Have you ever thought to yourself, I make good money, but I just don’t know where it goes? I hear that a lot and I get it. You have family, work, and various other commitments. Sometimes pressures like these can leave you with no time to address your finances.
What is Financial Planning?
Financial Planning is both a long-term wealth-building (during working years) and a decumulation or spend-down (during retirement) strategy that incorporates all aspects of your financial life. Financial Planning entails the organization and orchestration of a person’s finances so they can have a confident and empowered relationship with their money. A financial planner works closely with the various professionals that impact your financial life. They are your liaison coordinating the various professionals needed to support you as you move toward achieving financial goals and a healthy financial lifestyle.
A financial planner will build the framing of your financial road map. A financial plan roadmap is like having GPS for your money. Your starting point defines and prioritizes your future goals and prepares you for unanticipated obstacles. Your financial plan (roadmap) outlines what needs to be done over time to achieve your goals. We all know life changes and often wildly detours from what we originally anticipated. Consider this, when driving from point A to point B by GPS, your recalculates if you run into a detour. Your financial plan works much in the same way. It is a dynamic documentation process and is intended to be adjusted for life changes.
Elements of comprehensive planning
A person’s financial well-being does not simply hinge on how much money they have, but how it is both utilized and protected. There are a variety of financial elements to be addressed and coordinated like estate, tax, insurance, all in conjunction with investments. Estate documents protect you and your heirs from probate, unnecessary taxation, and provide directives for your wishes if you can not speak for yourself. Best practice tax planning strategies help position your finances for efficient investing and decumulation. Risk exposure is mitigated by insurance selections. A planner will coordinate these supportive services so they work seamlessly together and reflect your overall financial needs appropriately.
At Imagine Financial Services, the IFS360 Financial Plan is designed to structure these imperative services for you. The first phase of the IFS360 Financial Plan is to gather your qualitative (your values) and quantitative (real numbers) information. Goals are prioritized and documented.
Next, a thorough analysis is performed on all data and the development of potential courses of action is crafted, and then comes the big delivery! Recommendations are documented and delivered to help you make an educated decision as to which course of action is best for you and has the highest probability of a successful outcome.
You will then implement or take action to acquire the necessary professional services (like estate documents), and I will monitor your progress and be your accountability partner. I will ensure implementation is correct and shared appropriately with the coordinating realms of your financial whole.
Imagine Financial Services utilizes cutting-edge financial planning software RightCapital that serves as our collaborative plan building and depository connection. Together we can safely share data, link accounts, make updates when life detours, and maintain your dynamic IFS360 Plan and various essential documents in a secure digital platform.
To learn more about the profession and the credentials I hold, please visit my website (service page in particular). Also, the following websites include various FAQ segments to help consumers understand the services and reasons for working with a qualified financial professional. The CFP Board’s Let’s Make A Plan. The National Association of Personal Financial Advisors NAPFA. XY Planning Network XYPN. Fee-Only Network FON.
I help women, and young professionals get their finances in order. How? With comprehensive and fully encompassing financial planning. Financial planning is like a GPS for all elements of your financial life. It helps keep you on your course and can be adjusted as needed when life deviates from your values, goals, and intentions.
About the Author
Author, Marianne Martini Nolte, Certified Financial Planner ™ practitioner, provides fee-only, fiduciary, independent financial services. Her firm, IMAGINE FINANCIAL SERVICES (IFS) is a registered investment advisor offering advisory services in the State of California and in other jurisdictions where exempted. Marianne’s focus is serving Women and Young Professionals from generations X, Y, and Z. This article is intended as a high-level view.
All written content is for information purposes only. Opinions expressed herein are solely those of IFS, unless otherwise specifically cited. Material presented is believed to be from reliable sources and no representations are made by our firm as to other parties’ informational accuracy or completeness.
For more in-depth information, please reach out:
Marianne Martini Nolte, CFP®
Imagine Financial Services
Phone, (760) 472-5155