The Importance of Having a Financial Plan

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Posted on Friday, May 2, 2025 in Wealth Management

What is financial planning?

Financial planning is simply a better approach to getting qualified financial advice. The process involves taking a holistic view of your finances, including a full understanding of your values, financial objectives, and main concerns, that will guide financial recommendations.

Financial planning will address:

• Where is my money, where is it going, and is it in the right places?
• How much should I be saving to meet my objectives and where?
• Am I prepared for unanticipated risk?
• Am I on track to meet my financial objectives?
• What can I do to improve my financial future?

Who should have a financial plan?

• Serious about working toward financial success
• Value a proactively thinking partner
• Motivated to improve
• Want to make smart decisions with their money

Why should you have a financial plan?

Creating a financial plan will help you:

Anyone who has a significant source of income and outgoing expenses should have a structured financial plan in order to better their financial future.

Characteristics of people we can help:

• See your finances holistically, so you understand how your financial decisions collectively impact your financial success.
• Be prepared to recalibrate and make smart financial decisions when life events happen.
• Create thoughtful strategies that take into account your long-term financial goals.
• Understand what you need to do to improve your financial future.

How can you get a quality financial plan?

By partnering with a financial professional, you gain:

• Organization: Bringing order to your financial life
• Accountability: Following through on financial commitments
• Perspective: Bringing insight from the outside to help avoid emotionally
driven decisions
• Proactivity: Anticipating life transitions to help be financially prepared
• Education: Providing knowledge/education pertaining to your financial life
• Partnership: Working together to help you plan for the best financial life possible

Your Bank (“Financial Institution”) provides referrals to financial professionals of LPL Financial LLC (“LPL”) pursuant to an agreement that allows LPL to pay the Financial Institution for these referrals. This creates an incentive for the Financial Institution to make these referrals, resulting in a conflict of interest. The Financial Institution is not a current client of LPL for brokerage or advisory services.

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