Start the new year with a financial plan

Advisors


A financial plan is more than just a budget, reviewing your investment gains/losses or even having a 180-page document that sits on a shelf or in a drawer. Your financial plan should be a living and breathing document. We have met with many clients over the years that have let us know they already have a financial plan, and we ask to review it with them. It is rare that we encounter someone with a plan that was completed recently and/or that they have actually looked at in the last few years. This is not a plan; it is merely a snapshot of their situation at a particular time.

More from Investor Toolkit:
Advisors turn to life coaches and counselors
Retirees leave $100B in Social Security benefits on table
How much those advisor fees are costing you

The plan should reflect your current circumstances and address your future needs, wants and wishes. At a minimum, the plan should review your retirement, education funding, estate planning, risk management, asset management and emergency fund strategies. Ultimately, these are all fluid areas, and simply taking a snapshot of where things stand today will not define your ability to get where you want to be in the future. Some of the most important work that goes into a plan is the monitoring and updating of the plan over time.



Source link

Products You May Like

Articles You May Like

After-hours buzz: CDNS, GOOGL & more
Qualcomm stock slides on layoffs, regulatory challenges to NXP merger
One classic theory could be hinting at a short-term drop for stocks
Big banks saved $3.6 billion in taxes last quarter under new law
Hasbro reports first quarter earnings 2018

Leave a Reply

Your email address will not be published. Required fields are marked *