A NORMAL
Holiday PLAN
T
he definition of normal is ordinary, typical, expected, but 2020 has been anything but normal!
This time of year, “normal” would be planning for the holidays and spending time with family and friends. But, as we learned this past year, planning can’t always assume that everything will be normal. One holiday plan that should still be normal is a year-end review and assessment of your financial situation. As year-end approaches, you can look into implementing strategies that could potentially benefit you during tax season and in the coming year. The value of financial planning is a crucial step in managing your financial future. Not only does it help you see your financial situation today, it also helps you think about those things you would like to do in the next five years, ten years, and throughout retirement. We give you the tools to help get you on the right track to planning for your future. Your personalized plan will provide an overview of your entire financial situation, including your asset allocation, investable assets, liabilities, future income streams, savings, insurance needs, estate plan, and more. We take everything into consideration and determine strategies and action plans and provide you the guidance to help you make responsible financial decisions.
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Some firms advertise a basic one- to two-page “free financial plan,” and only if you work in a specific industry. At Stifel in Valdosta, we offer comprehensive financial plans for all of our clients, when appropriate, as a part of Stifel’s services.
mation gathered to ensure it is as accurate as possible. The fewer assumptions that go into a financial plan, the better your overall experience will be. • Propose strategies – Evaluate the results provided within your financial plan and see where you stand in relation to your goals. Where can you make adjustments within your plan? Do you have a balanced portfolio? Can you retire earlier or later? Spend more or less? Perhaps you have overfunded your retirement and can afford to increase your spending goals. • Take action – Make modifications as needed and develop a customized action plan. • Review and revise – Review and update your financial plan annually or if any life events occur that could change the outcome of the plan. Set a date for annual meetings to review and update your plan.
education costs for your children? • Are you properly insured? • Are you using all the benefits available to you through your employer? • What will happen to your assets after you have passed away? Stifel does not provide legal or tax advice. You should consult with your legal and tax advisors regarding your particular situation. A PERSONALIZED FINANCIAL PLAN IS COMPREHENSIVE AND NOT JUST A ONE- TO TWO-PAGE DOCUMENT.
The most important steps in the process of creating a financial plan are aligning your financial needs to your specific goals, assessing the results, and adjusting your plan as needed. Financial planning is not a one-time event, but rather an ongoing process. You should review and update your plan annually or as any life events and situations occur. Your financial plan should be a helpful guide that will help keep you on the path toward your goals. Life isn’t always normal, but financial planning provides you with the opportunity to potentially live a normal financial life. Through attaining and maintaining the Certified Financial Planner™ (CFP®) certification, I have successfully completed financial planning coursework that covered the process, as well as risk management, investments, tax planning, retirement and employee benefits, and estate planning matters. Contact me for a copy of our Year-End Review Check List and to discuss your situation to help get you on the right track toward a normal financial future.
What We Cover in Your Financial Plan Financial Planning Process • Identify goals and objectives – Create the foundation of your financial roadmap. • Gather information – Complete a questionnaire/fact finder with everything to include in your financial plan. • Analyze information – Analyze the infor-
• Are your assets properly allocated in line with your risk tolerance? • Are you saving enough? • Are you contributing enough to your qualified accounts? • Are your goals measurable and realistic? • Do you plan to fund future wedding or
3555 North Crossing Circle | Valdosta, Georgia 31602 | Stifel, Nicolaus & Company, Incorporated | Member SIPC & NYSE | www.stifel.com 42
Valdosta Magazine
