The importance of having a good financial plan

What made you choose this particular career path and where did you start?

I’ve always liked numbers – ever since I was young. My dad was an accountant, so I guess the apple didn’t fall too far from the tree. The challenge was that my other passion was helping people. So, I needed to find a mix of both. Fortunately, this career is exactly that! Numbers. And help people. I’m so lucky to have found a way to combine my two passions into one amazing career. I started in the industry in 2003 and it’s this combination of numbers and helping people that continues to fuel my love for what I do every day.

What are your tips for managing your wealth in turbulent times?

I believe everyone should have a financial plan. A big part of what my team and I do is help people develop an appropriate financial plan, which can answer some key questions: Will I have enough to retire? When can I retire? What does my estate tax look like? What rate of return must my investments generate for my plan to be fully funded? Having the answer to these questions, in my opinion, is always helpful, it can be the roadmap to making sure you are on the right path to achieving your financial goals. It is useful in times of economic prosperity, it is particularly useful in times of turbulence. During volatile times, one of the first things we do is review the plan and ensure we are still on track to meet our clients’ goals. If you don’t have a plan, the good news is that it’s not too late, you can still put a proper plan in place. This will clarify your goals and help put turbulent markets into perspective.

In terms of the investment portfolio, I’m not a fan of big changes to the portfolio in a mix of market turmoil. If you have structured your portfolio correctly, you should be able to handle the bumps. Naturally, emotions can run high when markets get turbulent. It’s easy to talk about the long term, but when markets get turbulent, it’s hard to look past the turbulence. When volatility happens, I think it’s human nature to focus on it. Your time horizon is shrinking. It may seem like the current environment will last forever, and it’s tempting to make a big change to your portfolio. This type of strategy overhaul might seem nice in the moment, but in the long run, it could derail your plan. I believe that a good financial plan can help combat this temptation. As mentioned above, a well-made plan is structured for good times and bad, it also provides a framework for evaluating your investment portfolio. The plan can tell you the long-term rate of return required to achieve your goals. In my opinion, this can provide some perspective during bouts of market turbulence.

What is the most fulfilling part of your job?

Helping people. A client of mine, whose husband had passed away, was not only grieving, but came to us in a desperate state of need for direction and navigation. Her husband had taken care of all the financial matters for them and she was, in fact, lost, without guidance. I went through the whole situation with her, including every step and every option, helping her regain confidence and comfort. She was and still is today very grateful. Being able to help people feel more comfortable with their finances is by far the most enjoyable part of this job and to this day is part of what keeps me coming to the office every day.

You can contact Clinton at [email protected]