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What Is a Financial Plan?

We recognize that financial planning is a process that involves listening to clients’ goals, identifying needs and developing a plan to meet their goals. A financial plan will identify strengths and weaknesses with recommended strategies to support what is working and to improve what is not. We stress education at every step.

A financial plan:
  • Begins with client’s goals
  • Is a team effort; client and planner working together
  • Is as much about lifestyle as is about income, net worth, budgets, taxes and risk level
  • Is a roadmap giving direction to the client’s goals and needs
  • Includes both short and long-term planning
  • May be based on assumptions which are neither guaranteed, nor exact
  • Can be fairly simple or complex depending on the client’s goals and needs
  • Takes the “one-step-at-a-time” approach for education, implementation and review
  • Is an ongoing process as goals and needs change over time
  • May include all or some of the following areas depending on the needs of the clients: cash management, insurance, investments, college, tax, retirement and estate planning

© Maxwell Financial Services, Inc., Dallas, TX, February 2013