Why do I Need a Financial Plan?

Why do I Need a Financial Plan?

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What is Financial Planning?

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Think of a financial plan as a map of your financial future. Financial planning is the process of defining your goals, taking an inventory of your current financial situation, and devising a strategy to achieve your goals. Then, after you implement the plan’s actions, you review the progress made toward your goals, and revise your plan as needed. Financial planning is not a one-time exercise, but rather a lifelong process.

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Examples of Financial Planning Goals

The goal we most frequently map out is retirement. In a retirement plan we can guide you on questions such as how much to save, how to invest your savings, which types of accounts to use, what age to retire, how much to spend in retirement, and how to manage your retirement savings and retirement income benefits. Our plans typically address goals for retirement, education funding, tax efficiency, cash flow optimization, insurance needs, and philanthropy.

Financial planning is a service offered by most wealth management firms. Having a plan has been proven to have clear psychological and financial value for clients. However, a focus group study conducted by Dr. David Lazenby showed that going through the planning process often feels like a combination of a dental exam (“I know I should floss more”), math class (“what does standard deviation mean again?”), and marriage therapy. Sign me up!

Wishing to go above and beyond the run of the mill financial planning service, Colorado Financial Management takes planning to the next level. We strive to take you through a financial planning experience that is as painless and constructive as possible due to three factors.

  1. A strong team of eight Certified Financial Planner (CFP®) professionals, led by Gary Powell, providing a bench that is deep on experience and committed to excellence.
  2. A thoughtful and thorough process of inventorying your financial life. We help you get organized and make sure you are well protected and well positioned for your financial future.
  3. The latest technology. We use eMoney, a state-of-the-art planning platform; eMoney offers a client portal containing an interactive presentation module that allows us to present various scenarios and adjust parameters on the fly.
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Barbara Lommen

Barbara Lommen is an associate financial advisor at Colorado Financial Management.

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