If you ask 100 financial planners for a financial plan, you will probably get 100 different outputs. Most will give you a gift wrapped 100 page document with a bow on top. So then the question is, what should I look for in a GREAT financial plan that won’t collect dust for the next 10, 20 or 50+ years?
1. The plan must be DYNAMIC. Meaning it must be able to be updated over time, preferably in real time as your life changes.
2. The plan must be REVISITED regularly.
3. The plan must be REALISTIC but also able to ADAPT to potential changes or unexpected outcomes such as a premature death, higher than expected college tuition, etc.
4. The plan must be HOLISTIC. That is, it must look at the interplay between all aspects of your life (investments, income, savings, expenses, insurance, estate documents, wants and wishes).
A financial plan is a collaborative roadmap that takes honest feedback from you, the client and adds creative solutions by your financial planner. Whether you are:
• In your late 20’s, recently married and planning to start a family.
• In your mid 40’s, struggling to keep up with the bills, job, kids and finances.
• In your 90’s, planning on how to give your wealth to the next generation in a responsible manner.
Everyone can benefit from a well-thought out plan! Let’s look at what a plan should look like with your GREAT financial planner!
Step 1: Get ORGANIZED! Determine your current financial situation, think about upcoming goals and organize your financial life. Our client dashboard helps you keep all of your information up to date and organized.
Step 2: Work together to analyze your current situation then evaluate several “What-If” scenarios and if you are on track to achieve your goals. Then develop a plan together to implement any suggestions or revise your course. Our “Decision Center” helps you evaluate options in real time to see the effects of a change you make today, in the future.
Working with a Financial Planner can be the most rewarding experience of your life. A great planner will enjoy working collaboratively with you while ensuring that you are more involved than ever in building your roadmap for the future.
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Steve joined Planning Solutions Group in 2015 and specializes in providing comprehensive financial plans to high-net worth individuals and families. During his career he has realized that his true passion is for building long-term relationships with clients and helping them through the various financial challenges they may face. Steve’s mission is to act as a true advocate for his client’s financial well-being.
Prior to joining Planning Solutions Group, Steve spent four years as a CERTIFIED FINANCIAL PLANNER™ with Keeney Financial Group in Columbia, MD. He has also had the privilege of working for Convergent Wealth Advisors, Legg Mason and NVR, Inc. Steve currently holds the prestigious CFP® designation and has his FINRA series 7 and life and health insurance licenses.
In addition to providing clarity and confidence in all financial matters to his clients, Steve is passionate about giving back to the community. He currently lives in Baltimore City with his new wife and spends his free time rock climbing, travelling, cooking and volunteering with The Associated, a Jewish Philanthropic organization. To email Steve: firstname.lastname@example.org