The Role of Continuous Financial Planning


It is great to have a financial plan (aka The Plan). However, the moment “The Plan” is complete, the only thing we know for sure is that it is wrong. Wrong? YES. “The Plan” has a lot of assumptions: rates of return, tax rates, the day we retire, inflation, the day our kids get married, etc.…
The magic is in “the planning.” Planning is the ongoing relationship between yourself and your financial planner where you are consistently tweaking and updating “the plan” to be less wrong.

People will often shell out thousands of dollars to get a “financial plan.” Often people want advice and perhaps like their current Advisor and want a second opinion. They may feel good about their investment strategy and want to ensure they are not missing anything. However, there are typically just a few niche situations where paying for the plan makes sense. More often than not, people pay for the plan, review it, hopefully, implement some of it and go back to their lives.

Financial plan, or financial planning?

Conversely, we view financial planning as an ongoing relationship. Imagine going on a very long trip to a destination you have never been to before, perhaps one taking several days. Imagine taking a look at a map just once throughout your journey. That’s paying for a plan.

Now imagine having a GPS. Imagine a little voice popping up telling you which way to go so you don’t get lost. The GPS calculates the most efficient route and updates as you go along.

That is what it can be like working with a Financial Planner. Things change. Layoffs happen, death, job relocations. We can all likely think about where our lives were 20 years ago. We are probably not where we thought we would be in a lot of cases. Imagine adding another 20-30 years in the future and the uncertainty that it brings!

Consider having a relationship instead of a single plan. If you need help, click here to get started.


Information in this material is for general information only and not intended as investment, tax, or legal advice. Please consult the appropriate professionals for specific information regarding your individual situation prior to making any financial decision.

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