Do You Have a Financial Plan?



BY BRANDON JAMES, FINANCIAL ADVISOR

At Marzano Capital Group, we believe that everyone should have a written financial plan. The main purpose of having a plan is so that you can see your financial assets in a detailed and organized manner and how they relate to your overall goals. Having a plan is like a road map and will give you confidence in the progress you are making every step of the way. Trying to manage the ebbs and flows of life without a plan to cover your financial needs is like starting out on a trip without a map or GPS. It’s not a very reliable way to approach your destination. Knowing there will be route changes and detours in your life’s journey will be easier to navigate with the proper instruments in place to get there.

We use a robust planning tool that enables us to build a customized plan that is specific to your current situation and future goals. This program models many things, such as your assets, expenses and savings rates to show how each of them impacts your net worth. Once we have a “base case” in place, we can build alternative scenarios and goals for the future to illustrate how those changes might impact your plan, such as when to retire, when to claim social security and how to manage expenses throughout retirement. We feel that this is a strong value-add and a feature that our clients enjoy building and updating, because it ultimately leads to financial confidence.

Your financial plan should be a “living document” that is frequently updated to reflect any changes that have occurred since the last time we reviewed your plan. When we meet with our clients, one of the most exciting parts of the meeting is when we review their financial plan. It is in that part of the meeting that they get the answers to the questions that every individual, couple and family want to know: Are we going to be okay? Are we going to have what we need? Can I retire early? Will we have spending flexibility in retirement? How much of a legacy will we be able to leave to our children and grandchildren?

The reality is, a lot of people spend more time planning their family’s vacation than they do their own life’s goals. What if something happened to you? Would you have the means to support your family without them having to bear tremendous hardship? What if you lost your job? Of course, you’d need to find a new one, but would your savings, unemployment benefits or other assets be enough to get you through before you found employment again? What about future weddings for your children, college educations, long-term care for you or your spouse, needs for aging parents, health insurance, or unexpected expenses like major home and auto maintenance and repair? Do you have a plan in place to address these concerns and others?

Creating a financial plan will give you a first-hand look at where you are with your assets and expenses. It’s a realistic and trusted blueprint for reaching your financial goals and where you want to be at various points in your life. Since your plan is customized for you, it’s easy to make adjustments or modifications when necessary based on various life events or situations that can impact your overall strategy. We will help you assess your investment risk tolerance and which securities or other investment tools are the best match for your personal needs and situation.

Nobody plans to fail in life; they just fail to plan. Let us help you discover how to make the most of your journey with the confidence of a financial plan.

All investing involves risk including loss of principal. No strategy ensures success or protects against loss.

Securities offered through LPL Financial, Member FINRA/SIPC. Investment advice offered through Independent Advisor Alliance, a registered investment advisor. Independent Advisor Alliance and Marzano Capital Group are separate entities from LPL Financial.

 

 


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