Create or Revise Your Financial Plan

As our chairman, Dan Wiener, likes to say: “You can’t put a price on a good financial plan, so we don’t.” In the year’s final financial planning update, we’re taking a step back from the specifics to reflect more broadly on our financial planning philosophy and how we implement it for our clients. Here’s how we will work with you to create or revisit your financial plan in the new year so that we can help you reach your goals and achieve peace of mind.

1. Define your destination. Before we begin your plan, we will discuss and agree on your goals and objectives. They may include saving for college, buying a vacation home—or something else entirely. Let’s take the goal of funding your retirement: You may want to retire early. We’ll discuss how soon you can stop working given your income stream, asset level and desired lifestyle. Or you may choose the scenic route: Spending some of your savings on vacations and other splurges and working longer. Just as no two trips are alike, so it goes for financial plans.
2. Create your financial GPS. Often, you know where you want to end up (paying off debt, giving a sum of money to charity or leaving a legacy for your heirs) but countless paths exist to get from point A to point B—which one is right for you? By taking an in-depth look at your assets, liabilitiesLiabilities are calculated by adding up your existing debts (mortgage, car loans, student loans, credit cards, etc.). (debts) and sources of income, we will work together to create a road map to follow to reach your goals.
3. Lay out your path (including alternate routes). Once we have a grasp on your goals and current financial picture, our team will present your plan and discuss it with you in detail. Going forward, we will adapt on the fly to present alternative routes if your situation changes. Speed bumps like tax hikes or rising inflation are inevitable. Windfalls are common as well. We commit to monitoring and updating your financial plan with you regularly.
4. Remember, the journey is never-ending. Financial planning is a process; it’s not a product or a one-and-done exercise. We view your plan as a living document that we will adjust along the way to ensure you have the solid footing to get where you want to go.

If you’re looking for a New Year’s resolution, putting together a solid financial plan is a great one for you and your family. Let’s chart your course together, today!

Contact your portfolio team to get started or to update us on any recent life events that should be reflected in your financial plan—as The Planner You Can Talk To, it’s what we’re here for.