Broker Check

The Only Constant Is Change

February 04, 2022

Financial Plans Should Be Reviewed Regularly to Prepare for Life Transitions

Change is inevitable. That is a good thing. Who wants to be in the same place in their fifties as they were in their twenties? First job, marriage, births, home purchase, career advancement, children’s college, retirement and even the death of a spouse never happen at the same time. Financial plans often require revisions in response to evolving life stages and unforeseen circumstances.   

Planning Using a Proven Six Step Process

People go to a financial planner because they want to protect, grow, and enjoy their wealth. Without a structured course of action, they will work their entire lives without optimizing the rewards of those efforts. Creating a strategy helps assure financial stability, maximizing assets while providing a sense of security. An effective approach toward a plan should include the following steps:

  • Collaborative Discussion – a fact-finding process enables clients to clearly visualize and articulate both financial dreams and priorities in a setting of transparency
  • Financial Goal Prioritization – assist clients in creating both short- and long-term financial objectives
  • Assessment and Analysis – use cutting-edge technology to gain a comprehensive understanding of the client’s current situation and align it with future goals
  • Financial Models and Strategies – utilize planning software to construct a path toward achieving said financial dreams
  • Dreams-Based Plan Implementation – after strategies are discussed and agreed to, a plan is executed
  • Ongoing Review – while clients determine the ongoing engagement with their financial professional, regular reviews are recommended to discuss possible plan alterations as financial circumstances change



Monitoring Financial Condition

Staying with a good plan might make sense and it would be imprudent that anyone would want to meddle with something that is working. The thing is, many financial advisors will establish their clients on a plan and then just leave it, with no consideration for new careers, family size, housing, etc. Most of us go to the doctor once a year for a checkup and leave well enough alone once given a clean bill of health. The same is true with our finances. However, it never hurts to monitor circumstances and determine if a plan needs to be altered as one moves through life’s journey. Even reviewing a financial plan to know all is well can bring a client peace of mind.  

Financial Planning Is a Lifetime Process

Seeking a qualified financial advisor that you trust is one of the most important steps one should take in planning the future. Using a professional that includes regular reviews as part of his/her duty is highly recommended to achieving financial success.