Ongoing Financial Planning
What It Is
Ongoing financial planning is a dynamic, continuous process designed to adapt your financial strategy as your life evolves. It involves regular reviews, adjustments, and guidance to ensure your financial plan stays aligned with your goals, values, and any changes in your circumstances. Consider a professional experiencing a sudden career transition, she can rely on ongoing financial planning to quickly revise their cash flow, adjust investment contributions, and create a strategy for new opportunities. Unlike one-time planning, ongoing financial planning provides the support and flexibility needed to navigate life’s uncertainties and opportunities.
This approach ensures that your financial life is consistently optimized, giving you clarity and confidence every step of the way.
Why It’s Important
Life is full of changes—whether planned or unexpected. Without regular updates, even the best financial plans can become outdated. Ongoing financial planning provides:
- Adaptability: Adjust your plan to reflect life events, market changes, or shifting goals.
- Guidance: Receive expert support to make informed decisions in real time.
- Consistency: Stay on track toward long-term goals with regular check-ins and accountability.
By staying proactive and engaged with your financial plan, you can navigate changes confidently and seize opportunities as they arise. This includes regular updates to your goals, utilizing tools like budget trackers and portfolio analysis software, and having ongoing communication with your financial planner to address emerging concerns.
What’s in It for You
Engaging in ongoing financial planning offers significant benefits, including:
- Clarity: Understand where you stand financially and what actions to take next. For example, you’ll receive regular updates on your cash flow and net worth, so you always know your financial position at a glance.
- Confidence: Make decisions with the assurance that your plan is always up to date. For instance, during times of market volatility, you’ll have a clear strategy to protect your investments and stay focused on your long-term goals.
- Peace of Mind: Know that you have a partner helping you navigate complex financial decisions. For example, when facing a major life event like a home purchase or starting a business, your planner will provide step-by-step guidance to simplify the process.
- Flexibility: Adjust your strategy to align with changing circumstances and opportunities. For instance, if you receive a sudden windfall, such as an inheritance or bonus, ongoing planning ensures those funds are optimally integrated into your financial plan.
High-Level Examples
Here are some scenarios where ongoing financial planning makes a significant impact:
- Scenario 1: A family experiences a major life event, such as a new baby or a career change. Ongoing planning helps them adjust their budget, savings, and insurance to reflect their new priorities.
- Scenario 2: A professional faces an unexpected job loss. With ongoing planning, they quickly develop a strategy to manage cash flow, reduce expenses, and find new opportunities without derailing their long-term goals.
- Scenario 3: A retiree encounters market volatility that affects their portfolio. Ongoing planning provides timely adjustments to their investment strategy, ensuring their income needs are met without unnecessary risk.
How It Works
Our ongoing financial planning process is designed to adapt to your evolving financial needs throughout the year. Here’s what you can expect each quarter:
- Q1 – Winter: Clarify & Align
- Ongoing Life Planning & Goal Setting: Reassess your life goals and financial objectives to ensure they align with your current values and aspirations.
- Cash Flow & Budget Review: Analyze your income and expenditures to optimize savings and spending habits.
- Tax Preparation Coordination: Collaborate with tax professionals to prepare and file your taxes accurately and on time.
- Net Worth & Financial Position Review: Evaluate your assets and liabilities to understand your overall financial health.
- Q2 – Spring: Protect & Optimize
- Tax Planning: Develop strategies to minimize tax liabilities and maximize after-tax income.
- Insurance Review: Assess your insurance policies to ensure adequate coverage for your needs.
- Risk Management: Identify potential financial risks and implement measures to mitigate them.
- Benefits & Compensation Review: Examine your employment benefits to ensure you’re maximizing available opportunities.
- Q3 – Summer: Grow & Secure
- Investment Strategy Review: Evaluate your investment portfolio to ensure alignment with your financial goals and risk tolerance.
- Estate & Legacy Planning: Develop plans to manage your estate and legacy according to your wishes.
- Retirement Planning: Assess your retirement savings and strategies to ensure a comfortable future.
- Wealth Building and Protection Strategies: Implement tactics to grow and safeguard your wealth.
- Q4 – Fall: Reflect & Prepare
- Year-End Review: Reflect on the year’s financial progress and identify areas for improvement.
- Charitable Giving: Plan and execute charitable contributions in line with your values and tax strategies.
- Tax Strategies: Implement year-end tax planning to optimize your financial position.
- Future Planning: Set financial goals and prepare for the upcoming year.
This structured, quarterly approach ensures that all aspects of your financial life are regularly reviewed and adjusted, addressing both short-term needs and long-term goals effectively. For example, during a year with significant market volatility, this process helps to rebalance your investments in the short term while ensuring your retirement timeline remains on track for the future.
Experience Ongoing Financial Planning
Ready to gain clarity, confidence, and peace of mind with a financial plan that evolves as your life does? Schedule a free consultation today and discover how ongoing financial planning can help you navigate life’s changes while staying on track toward your goals.