Why is Financial Planning Important?
Financial planning is more than assets and investments. We believe that it should be about what you want and need to live your life the way you wish, and more specifically the expectations, goals, and concerns you could expect to incur along the way.
We utilize an advanced, independent planning system designed to focus on your financial goals and create a customized plan. Our independence and freedom from proprietary financial products give us the ability to identify investments and products that best fit your personalized financial plan.
How Do We Do It?
First, we start with goals that are unique and important to your personal financial plan. After identifying goals, we then assign each goal an importance factor dependent upon what those goals mean to you. There are three categories that we use to group your financial goals:
1. Needs – What is of the utmost important to you? What do you think you need to have in your life? This is our first stage of planning, and in this stage we identify goals that are imperative to your financial plan. Common goals in this stage would be food, shelter, healthcare, retirement income, insurance, and any other expenses you need covered to live your life to the fullest!
2. Wants – How can you get the most out of your financial plan? This is our second stage of planning, and in this stage we identify goals that are not necessarily imperative to your financial wellbeing, but still important enough to you that you would like a plan to achieve them. Common goals in this stage would be vacationing, new vehicles or homes, a major purchase, and the list goes on!
3. Wishes – What would you like to leave as your legacy? This is our third and final stage of planning, and in this stage we identify goals that you would like to achieve after your wants and needs have been met. Common goals in this stage would be estate planning, charitable giving, tax-efficient inheriting, and more. This stage of our planning process gives you confidence in knowing that your hard work will be distributed according to your wishes.
5 Reasons Why You Should Work with a Professional to Create a Financial Plan:
1. Define goals and how you will pay for them.
2. Address your concerns and expectations for your financial wellbeing.
3. Identify threats to your finances and implement strategies to manage them.
4. Feel more educated, confident, and in control of your financial future.
5. Navigate the complexity of financially moving through life.
Our firm provides you with top-notch financial planning services regardless of where you are at in your financial journey. Whether you’re ready to plan for you “Wishes” – or haven’t quite met your “Needs” – a dedicated W Investments advisor is ready to help you plan for your future!