What is a Financial Plan?

In a nutshell, a financial plan is a guide to achieve your financial goals and protect your assets. It’s a way to help you make sound financial decisions unique to your situation. Some plans can be fairly simple, while others are more comprehensive. But most importantly, plans are not static—they need to be reviewed and updated as situations and events change in your life.

• A Financial Plan begins with a review of your entire financial picture—income, expenses, assets, tax returns, wills, trusts and personal goals.  

• This is much like going to your doctor where he or she will ask you a series of questions to reach the correct diagnosis and recommend the best treatment.  

• Financial planning is very similar except the end-goal is to create a roadmap that will lead you to reach your financial goals.

• The Financial Planner analyzes your information and will then provide you with the tools to prioritize your goals and make informed financial decisions.

• Tools include 

  1.   Recommendations and options for your investments

  2.  Tax planning to minimize your tax liability

  3.  Retirement planning so that you enjoy your retirement and don’t outlive your assets

  4.  Estate planning to protect you and your assets and to ensure your wishes for passing on your assets are carried out

• Your Financial Plan should give you peace of mind knowing that you’re minimizing the risks in your life.