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A Financial Puzzle

A Financial Puzzle

November 08, 2023

One of the most misunderstood aspects of financial planning that I've experienced as an advisor is that most people think of financial planning simply as investment and portfolio management.  I liken financial planning to that of a puzzle, with investment management just being one piece of the puzzle.  

Financial planning is so much more than just managing investments.  It is multi-layered with many pieces that make up your entire financial landscape.  You cannot have a solid plan for your financial future without also discussing such things as how much risk are you able to carry, what type of insurances do you need, what is your cash flow situation, when do you need or want to retire, what other assets do you have such as rental properties, how do you reduce taxes and optimize tax brackets, and what debt do you have.  This is just scratching the surface of the type of things that a financial advisor should be discussing with their clients.  

A financial advisor should really function in many ways as your personal CFO, looking at all aspects of your income and expenses in the past, present and future, identifying strengths and weaknesses in your current plan and proposing strategic directions for your familial organization moving forward. 

No one likes putting together a puzzle only to discover there is a piece or two missing.  It's incomplete.  If you are not already, make sure you are talking with us about all of the pieces in your puzzle.