Comprehensive Financial Plan

What is a Comprehensive Financial Plan?

A Comprehensive Financial Plan includes the whole kit and caboodle! For those who need a firm understanding of where their finances are, where they’re heading, and instructions of what to do if they’re heading in the wrong direction, a Comprehensive Plan is made for you!

Topics that we’ll address and/or create are:

  • Investment Plan (This takes the most time.)
  • Retirement Plan (A retirement plan utilizing MoneyGuideOne software.)
  • College Planning (If you have college-bound kids.)
  • Estate Planning (Review wills, Health Care Directives, Power of Attorney’s, etc.)
  • Insurance (Life, Long-Term Care, Long-Term Disability, Auto, and Homeowners)
  • Social Security Benefit Planning

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. You can easily upload to me any documents I request, send them snail-mail, or drop them off at my office.

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 MoneyGuideOne software and Morningstar® in my analysis.

At this point we will schedule a time to meet to discuss what I found, and we will strategize about the direction you should go.

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 as 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. They usually take 4-7 hours.

Estimated time for Steps 1–3: 12 to 17 hours