Never underestimate the power of a plan.
Although having a plan seems intuitive, most ‘financial professionals’ will lead with whatever product they seek to sell.
The mistakes we see most frequently with respect to investment decisions, tax & estate planning, health care & social security benefit elections, insurance, or business planning typically come from making decisions in a vacuum.
Our view is a simple one – but requires hard work and skill. Financial decisions will be made more effectively if you do the following:
- Detailed discussion on the client’s ‘end goal’.
- Thorough examination of all the moving parts – balance sheet, cash flow, tax returns, benefits, insurance, estate planning documents, budget, etc.
- Frame the current economic reality in a format that allows you to run multiple planning scenarios.
- Identify the priority action items to begin closing the gap between the ‘end in mind’ and the current reality.
- Execute that plan.
- Be ready to pivot – because life is not linear.
- Review & Refine consistently.
Starting with a financial plan can lead to more efficient execution and better outcomes. Straightforward? Yet, this is the step we see skipped most often.
The more organized we are and the better we know you and your other advisors, the more impactful our advice will be.
Separate from the financial plan and our role as financial planner, we may recommend the purchase of specific investment or insurance products or accounts. These product recommendations are not part of the financial plan and you are under no obligation to follow them. Financial Advisors do not provide specific tax/legal advice and this information should not be considered as such. You should always consult your tax/legal advisor regarding your own specific tax/legal situation.
