Need analysis is a critical beginning point towards a strong and successful relationship between the family and the financial planning firm. An overview of need analysis is below.
A family might have few points as a top priority for them to accomplish, for example, they may want to go for a housing loan or they want to close the housing loan asap. Without knowing this information, a financial plan can will be prepared with a different priorities. After a year, this will lead to conflict of thoughts between the family and firm.
Hence, need analysis is at most important step, if this initial and crucial step is clear then it will be smooth journey.
Families must be clear on their objectives and co-operate with financial planning firm to implement the plan.