What is holistic financial planning?

Holistic financial planning is the process of setting your life goals, understanding your values, and coordinating all financial aspects to attain them. It is a continuous process that adapts to your life changes and situations in managing risks as well as your investment strategy. The relationship and the ability of your planner to understand your situation are paramount to your success.

Why should I make a financial plan?

Planning allows you to thoughtfully map out a direction and quantify how to achieve your goals. The process makes you accountable and keeps you on track to meet your goals. Financial planning provides direction and meaning to your financial decisions. Planning will allow you to minimize mistakes that can derail you from attaining your goals.

Who is a financial planner?

A financial planner is trained in the areas of financial planning and whose focus is you. It requires knowledge and a true concern for your well-being. The planning process will help you think through your goals, prioritize them, and assist you in the right direction to effectively achieve them. A financial planner has a unique position of seeing the big picture to assure that your decisions are in concert with your overall plan.

What should I look for in a financial planner?

A good financial planner will place your interests first. They should be able to give you objective advice on your situation. Most importantly, they need to care about you and understand what you are trying to accomplish.

How can I plan for tomorrow when I can hardly pay for today?

Achieving your goals is based on your priorities. It’s always important to pay yourself first and know what you need to save to achieve your goals. Create a budget so you know how you are spending your money now and then make adjustments to move towards your goals.

What type of information do I have to provide?

We need to understand your entire situation to give you the best advice. Anything related to your financial situation is important; basic personal information, investments, debts, real estate, number of dependents, income, expenses, savings, life, disability, and long term care insurance coverages, and estate planning documents.

What should a financial plan include?

A financial plan covers every aspect of your financial life. It includes an inventory of what you have, what you owe, your insurance coverages, and recommendations to improve and better align your resources to your plan. Your goals are the driving force behind the planning. Understanding that life and goals change it must be flexible and adaptable to accommodate your needs. The plan is your roadmap to attaining your life’s goals.

Why is there an evaluation of my insurance needs?

Evaluating your insurance needs is the foundation of your plan. It is what gives you and your family peace of mind to assure that you have thought about contingencies. Losing income, dying, or requiring care can devastate a financial plan. It’s important to evaluate those risks and reasonably insure them, if possible.

What about taxes?

It is important to have tax-efficient financial plans. Your financial plan should help you in minimizing your tax liability and maximizing your after-tax returns from your investments.

How often should I update the plan?

Everyone uses a financial planner differently. Most find it beneficial to have reviews to gauge their progress and review their whole situation periodically. Life events such as marriage, birth, death, divorce, or change in employment status typically require a review. It is important for your planner to stay updated on your life so your plan can adapt to those changes.

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