What Exactly is a Financial Plan?
Evan Henderson, CFP?
Financial Planner helping people grow their wealth by making the most of their income
Imagine you just set up an appointment to meet with a Financial Planner for the first time. What can you expect when meeting with them? Obviously, all advisors and planners work in their own ways. However, you might be wondering, what areas should be covered when you are getting your first financial plan? Here is a general idea of what that initial plan and conversation should look like.
Introduction
A. Overview of the Financial Planning Process
B. Importance of Working with a Certified Financial Planner
Personal Financial Goals
A. Short-term Goals
1. Emergency fund
2. Upcoming purchases (e.g., a car or vacation)
B. Medium-term Goals
1. Home purchase
2. Education expenses
C. Long-term Goals
1. Retirement planning
2. Legacy planning
Current Financial Situation Assessment
A. Income Sources
1. Salary
2. Investments
3. Side businesses
B. Expenses
1. Fixed vs. variable expenses
2. Current debt obligations
C. Net Worth Evaluation
1. Assets (e.g., savings, property)
2. Liabilities (e.g., loans, credit card debt)
Investment Strategies
A. Risk Tolerance Assessment
B. Investment Goals
C. Asset Allocation Recommendations
领英推荐
Retirement Planning
A. Current Retirement Savings
B. Retirement Goals and Timeline
C. Contributions to Retirement Accounts (e.g., 401(k), IRA)
Tax Planning
A. Current Tax Situation
B. Tax-efficient Investment Strategies
C. Deductions and Credits
Insurance and Risk Management
A. Current Insurance Coverage
1. Health insurance
2. Life insurance
3. Property insurance
B. Recommendations for Adequate Coverage
Estate Planning
A. Importance of Estate Planning
B. Current Will and Trust Considerations
C. Beneficiary Designations
Action Plan
A. Setting Milestones and Timelines
B. Regular Review and Adjustments
C. Follow-Up Meetings
Conclusion
A. Recap of Key Points
B. Next Steps in the Financial Planning Process
Securities offered through Geneos Wealth Management, Inc. Member FINRA/SIPC. Advisory Services offered through N.E.W. Advisory Services, LLC.
Opinions, estimates, forecasts, and statements of financial market trends are based on current market conditions and are subject to change without notice. Investing and investment strategies involve risk including the potential loss of principal. Asset allocation & diversification do not ensure a profit or prevent a loss in a declining market. Past performance is not a guarantee of future results.