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You may need a financial plan because your life has become more complicated, you face a knotty financial problem, or you’re preparing for a life event such as college or retirement. Developing a plan on your own is difficult. When you are your own guide, distractions can out-maneuver your best intentions. And if you lack expertise in an area, there is a time-consuming learning curve.
A COMPREHENSIVE OR TARGETED PLAN
Depending on your situation and goals, you may want help with all aspects of planning for your financial life or only a few. A Comprehensive Plan addresses your entire financial situation—cash flow, investments, college planning, retirement, and risk management; and reviews your insurance, estate plan, and taxes. If only a few of these areas are of concern to you, a Targeted Plan may be more appropriate. Or you may only need help with a specific issue—e.g., whether to convert your traditional IRA to a Roth IRA.
THE PROCESS
Regardless of whether your planning need is comprehensive or targeted, the planning process has the same six steps:
- Clarify your goals,
- Gather information about your financial situation,
- Analyze this information to assess your situation, and
- Present a Plan with recommended actions and timetables—
then… - Monitor your progress, and
- Update your Plan as things change.
WHAT YOU HAVE AT THE END
The words clients use to describe the outcome have more to do with peace of mind than with a notebook with five or more sections. The discomfort and anxiety caused by unclear or conflicting goals, doubt about the soundness of your current financial situation, or uncertainty about what to do are at least reduced, and often resolved.
FEES
Financial planning is billed by the hour at our current rate. A targeted plan typically requires from 10 to 35 hours. A comprehensive plan typically requires from 25 to 45 hours. In general, more complex situations require more time.
tel - 617-864-7207, email - wood.financial@verizon.net