response to economic changes. By staying proactive and aligned, we ensure your financial plan continues to reflect your life and goals. Step 7 never really “ends” – it’s an ongoing promise that we’ll help you navigate whatever life brings, with your best interests at heart.
Financial planning can feel complex, but with the right advisor, it becomes a collaborative, educational, and even enjoyable process. As we’ve outlined, the CFP Board’s seven-step financial planning process covers everything from the first conversation to the ongoing adjustments years down the road. Each step has a purpose: to ensure nothing falls through the cracks and that you remain informed and in control of your financial future. For those across Greater Austin who have been unsure about engaging an advisor, we want you to know that working with a fee-only, fiduciary advisor offers a level of trust and transparency that can put your mind at ease. You’ll get advice that is unbiased and tailored to you, with a clear process so you’re never in the dark.
At Axon Capital Management, our mission is to empower our clients – from Austin to Georgetown and beyond – to achieve their life goals through smart financial planning. We’re here to guide you through these seven steps with warmth, clarity, and your best interests front and center. The value of working with a fiduciary advisor is having a true partner who looks out for you at every turn, helping you make confident decisions at each step of the journey. By following a proven process and upholding the highest standard of care, we help take the stress out of financial planning and replace it with clarity.
In the end, financial planning isn’t just about numbers – it’s about you and your life. With a solid process and a trusted advisor by your side, you can face the future knowing you have a plan in place and a partner to help keep it on track. Whether you’re just starting to build wealth or preparing for retirement, the seven-step financial planning process is a roadmap to peace of mind. And you don’t have to walk it alone – we’re here to navigate it with you, every step of the way. Contact us to learn more.
Please submit the form with any questions or comments and I'll be in touch shortly:
