The term "financial planning" is generally used to describe the job of a financial advisor. At Adams Financial, we describe Financial Planning as the process that moves a client from their current financial position toward the achievement of their lifetime financial goals. It is not a perfect science as circumstances change and goals change, but it is a process often necessary to bring long-term goals within reach. Here is an overview of the financial planning process:
- Goal Setting
- Classifying Assets
- Establish a Plan
- Implement/Monitor your Plan
- Making Course Corrections
It is important to understand that the process of financial planning is always evolving to include new goals, changes in financial condition, changes in the risks associated with investing, and more. The key to positioning yourself to meet your goals is to regularly review your plan, identify what is working well and what is not, and then take necessary steps to adjust for these changes.
Many people fall short on their goals because they do not take the time to simply follow the planning process (even if they understand the process.) Partnering with a trusted advisor to help keep these critical steps in front of you along life’s journey can often be a great investment in your success.