Why is a personalized financial plan essential?

NEW YORK, August 4, 2020 /PRNewswire/ — Pablo Picasso could not have emphasized the value of a plan more when he said: “Our goals can only be achieved through a plan, which we must believe in fervently and on which we must act vigorously.There is no other way to success. Most individuals dream of living a financially prosperous life, but often give up on their goals because they lack the structure to achieve them. A financial plan acts like this structure because it is a documented strategy that incorporates an individual’s current financial situation, their short and long-term goals, and how they will achieve those goals. To realize your financial dreams, a personalized financial plan is the best strategy.

Each plan should be customized to match each person’s inherently unique situation. For example, a plan that works for a married couple without children may not work for a single mother. This is why a personal financial plan is absolutely necessary. If a financial plan is not customized for an individual’s specific goals, the chances of achieving those goals are low.

What is a personalized financial plan?

There are many small details that have an impact personal financial planning. From investment planning to tax optimization strategies and estate planning, all aspects of an individual’s overall financial situation must be considered. For example, it can be difficult to balance savings strategies and goal prioritization if a couple is trying to save for their child’s college education while putting money aside for retirement.

The couple will need to consider which type of savings account will offer the best tax advantages, as well as how their money will cover day-to-day expenses. Thus, when creating their personalized financial plan, they will need to determine how much money should be allocated each month to each account while maintaining the lifestyle they want. Although it sounds simple, it can be difficult to navigate through the best practices to achieve it.

A financial planner with a holistic understanding of the couple and their goals can make all the difference. Not only will an advisor facilitate communication and help guide sensitive wealth management conversations, but their experience can also prove invaluable in avoiding costly mistakes.

Benefits of having a financial plan

With all the daily tasks a person is responsible for, the last thing they want to worry about is whether they are planning their future properly. Personalized financial plans help people better understand where and how they can improve. Rather than thinking, “I wonder if I can afford a comfortable retirement? a person with a financial plan knows exactly where they stand and what they need to do to be successful.

A personalized financial plan is also essential when planning for retirement. The goal should be to retire comfortably, without having to depend solely on a pension or a family member. Thus, an individual’s personalized financial plan should also include retirement planning. A leading fiduciary financial planner, like the ones Zoe Financial has in its network of advisors, helps clients save in a tax-efficient way, which includes choosing the right retirement account.

How to make a financial plan

A critical part of developing a successful financial plan is hiring the right financial planner. Zoe Financial makes it easy to find a trustworthy financial planner or financial advisor because only the top 5% of qualified advisors are admitted into the Zoe Advisor network. Before being accepted into Zoe’s network of advisors, they must have the appropriate qualifications and education, experience and be a true fiduciary, as well as undergo a meticulous qualitative and quantitative assessment.

This allows every client to feel confident that they are hiring a financial planner who has their best interests in mind. Each advisor in the Zoe network has different strengths and unique experience that makes them uniquely qualified to help create a client’s financial plan. For example, one planner may have more experience in employee stock options while another may specialize in family planning. Because of this, Zoe’s award-winning algorithm tailor-selects the best advisor for each person’s unique experience. With top advisors across the country, a person can rest assured knowing that their advisor matches have been customized for their situation.

Once an individual has received their personalized advisor matches, all they need to do is schedule a free introductory interview with their financial planner matches to get an idea of ​​the type of advisor they would like to hire.

After finding the ideal advisor, the individual and the financial planner will assess the current financial situation and set short and long term goals. the personalized financial plan will then be constructed by incorporating these specific objectives.

Zoe Financial understands that everyone’s circumstances are different, which is why the independent advisors in her network are all focused on delivering a truly personalized financial plan. Even after creating the plan, it is important to remember that changing circumstances and life events can change the plan over the years. As such, a personalized financial plan should be reviewed annually to ensure that it is still consistent with the person’s life.

About Zoe Financial

Zoe Financial’s award-winning algorithm enables individuals to discover and connect with the best, highly vetted fiduciary advisors in their area. All Zoe Network Financial Advisors are vetted and verified fiduciaries with top-notch qualifications, training and experience. Zoe’s service provides end-to-end support when finding an individual’s financial advisor. All consultation calls and interviews with Zoe’s network of advisors are completely free and are offered via video chat or a traditional phone call depending on individual preference.

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SOURCE Zoe Financial