Many people do not really understand what a true financial plan is and the importance of having a comprehensive financial plan performed on their individual situation on a periodic basis. In general, most think of a financial plan as a review of their investment strategy to see if they are on the right track to meet specific goals. A true comprehensive financial plan is much more this.
The financial planning process goes far beyond the investment plan, and looks at your entire financial picture including:
- Retirement planning and retirement plan rollover options.
- Estate planning advice and document review.
- Insurance evaluation and needs assessment.
- Elder Care issues.
- Philanthropy & charitable planning.
- The financial challenges of: death, divorce, disability, marriage, child care.=
- College planning.
- Investment planning and management.
- And much more.
The failure to identify gaps in your current financial plan can be costly. Financial planning mistakes can be just as costly, if not more costly to you and your family than a significant market fluctuation is to your investment portfolio.
The goal of a comprehensive financial plan is to look for gaps in your overall financial picture. Having such a plan in place can make you aware of where you may be at risk, suggest areas for improvement, and offer strategies with which to address any deficiencies.
R. Seelaus & Co. has a team of CERTIFIED FINANCIAL PLANNER™/CFP® practitioners available to review your individual situation and provide guidance.