A financial plan can mean different things to different people. Someone may be seeking advice related to saving and investing, life insurance or college funding, and a financial plan can address these limited issues. However, those wanting to make sure all the areas of their financial lives are addressed will often pursue a “comprehensive financial plan”.
This type of planning involves a detailed review and analysis of all facets of your financial situation. Areas including, cash flow analysis, retirement planning, portfolio analysis and investment advice, tax planning, education funding, evaluating insurance coverages, and estate planning all make up our financial position. Comprehensive financial planning can also help you determine things like: home purchase and financing decisions, when to start Social Security, and how to structure retirement income. A comprehensive financial plan will put the puzzle pieces of your financial life together and help bring your goals into reach.
Comprehensive financial planning is our focus at Worley Erhart-Graves. We start with an initial meeting to learn your objectives and goals for your financial future. We then analyze the details of your financial life and prepare a custom financial plan with a roadmap to achieving your goals. After you have had time to review your plan, we meet again to discuss the financial plan and our recommendations.
Beyond the initial financial plan, we encourage annual meetings to monitor progress and make adjustments as needed. We all know “things change”, and annual meetings help us address changes before you get too far off course.
- Written by Annie Albrecht, Worley Erhart-Graves Financial Advisors