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Why do I need a financial plan?
Every financial decision you make impacts your future. A financial plan helps you to better see and understand the potential long-term impacts of those financial decisions, and gives direction and purpose to the choices you make with your money. With a financial plan, you can reach your goals more quickly, because you’ll have a better understanding of what steps you need to take to get there.
What does a financial planner do?
A financial planner is a dedicated professional that helps you to better understand the financial planning process and how you can meet your life goals. We help you to identify your financial planning needs, your current priorities, and which financial planning products can help meet those needs. We can provide a “big picture” view of your financial situation and make recommendations that fit your unique financial situation.
Why can’t I do my own financial planning?
There are many products and programs out there to help you manage your own finances. However, blanket advice doesn’t take into consideration your unique needs and goals as a financial planner can, nor does it help you to adjust to life’s unexpected turns. We apply our expertise to your individual circumstances to create a custom financial plan for you. You can’t find that in a book or software program.
How much should I be saving?
We see this question a lot, but it’s impossible to provide a single answer to it here. The amount you need to save each month will vary depending on your age and income level. Putting 10% of your monthly income aside is a good start. However, a financial advisor will be able to provide more tailored guidance on this matter.
What information do I need to provide to my financial planner?
In order to accurately assess your financial situation, your financial planner will need as much information as you can provide regarding your income and assets. This may include statements for any investments and accounts you hold, income and expenditure details, your personal financial goals, and more. The more accurate information you can provide, the better we can serve you.
What does a financial plan include?
Our financial plans are customized to meet each client’s unique needs, so each one will vary. However, your plan will likely include a review of your net worth, investments, cash flow, and goals and objectives. We’ll also assess your retirement planning, tax planning, and insurance needs, and create a plan for implementing your goals.
How often should I update my financial plan?
We are constantly monitoring our clients’ financial plans and recommending changes that we believe will help them achieve their goals. We typically recommend at least an annual review of your financial plan. However, it’s a good idea to update your financial plan whenever you experience a major life change, such as a marriage, divorce, birth, or death.
If you have any further questions that aren’t addressed on this page, please reach out to us at KCA Wealth Management. We will gladly assist you in any way we can!