By Jimmy Miller
With a world of information at our fingertips, we can find reviews, history, product specifications, and a plethora of other details about anything we are thinking of buying. In other words, before making a major purchase, we can arm ourselves with information to make the best choice possible. While creating a financial plan is in a different category than buying a car or putting an offer on a home, we believe it’s just as significant of an investment and that you should know what you’re getting before you pay a penny.
Because we develop custom financial plans for each client, it’s no easy task to provide one without working extensively with you. However, we wanted to create something that could help you better understand what a financial plan may look like so you could see the benefits a plan could bring to your financial life. If you choose to work with us, this is what you can expect:
What Does A Financial Plan Involve?
Financial plans often address a myriad of concerns and goals, from college planning to retirement income strategizing. Depending on your needs, your plan may narrow in on one overarching element or address multiple goals you’d like to achieve over time. Whatever you choose to focus on, your financial plan is designed to serve as your road map, helping you get from point A to point B.
We believe a good financial plan should give you a detailed, comprehensive snapshot of your current financial situation, a thorough modeling of where you want to be, and the actions you need to take to reach those goals. It should address all the pieces of your financial puzzle, from stresses and fears to your values and dreams, and include risk factors, cash flow, retirement, estate planning, taxes, education, and income strategies to help bring you clarity and guidance. It is through our planning process that we can help you prepare for life’s expected and unexpected circumstances.
The result is a simple yet powerful road map to guide you toward financial freedom.
See A Sample Financial Plan
Here’s a snapshot of a sample financial plan, created using our top-of-the-line financial software, MoneyGuidePro.
The first step in any plan is to identify your goals and categorize them into needs, wants, and wishes.
Once we know what is needed, we then turn to your assets and liabilities, gathering all necessary information to create a full picture of where you are now and how to get you to your ideal future.
We know that the future is unpredictable, and our software allows us to analyze different portfolio strategies to determine how much risk you are willing to take and what type of impact different scenarios would have on your finances.
And because life is anything but static, your MoneyGuidePro financial plan allows you to interact with the PlayZone®, changing variables to see how they would affect your confidence meter.
What results is a unified picture of your financial life. We walk with you through every step of the process and use the foundation of our relationship with you to create strategies that increase your confidence and get you as close to achieving your needs, wants, and wishes as possible.
Keep in mind that this is only a hypothetical plan presented to illustrate what a client’s plan may resemble should they work with us. The characters and circumstances are completely fictional and are for illustrative purposes only. Be sure to seek the advice of a qualified professional for your particular situation and not rely upon any of the information herein to make personal financial decisions.
If you want to see even more features of our financial plans, watch this! Once you’ve had a chance to take a look, reach out to us at Baobab Wealth Management today by calling 907-317-8454 or emailing firstname.lastname@example.org to schedule your free introductory meeting.
James Miller is the founder of Baobab Wealth Management, and offers advisory services through Intervest International Inc., an SEC registered investment advisor. With 17 years of experience, Jimmy works with individuals and families to create financial plans that address their individual situations. He has a bachelor’s degree in business administration and holds the CRPC (Chartered Retirement Planning Counselor) and the CMFC (Chartered Mutual Fund Counselor) designations from the College for Financial Planning. When not working on a financial plan, you will usually find Jimmy with his wife, Sonja, and his son, Hendrik, or his clients enjoying the great outdoors! Jimmy is an avid fisherman, hunter, scuba diver, mountain climber, sailor, and world traveler! He also enjoys volunteering his time with the Boy Scouts of America as a troop leader. Learn more about Jimmy by connecting with him on LinkedIn.