Our Financial Planning Process – Implementation

Transcript

Zach:

Gotten to the point where we’re, you know, putting a plan in motion, but what happens after that? Like once, you know, we set everything up. I mean, is that it? Did we ever hear? Yeah.

Mike:

Yeah. By the way, it’s as we last left you in last week’s episode. Yes.

Zach:

Last week on retirement today. Yes. In our last

Mike:

Segment, we were talking about the planning process. You know, we’ve put together a first draft plan. Maybe we need to do adjustments, but here we are. We’ve gotten to the point where, okay, we’ve got some planning put together for you. Well, now you have to actually implement it. We have to make it happen. Now for most of our clients, we do that for them. Right. Well, what does that mean? It means we’re opening up accounts from a fidelity or TD Ameritrade and we’re transitioning assets over so we can, you know, sell what they have and reposition it to what they should have anything. Okay, great. I got my plan in place. Yay. What’s next? Well, what’s next is we’re doing visiting again, maybe for the tax planning and then we’re visiting again for the estate planning, revisiting again for healthcare planning. But anyway, let’s say that first year we’ve got, we visited several times.

Mike:

Yeah. Which yes, it is a bit of a time investment. You have to invest some time to make sure that you’re getting a complete plan. I mean, that’s part of the deal. And so we visited several times. Everything’s set up, it’s looking marvelous. It’s beautiful. It’s exciting. And life is fantastic. And then it happens the tax laws change, maybe the market changes, maybe your situation changes. Your health changes. You get a new job, you have a new grandchild or a new child. Your spouse gets a job. You lose a job. Something changes. It’s called life. Sure. Life happens. Right. And so it can’t just build this beautiful plan. And I’m just going to admire. My plan is though I’m done. No, you’re not done. You’ve started. You’re not done. You’ve started. That’s just the beginning because what happens then is as life changes as tax laws, change or state laws change is a health thing. You know, the health, the health laws could change your health. Insurance changes things change. You need to modify, you need to update your planning to reflect that things have changed. And when I say updating your planning, here’s what that does not look like. So if you have a financial advisor and your update looks like this, you’re in trouble. You go in to see your financial advisor in the entire conversation revolves upon, well, here’s how your did last year.

Zach:

Here’s your return. Yeah.

Mike:

We need to rebalance your portfolio. Sure. We need to update your asset allocation. Here’s what we see happening in the markets. Right? If the entire conversation is your investments, you’re in trouble. But for a plan review where, you know, are you on track with your planning? I mean, the bottom line is, Hey, you’re planning. You have a target rate of return. That’s one of the things like, you know, these, these investment people are always saying, well, the S and P did this. And you did that. Who freaking cares. That’s not planning. Planning is your benchmark rate of return is 5%, 6%. Did you beat it last year or not? It’s that simple? Yes, you did great. Okay. We’re done talking about investments. What else is there? Talk about sure. You had a goal. You beat your goal. Great job. Now let’s keep going. Do we need to adjust the goal?

Mike:

Are we still good with that goal for next year? Your discussion should not be just about investments. And if it is, then you probably don’t have a complete plan. I’m telling you this right now, especially if you’re getting close to retirement, if you’re in retirement, you don’t want to be going into retirement with an incomplete plan. Because one of the areas that you’re not planning on will step up and bite you and bite you hard. It could collapse your financial security. And here’s what I want you to do. I want you to pick up the phone and once you to call us, I want you to reach out to us and let’s have a conversation. And I want you to get a complete retirement plan, review, a complete financial planning review, wherever you are in life. If you’re a little younger, you want a financial planning, review, little older retirement planning review, but let’s help you get that complete review so that you make sure your bases are covered. You do not want to make a mistake here because oftentimes we can see something help you fix it, where it’s just a little fix. And man, it makes such big differences. Even if we don’t work together, let’s help you make those great decisions. Zach, what’s the number?

Zach:

Give us a call at (512) 886-5850. Again, that number is 5 1 2 8 8, 6 58 50. And it all starts with a simple 15 minute phone call. So we can briefly learn a little bit about what’s important to you, what your concerns are. And we can see if we can assist you.

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