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What You Need From a Financial Planner


In this “bullet point post,” I’m going to share what I believe you need from your Financial Planner (even if that might be you!).

The main take-aways:

  • Stay focused on making your money last longer than you
  • Consider your philosophy and strategy before tactics
  • Care for the “you” that wants to enjoy life 30-years from now just as much as you care for the “you” that is here today

Before we plan, we must protect what we already have:

  • It is critical we have the right amount of life insurance to protect our family
  • In today’s world, we must protect our entire net worth against potential liability/lawsuits
  • We must take steps to protect ourselves and our heirs through a comprehensive estate plan that includes wills, powers of attorney, healthcare directives, and, when appropriate, trusts

Managing your spending is more important than managing your portfolio:

  • We are not talking about a budget or placing limits on your spending
  • We are talking about knowing the price tag of your current lifestyle
  • And how we are going to match that with your resources

All financial decisions must keep your long-term cash flow plan intact:

  • We must have confidence in the long-term cash flow plan that we build
  • No major decisions should be made without understanding their effect on your long-term cash flows
  • It’s ok to make decisions that weaken your long-term cash flow plan, as long as you are willing and able to take the associated risks

Your investment strategy must be planning-driven and goal-focused

  • It must not be market-driven and performance-focused
  • We cannot build an investment strategy until we’ve built the long-term cash flow plan above
  • Your investment strategy must come from a philosophy that we expect to be true in all reasonable future scenarios
  • You must fully understand both the investment philosophy and the investment strategy for them to be successful

All of the above are required components of a comprehensive financial plan that can be successful.  A plan that lacks any of the above risks failure when facing life’s future challenges that are surely to come.

If you have any questions or would like to discuss the above, please use the form below to reach out and I will personally respond to you.