Update Your Financial Plan

Every once in a while, it’s a good idea to check in with your Financial Advisor to ensure you’re maximizing the financial plan the two of you put in place. To help you accomplish this critical review, we’ve pulled together the checklists and flowcharts into the Update Your Financial Plan Bundle.

Update Your Financial Plan Meeting

A well-structured meeting for a young investor would include a couple of key questions:

• How well are your goals aligned with your financial plan?

• Does your savings plan make sense?

• Time for a pay stub review to maximize your overall financial plan?

Master List Of Goals

Update Your Financial Plan with your Master List Of Goals

Goal setting is fundamental to sound financial planning. It is essential to identify and prioritize your objectives before making recommendations. Often, you may have difficulty expressing and assigning precedence to your goals. Or, you may simply overlook a need or objective. You are then tasked with the challenge of uncovering and framing your goals.

In response to this challenge, we’ve created this “Master List Of Goals.” This resource is inspired by the work of Ray Sin, Ph.D.; Ryan O. Murphy, Ph.D.; and Samantha Lamas, who authored “Goals-Based Financial Planning: How Simple Lists Can Overcome Cognitive Blind Spots” in the Journal of Financial Planning.

These foundational questions help you expand your understanding and awareness of possible goals for you to consider, including:

• Retirement and lifestyle goals

• Tax planning & healthcare goals

• Self-development and professional goals

• Estate planning and wealth transfer goals

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What Accounts To Consider If I Want To Save More

Update Your Financial Plan by focusing on which Accounts you Should use If you Want To Save More Money.

When you have a surplus cash on hand that you want to save for the future, you often need help identifying all of the different account types to consider. This checklist provides a structured outline to guide you conversations regarding available and appropriate saving strategies It covers accounts across the following categories:

• Foundational Savings

• Healthcare Savings

• Retirement Savings

• Employer-provided Benefits

• Business Owner Savings

• Accounts To Help Future Generations

• Tax-Deferred Insurance Options

• Other Account Considerations

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Pay Stub Review

Update Your Financial Plan with a Pay Stub Review

A pay stub is a valuable source of information when building financial models and evaluating cash flow. It provides insight into income, tax, retirement savings, various insurance costs, etc.

A periodic paycheck review with you can be a productive exercise, demonstrating how your earnings translate into net pay. As I guide you through your pay stub, I can help you to understand the automated tax withholdings, savings, and payments that you make each pay period, and appreciate any employer benefits that augment your compensation package.

This flowchart helps you be led through a series of considerations when reviewing your paycheck. It covers:

• Hours worked and vacation time

• Tax withholdings

• Voluntary payroll deductions

• Pre-tax vs. after-tax expenses

• Employer-paid benefits

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Update Your Financial Plan Summary

Update your plan to ensure you’re maximizing the finanical strategies you already have in place. To help you with this critical review, we’ve pulled together three of our favorite checklists and flowcharts into our Update Your Plan Bundle.