When is the Best Time To Do a Financial Plan?

 In Advisers, Expectations, Fees, Financial Planning, Forecasts, Future, Goals, Investments, Motivation, Past, Retirees, Retirement, Risk, Sales

WHEN YOU’RE READY!  While it may seem obvious that we would all benefit from having an ongoing financial plan throughout our lives, many people don’t have one. Some have never gotten around to getting one started.  Others may have started at one time and then stalled while executing the plan.  This is not criminal – it’s just the way life works.  

RELAX.  A FINANCIAL PLAN IS NOT A REQUIREMENT TO A SUCCESSFUL LIFE.  However, there is no question it can help.  A good plan will help you be better prepared for your future, deal more prudently with life’s unexpected events, and avoid financial blunders.  

BUT BUYER BEWARE – THE FINANCIAL SERVICES INDUSTRY WANTS YOU TO DO A PLAN.  Most firms and advisers understand that the financial plan is the best way to gain clients and sell investment or insurance products.  Many plans are just sales tools presented as financial guidance.  Also, many advisers charge for planning.  It is an important source of revenue.    

SHOULD YOU DO A PLAN BECAUSE, WELL, EVERYONE TELLS YOU NEED ONE and the financial services industry promotes them?  I don’t think so.  Your planning process will be more productive when you’re engaged.  If you are too distracted with other personal or professional issues, its likely not worth the effort.    

THERE IS NO QUESTION YOU WOULD BE BETTER OFF WITH A PLAN.  (This is an important aspect of my work – I do financial plans all the time for my clients).  I am not sure who would dispute this idea.  However, make sure you are committed to the process and complete the plan on your terms.


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