|Financial Planning||Investment Planning||Investment Tax Planning||Estate Planning|
Why is financial planning important?
A comprehensive financial plan serves as a framework for organizing the pieces of your financial picture. With a financial plan in place, you'll be better able to focus on your goals and understand what it will take to reach them. One of the main benefits of having a financial plan is that it can help you balance competing financial priorities.
A financial plan will clearly show you how your financial goals are related--for example, how saving for your children's college education might impact your ability to save for retirement. Then you can use the information you've gleaned to decide how to prioritize your goals, implement specific strategies, and choose suitable products or services. Best of all, you'll have the peace of mind that comes from knowing that your financial life is on track.
The financial planning process
Creating and implementing a comprehensive financial plan generally involves working with financial professionals to:
- Develop a clear picture of your current financial situation by reviewing your income, assets, and liabilities, and evaluating your insurance coverage, your investment portfolio, your tax exposure, and your estate plan
- Establish and prioritize financial goals and time frames for achieving these goals
- Implement strategies that address your current financial weaknesses and build on your financial strengths
- Choose specific products and services that are tailored to meet your financial objectives
The financial planning process can involve a number of professionals.
Financial planners typically play a central role in the process, focusing on your overall financial plan, and often coordinating the activities of other professionals who have expertise in specific areas.
Some members of the team..
- Accountants or tax attorneys provide advice on federal and state tax issues.
- Estate planning attorneys help you plan your estate and give advice on transferring and managing your assets before and after your death.
- Insurance professionals evaluate insurance needs and recommend appropriate products and strategies.
- Investment advisors provide advice about investment options and asset allocation, and can help you plan a strategy to manage your investment portfolio.
The most important member of the team, however, is you. Your needs and objectives drive the team, and once you've carefully considered any recommendations, all decisions lie in your hands.Monitor your plan, making adjustments as your goals, time frames, or circumstances change.
|Securities offered through Cambridge Investment Research, Inc., a Broker/Dealer member FINRA/SIPC. Investment Advisor Representative, Cambridge Investment Research Advisors, Inc., a Registered Investment Advisor. Cambridge does not provide tax or legal advice. Financial planning services offered through Andover Advisory Group, a Registered Investment Adviser. Andover Advisory Group and Cambridge Investment Research, Inc. are not affiliated.|