How a personal financial plan can set you up for success

With all the uncertainty in the world, why not plan for your success? Financial planning is not a “one size fits all” approach. Real financial planning should consider all aspects of your past, present and future. If done correctly, it will guide you on the best path to achieving the goals you envision. A comprehensive financial plan can be the cornerstone for anchoring your goals in choppy waters. The choppy waters of market volatility have happened before, are happening now, and will happen again. Given this, financial plans allow people to see the impact of market volatility on their long-term goals, reassess their asset allocation and liquidity needs, and then form an action plan on how to proceed in order to improve the outcome of success for their goals.

“Most people don’t plan to fail, they fail to plan”

– John J. Beckley

Financial planning must be personalized. This personalization helps guide everyone towards the financial future they envision. Customizing a financial plan for someone requires advice that goes beyond investing. To provide you with this guidance, we need to know what matters most to you, what you want to accomplish, and what you want your legacy to be. The answers to these questions help paint a clear picture of how you can impact others and help those you love, while achieving what you want most in your life.

The Catalyst That Sparks Difficult Conversations. Finances can be a stressful situation or discussion when you’re single, in a relationship, and especially when you’re married. It’s important to discuss your financial situation with your advisor and to meet regularly to share any concerns or goals that may have changed.

Prudent investment management. Managing your investments starts with a financial plan. The financial plan sets guidelines for what you want your asset allocation to be and how often you want to rebalance to keep you on the path to success toward your financial goals. Rebalancing, especially in retirement accounts, has historically allowed portfolios to rebound faster from a market decline and will keep your portfolio consistent with your goals regardless of market conditions. It’s important to keep these long-term goals in mind when investing because it’s easy to get distracted by the daily grind and lose sight of your goals at different time horizons.

Know and use your resources. Financial planning includes a variety of resources that are available to you. These resources are provided to help you with any need or goal you may have throughout your life. Resources available cover topics such as Social Security, Medicare, Long Term Care, Income Tax, Charitable Giving, Life Insurance, Annuities, Trusts, and even planning. inheritance.

Start the planning conversation early. If the past two years have shown us anything, it’s that life is unpredictable! Whether it’s laws, limits, restrictions or closures, things are always subject to change at any time. For families having financial conversations, it’s also important to be able to share their financial experiences and goals. Plus, with many people now working from home, planning can even be done digitally to facilitate conversations that would otherwise have been impossible. Today more than ever, we are connected to the world around us and able to communicate with people all over the world.

leave a legacy. Many of us worry about the mark we will leave on the world, whether we will have enough to help our children, or even whether we will be able to give to the things that matter most to us in our lives. A financial plan can help you define your legacy, whether it’s creating a donor-advised fund to give to causes you care about, donating money to college projects for your grandchildren. children or simply to have money to pass on. Personalizing your financial plan can allow you to focus on what matters most in your daily life, knowing that your long-term goals are being met.

To induce financial discipline. Establishing a regular saving habit is a key part of building long-term wealth. A financial plan can help create financial discipline by increasing the amount you save to invest and making it consistent over time. The more you save, the more money you can add to your investments, emergency fund or goal-based fund. Establishing financial discipline and good saving habits is not only arguably the most important part of a plan, but it’s also the aspect over which you have the most control.

“As a company providing wealth management services to its clients, UBS Financial Services Inc. offers investment advisory services in its capacity as an SEC-registered investment adviser and brokerage services in its capacity as broker registered with the SEC. Investment advisory services and brokerage services are separate and distinct, differ in material ways, and are governed by different laws and separate agreements. It is important that you understand how we conduct our business and that you carefully read the agreements and information we provide to you about the products or services we offer. For more information, please see the Customer Relationship Summary provided at ubs.com/relationshipsummary, or ask your UBS financial advisor for a copy. In providing financial planning services, we may act as a broker or investment adviser, depending on whether we charge a fee for the service. The nature and extent of the services are detailed in the documents and reports provided to customers as part of the service. Financial Planning does not alter or modify in any way a client’s existing account(s) or the terms and conditions of any account agreement they may have with UBS.

Insurance products, including annuities, are offered by UBS Financial Services Insurance Agency Inc. or other licensed insurance subsidiaries of UBS Financial Services Inc. through unaffiliated third-party insurance companies.

UBS Financial Services Inc., its affiliates and its employees do not provide tax or legal advice. You should consult your personal tax and/or legal advisors regarding the legal or tax implications of any particular suggestion, strategy or investment, including any estate planning strategy, before investing or implementing .

Modesto Ruggiero is a registered representative of UBS Financial Services Inc. Member FINRA/SIPC’