Financial Planning:
Helping You See tne Big Picture
By Greg Patterson
Do you picture yourself owning a new home, starting a business
or retiring comfortably? Whatever financial goals are important to
you, each comes with a price tag attached; that’s where planning
comes in. Financial planning is a process that can help you target
your goals by evaluating your whole financial picture, then
outlining strategies that are tailored to your individual needs and
available resources.
Why is financial planning important? A comprehensive financial plan serves
as a framework for organizing the pieces of your financial picture. With a plan in
place, you will 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. 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 will know that your financial
life is headed in the right direction.
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, yoiir 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 help meet your
financial objectives; and
• Monitor your plan, making adjustments as your goals, time frames or
circumstances change.
Some members of the team. The financial planning process can involve a
number of professionals. Financial planners and investment advisors typically play
a central role in the process, focusing on your overall financial plan, investment
options and strategy, and often coordinating the activities of other professionals
who have expertise in specific areas. Accountants, tax attorneys, and/or estate
planning attorneys could also be involved in the process. The most important
member of the team, however, is you. Your needs and objectives drive the team,
and once you have carefully considered any recommendations, all decisions lie in
your hands.
Why can’t I do it myself? You can, if you have enough time and knowledge, but
developing a comprehensive financial plan may require expertise in several areas. A
financial professional can give you objective information and help you weigh your
alternatives, saving you time and ensuring that all angles of your financial picture
are covered.
Staying on track. The financial planning process doesn’t end once your initial
plan has been created. Your plan should generally be reviewed at least once a year
to make sure that it is up to date. It is also possible that you will need to modify
your plan due to changes in your personal circumstances or the economy. Here are
sorne of the events that might trigger a review of your financial plan:
• Your goals or time horizons change;
• You experience a life-changing event such as marriage, death of a spouse, the
birth of a child or grandchild, health problems or a job loss;
• You have a specific or immediate financial planning need (e.g., drafting a will,
managing a distribution from a retirement account, paying long-term care
expenses);
• Your income or expenses substantially increase or decrease;
• Your portfolio has not performed as expected; or
• You are affected by changes to the economy or tax laws.
No matter what ^e of help you need, a financial professional should work hard
to make the process as easy as possible and wiU gladly answer all of your questions.
Do not wait until you are in the midst of a financial crisis before beginning the
planning process. The sooner you start, the more options you may have. There is no
better time than now to make sure everything is on track for your financial future.
Copyright 2016 by Commonwealth Financial Network. This material has been
provided for general informational purposes only by Greg Patterson of Atlantic Wealth
Management in Morehead City, North Carolina, and does not constitute either tax or
legal advice. You should consult a tax preparer, professional tax advisor or attorney
before making investment decisions. Mr. Patterson can be reached at 515-7800 or
greg@myatlanticwealth.com, and is a Registered Representative of Commonwealth
Financial Network, Member FINRA/SIPC.
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February 2016 •! The Shoreline
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