What is a Financial Checkup?
Just like annual medical checkups can prevent serious illnesses down the road, annual financial checkups can prevent mistakes that get in the way of reaching your life goals.
Step 1: Gather Information
I will gather information about you and your financial situation. This includes hard facts surrounding family, career, and investments as well as less tangible facts regarding your values and life goals.
Step 2: Analyze
I will look at your whole financial picture and analyze if you're set up to reach your life goals. Examples of issues that I may address are:
- Are you saving enough to meet future goals?
- Have you set up a college savings plan for your child?
- Have you a recently created/updated Estate Plan?
- Are you properly insured against life's turns?
- Is your current investment portfolio in line with your tolerance for risk?
- Have you considered and planned for future long-term care needs?
- Are you on track to retire when you choose, without sacrificing your standard of living during retirement?
I will utilize goalgamiPro® software and Morningstar Advisor Workstation® in my analysis.
Step 3: Create Financial Plan
I will make recommendations to get you on track to meet your life goals. All recommendations will be documented in your personalized Financial Plan, clearly spelling out all that we have discussed as well steps that you must next make.
Step 4: Annual Updates
While it is important to create a Financial Plan, it is equally important to annually update it to make sure you are still on track to meet your goals. After all, your life is not stagnant--nor are tax laws, financial markets, or investments. Annual updates ensure that the Plan you are following stays aligned with your financial situation, values, and goals.