Financial Planning

Financial Planning is the process by which you meet your life goals through proper management of your finances. Life goals can include: buying a home, saving for your child’s education, or planning for retirement. It is a process that consists of specific steps to help you view the big picture of where you are financially. Using these steps, you can work out where you are now, what you may need in the future and what you must do to reach your goals.

The process involves: establishing your life goals and objectives, collecting and analyzing your data, examining your current financial status, and coming up with a strategy, or a plan for how you can meet your future goals, implementing that plan and then monitoring it to ensure it continues to progress towards your goals.

In the end, Financial Planning should provide direction and meaning to all your financial decisions. For instance, buying a particular investment product might help you pay off your mortgage faster, or delay your retirement. By viewing each financial decision as part of a whole, you can consider its short and long term effects on your life goals. You can also adapt more easily to life’s changes, and feel secure knowing that you are on track to your goals.

Your financial plan is at the heart of your advisor relationship. While everyone’s plan is unique, a financial plan should address four basic elements:

  • How much wealth you have now
  • Your current saving and spending patterns
  • Your financial goals and priorities
  • A saving and investment strategy that allows you to reach your goals within your risk tolerance

Look to us as your planner for help in reviewing, reassessing, and fine-tuning your plan. A planner who knows and understands your situation is in the best position to help you navigate your financial affairs.