With so much economic, political, and social uncertainty, one thing remains clear: Financial planning is crucial to pursuing a stable and secure financial future. It’s not just about knowing where you stand financially now, but also strategically planning your resources for the future.
From thoughtful tax planning to smart investment strategies, the benefits of long-term financial planning are significant. As you pursue your financial goals, it’s time to take a closer look at how optimized wealth management strategies can help you work towards your goals and long-term financial stability.
In this article, we’ll discuss the following points of interest:
- How a financial plan serves as the foundation for your financial future
- Planning your saving and investing is not a one-time event
- Your financial plan should encompass all aspects of your life
- Leverage a Personal CFO (P-CFO) to help weatherproof your finances
How a Financial Plan Serves As the Foundation for Your Financial Future
Regarding money, many people tend to focus on short-term goals. However, having a long-term financial plan in place is essential when building toward success and stability. It can provide an excellent foundation for your future, as well. Sometimes that can mean that you’ve already been working with a financial professional when we meet for the first time.
If you already have a wealth manager, but you like what you’ve seen of us, that’s not a problem. I cannot stress enough that I’m looking for clients who already have an advisor. Assuming our shared values are compatible with yours, we’re willing to explore how we can upgrade your situation.
As a high-net-worth individual with substantial assets and a complex financial situation, you may face unique challenges that could include tax optimization, estate planning, and risk management. Comprehensive financial planning allows you to allocate your resources, capitalize on investment opportunities, and safeguard your wealth from being unjustly taken away from you.
Additionally, effective financial planning helps high-net-worth individuals like you to align your financial goals with your personal values and philanthropic aspirations, enabling you to make a lasting impact on the causes you care about. At Silberman Wealth, we make the financial planning process as easy and personalized as possible for you. We start by gathering all relevant documents, such as bank statements, investment accounts, and so on. We then use that to create an accurate picture of your current finances.
Once that is done, it’s time to identify and develop the specific financial goals that you want to achieve over the next few years (or decades, depending on how far out you want to look). From there, you typically work with our team to select and finalize the best, most detailed strategies for how you will approach those goals.
Planning and Investing Is Not a One-Time Event
It may sound like choosing the strategies your plan centers around is the final step, but it isn’t. At its core, comprehensive financial planning is both a noun and a verb. In other words, creating your money roadmap is only about ¼ of the equation. The remainder is the ongoing process of executing your plan.
This, in a sense, is where the real working relationship with a wealth manager begins. After helping you develop and refine a roadmap for your saving and investing, he or she meets with you regularly to help you measure your progress toward your goals. The metric for this measurement is your financial plan. Over time, as mutual trust grows,
an experienced financial planner can become your monetary confidant and a sounding board (for things such as investment ideas),
The hallmarks of an exceptional financial advisor go beyond just crunching numbers and making investment decisions for you. In fact, the best ones share something in common with the finest educators: a passion for teaching. They relish every opportunity to share their knowledge and expertise with you, helping you to enhance your financial literacy and empowering you to make informed decisions about your financial future.
Your Financial Plan Should Encompass All Aspects of Your Life
Once you’re working with a knowledgeable professional who you trust, it’s important to be forthcoming to get the most out of their services. Imagine your advisor as your money doctor, with meetings serving as financial wellness visits.
Complete transparency regarding your financial life allows your advisor to accurately take the pulse of your financial health. After all, just like a great physician can’t diagnose from infrequent visits, a financial professional can’t fully help you without a comprehensive understanding of your financial vital signs.
Just as modern medicine utilizes MRI imaging to see patients’ nervous systems from a 3D perspective, the best financial plans encompass your financial life from multiple angles. In other words, we take into account your assets, investments, and possible future expenses (as well as your business finances, if applicable).
Leverage a Personal CFO (P-CFO) To Help Weatherproof Your Finances
It bears repeating that no financial achiever can afford to entrust caring for their financial life to just anyone. In a time when technically anyone can claim to be a “financial advisor,” it is essential that you vet candidates thoroughly, first. If a firm or individual balks at answering your questions, for example, you’ve found the first red flag.
Conversely, at Silberman Wealth Strategies, we’re passionate about being open, upfront, and transparent in all that we say and do as fiduciary professionals. If you and I decide to work together (after a period of meeting and getting acquainted), I could then become your concierge Personal Chief Financial Officer (P-CFO).
However, I don’t work with everyone I meet. As a firm, we make no secret of preferring equally honest, values-led people for clients. To learn about our wealth management process, endowment investing, market-weatherproofing measures, and more, contact us to schedule a meeting.