The Importance of Partnership | Part 2

Previously, we discussed the importance of partnering with the right financial advisor. Now it’s time to put together a comprehensive financial plan. At each step of your life you will face choices that may impact your finances. Furthermore, each financial decision or action can affect other components of your financial life and overall financial outlook. For example, saving for college can affect how you save for retirement, while saving for retirement can affect how you spend today, etc.

A survey released 7/14/2011 by the Certified Financial Planner Board of Standards, Inc. reveals that Americans with a financial plan are more upbeat about their own personal economic outlook.  With 1,011 adults participating in the telephone survey, the findings regarding financial planning showed that:

  • 58 percent of respondents indicated that they would feel more confident about their finances if they had a financial plan in place.
  • 86 percent of respondents agreed that everyone should have a financial plan.
  • 79 percent claimed to have a financial plan, but the majority do not actually have an official, written document. 46 percent said they just have a plan in their heads, and 11 percent have taken notes about their intended plan. 42 percent had an official written plan.1

These findings suggest that people understand the importance of a financial plan but are not taking the necessary steps to create one. It poses the question: Why not?

Many times people say that they don’t have enough time or money to meet with an advisor. That may be so, but the truth is that financial planning is a lifelong process and the sooner you start, the better off you’ll likely be in the long-run. Having a plan can remove the guesswork out of managing your finances and help you stay on track in times of uncertainty. It can also help you better understand the opportunities and costs involved in every financial decision you make. Whether it’s budgeting, saving for education, retirement planning, managing your taxes, investment management, insurance coverage or estate planning, it’s beneficial to have a comprehensive financial plan.

Ultimately, you are in charge of your finances, so what are you waiting for?

Wipfli Financial Advisors, LLC (“Wipfli Financial”) is an investment advisor registered with the U.S. Securities and Exchange Commission (SEC); however, such registration does not imply a certain level of skill or training and no inference to the contrary should be made. Wipfli Financial is a proud affiliate of Wipfli LLP, a national accounting and consulting firm. Information pertaining to Wipfli Financial’s management, operations, services, fees and conflicts of interest is set forth in Wipfli Financial’s current Form ADV Part 2A brochure and Form CRS, copies of which are available from Wipfli Financial upon request at no cost or at Wipfli Financial does not provide tax, accounting or legal services. The views expressed by the author are the author’s alone and do not necessarily represent the views of Wipfli Financial or its affiliates. The information contained in any third-party resource cited herein is not owned or controlled by Wipfli Financial, and Wipfli Financial does not guarantee the accuracy or reliability of any information that may be found in such resources. Links to any third-party resource are provided as a courtesy for reference only and are not intended to be, and do not act as, an endorsement by Wipfli Financial of the third party or any of its content or use of its content. The standard information provided in this blog is for general purposes only and should not be construed as, or used as a substitute for, financial, investment or other professional advice. If you have questions regarding your financial situation, you should consult your financial planner, investment advisor, attorney or other professional.
OneBite Editorial Staff

OneBite® is a Top 50 Financial Advisor Blog powered by Wipfli Financial Advisors. Founded in 2011, the digital magazine is dedicated to providing intelligent, in-depth coverage and analysis of the top financial and economic issues facing investors today.

1 Comment

Comments are closed

The Importance of Partnership | Part 2

time to read: 2 min