What is Financial Planning?
Financial planning involves three basic steps – determining where you stand today, where you want to be in the future, and the best way to get there. With our firm, the process involves an initial in-depth review of your current financial situation and then the creation of a blueprint on how to achieve future goals and objectives. If you prefer advice on only key issues, as opposed to a complete financial plan, we gladly offer that service, as well as a retainer service for ongoing advice.
Financial planning is a coordinated, multi-step process that provides you with two important things: (1) an independent analysis and assessment of your current financial situation and life goals, and (2) a roadmap to help you determine the best way to achieve those goals. It’s important to monitor and update your financial plan as needed. As your life and the events that impact it change, so should the roadmap that guides your financial decisions. Keep in mind that financial planning is a process . . . not an event.
Financial planning is a comprehensive look at your current financial picture, and the projected date of any significant financial event in your life. Most people will target retirement as a significant event, however we are able to prepare plans for education expenses, home purchases, and other expenditures. A financial plan will help you take a look into the future to determine if you are on track to achieve your goals or if there are any items we can address today to bring you closer to your objectives.
Financial planning is making conscious decisions to save and/or invest money for your future security. A financial plan might include a list of your goals, the cost, their time horizon, savings/investment method(s) and anticipated rate of return needed to achieve these goals. Another important piece of a financial plan is protection against financial loss.
Financial planning is a process that determines how you can best meet your life goals through the proper management of your financial affairs. It is this unique integration of knowledge and skills across a broad range of topics that distinguishes professional financial planning from other related financial advice.
