Financial Planning

Financial plans used to be forbidding, book-length tomes that, not surprisingly, no one read. These days, a plan tends to be more of an outline, spelling out goals and the means for achieving them. However, whatever a plan looks like, its purpose is the same. It is the connection between the parts of your financial life. It coordinates short-term needs with long-term goals, and when a change in one part of your life puts other things out of whack, the financial plan restores the balance.

The process of creating a financial plan is fairly time intensive; the advisor first must probe the details of your financial situation. What are your objectives? How do you feel about risk? If stock investments plummet, will you stay the course or sell out? How old are your children, and where do they want to go to college? What kind of pension or 401(k) plan do you have at work? Are you hoping to leave an inheritance for your children, or are you willing to exhaust your savings in retirement? And so on.

Your investment plan takes into account your risk tolerance and is designed to fund your current and long-range goals. Those objectives, in turn, are based on what it will cost for college, the income you'll need in retirement, the amount you want to leave to your children. The plan stipulates how much insurance will be required to protect your family if you die prematurely, and whether insurance should be part of your estate plan.

For more information about this service please contact me at planning@pbscolorado.com

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