5 Reasons to Update Your Financial Plan
Many people find it difficult to plan for their financial future. We understand how common of a concern this is and have made it our goal to solve this problem. Thankfully, improvements to technology have made it easier than ever before for us to help clients formulate their financial plan and manage their resources accordingly.
2020 has been a year of great uncertainty and change. The COVID-19 crisis has challenged the way most people do business and upset our most regular routines. This is also a wonderful opportunity to take a step back and focus on getting our financial house in order. In our experience as CFP®s working with clients, we have found that there are many reasons to update your financial plan. Here is a list of our top 5:
1. Planning takes away stress
Sometimes simply not knowing can cause us stress. It is easy with busy life to become unorganized with our financial matters. This often leads to a cluttered form of decision-making. We help you to organize your accounts and provide a framework to understanding how they work together can really lift this burden.
2. Planning helps you to clarify and achieve your goals
Without a plan in place, most people don’t have a clear idea of what retirement will look like for them, or if their expectations are even realistic. Funding college for kids can also be overwhelming with all of the options and increasing costs. Having a financial plan can help to clarify these goals and put you a realistic path to achieving them with a higher chance of success.
3. Planning frames important choices
Life is about making difficult choices and learning about trade offs. We are trained are to help provide clarity to your options and make the most of them. These include decisions including what type of retirement account to fund, investment choices and strategy, what type of insurance to purchase, debt management and dealing with finances in your family.
4. Planning helps address important risks
There are always risks in life, and we help you identify which risks should be addressed with insurance. Determining what type and how much of the various insurances can be difficult (life, disability, long term care, umbrella, property and casualty, etc.). Having a sound financial plan can help mitigate these risks to your and your loved ones in a responsible way you can feel good about.
5. Planning provides you with greater life satisfaction
It is our philosophy that when you have a greater sense of purpose, you have a higher life satisfaction. Having a CFP® by your side helping you with your financial planning can assist you in finding the purposes that are most important to you. When you are able to achieve your goals and realize your dreams, we enjoy seeing our clients have a greater sense of satisfaction and quality of life.
If we can be of service to you or your family, please don’t hesitate to reach out to schedule a complimentary call. Most of our clients come from referrals from existing satisfied clients, and we would consider it a great honor to serve you as your fiduciary.