What is a comprehensive financial plan?
A comprehensive financial plan serves as the framework for organizing your financial life. With a financial plan in place, you can focus on your goals and the actions necessary to achieve these goals rather than outside influences such as market volatility, interest rates, or the economy. The financial plan identifies strategies for achieving goals while concentrating on minimizing taxes, managing your estate, and mitigating risks. Another benefit of having a financial plan is that it can help you balance competing financial priorities. A financial plan will demonstrate how your financial goals are related – for example, how saving for college may impact your ability to save for retirement. You can then use this information to prioritize what is most important to you.
