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.
Benefits to having a financial plan:
- Helps you balance competing priorities
- Demonstrates how your financial goals are related (e.g. how saving for your children’s college education might impact your ability to save for retirement)
- Allows you to prioritize your goals, implement specific strategies, and choose suitable products and services
- Peace of mind – verify 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, 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 help meet your financial objectives*
- Monitor your plan, making adjustments as your goals, time frames, or circumstances change
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's up-to-date. It's also possible that you'll need to modify your plan due to changes in your personal circumstances or the economy. Here are some 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, the birth of a child, 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 hasn't performed as expected
- You're affected by changes to the economy or tax laws
Our Financial Consultants can help you create a realistic plan to help you realize your life goals.
Call 800-553-3707, or click to make an appointment to speak with a Financial Consultant today.
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*There is no assurance that working with a financial professional will improve investment results.
The financial consultants of Logix Financial Services are registered representatives with and securities and financial planning offered through LPL Financial, a Registered Investment Advisor, member FINRA/SIPC. Insurance products offered through LPL Financial or its licensed affiliates.
| Not NCUA Insured (or Not NCUSIF Insured) |
Not Credit Union Guaranteed | May Lose Value |
