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What is a personal financial plan?
A personal financial plan is an effective way to manage all areas of your financial life. You might think of your personal financial plan as a map that shows you how to save, spend and invest to reach your goals. Your financial plan helps you meet the financial needs you have today while you plan for tomorrow's dreams.
Your personal financial plan should be about you and your life
That's why we take a unique approach to develop a financial plan designed just for you. Your advisor will take time to get to know you and talk with you about your current needs and your goals for the future.
The plan your advisor creates takes into consideration your income, expenses, investments and debt and shows you how to manage your money to help meet your short-term needs and long-term goals, all while protecting what you have and those you care for.
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Your financial plan will identify strategies and tactics to help
Examine your present financial situation
In order to move forward with a solid personal plan, you'll need a clear picture of your current finances. Your advisor will ask you some important questions to help you figure out where you're headed. These questions may include:
Do you have a clear picture of your goals and dreams?
What benefits do you receive from your employer?
How do you track your current income and expenses?
Protect what's important
From life and disability income insurance to personal auto and home insurance, there are many ways to help protect your family from the financial impact of unexpected events. Which ones are right for you? Which may be unnecessary? Your financial advisor will help you decide.
How will unexpected events impact your family's goals?
What can't you afford to lose?
How have you prepared for financial risks, illness, long-term care or death?
What are you saving your money for? Retirement? A home? Your children's education? No matter what your goals, you'll need to prioritize. Your financial advisor will guide you through the process, with questions like:
How do your current investments support your financial goals?
How much do you need, and how soon do you need it?
What has your approach been to market fluctuation? Diversification? Risk tolerance?
Manage your taxes
Keeping track of tax dividends, deductions and more can help you understand the general tax treatment of your financial service products. Consider the following:
Do you know the tax implications of the financial products you own or are considering purchasing?
Which investment products have tax-advantaged features or benefits?
Do you want your financial advisor to work with your tax advisor?
Plan for retirement
Whether you've just entered the workforce or you're getting ready to leave, retirement planning should always be on your list of financial priorities. Your advisor will help you make saving for retirement a part of your overall financial picture.
What do you dream of doing in retirement?
Do you have a plan to help make your retirement vision a reality?
Are you confident that you will be able to recreate your paycheck in retirement?
Leave a legacy
From supporting your family to funding a charity, it's important to talk about where your money will go when you're gone. Your advisor will help you take control of your financial legacy.
What purpose do you want your financial legacy to serve?
Do you have a plan to control where your assets go when you are gone?
Will your plan let you achieve all your goals? How do you know?
How will your intentions be realized?