Michael Baum, CFP® RICP®
Vice President & Associate Financial Advisor
You may be surprised to hear this coming from a financial advisor, but – building wealth isn’t really about money.
It’s actually about people. In fact, it’s really very personal. The end objective isn’t the money itself, but the ability to achieve the big goals in life that matter to you as a person. In the same way, there’s no such thing as a standard, one-size-fits-all financial plan or strategy (at least, not a good one). The plan and strategy for each person will be as unique as they are.
Having said all of that, perhaps it won’t be surprising then to learn that the one component to creating and maintaining a successful financial plan that’s more critical by far than any other is – you.
Let me explain.
You probably already understand how a comprehensive financial plan that’s tailored to your unique goals and situation can make all the difference in successfully reaching your future ambitions. But a truly strategic, long-term financial plan that works FOR YOU can't be developed WITHOUT YOU and your active participation and partnership with an advisor you trust.
With something so personal, that aspect of trust with your chosen advisor aspect is probably the second most crucial component to lasting and successful plan for building wealth and reaching goals.
Creating a plan for living well in the way you envision for yourself requires sharing some very personal information – financial as well as emotional. And that can understandably be uncomfortable.
Putting that discomfort aside can literally change the trajectory of your finances and, therefore, your life.
The process begins when you share your current financial situation alongside your hopes, fears, and dreams for the future in an open discussion with your advisor. This dialogue lays the groundwork that will allow him or her to align your finances of today with what matters most to you now and in the future. Your advisor will also need key financial documents and details on your overall financial picture in order to create an accurate picture of today and pathway toward tomorrow, including:
- Retirement accounts and pensions
- Investment and bank accounts
- Insurance policies
- Tax returns
- Estate planning documents like wills and trusts
- Income and expenses
- Debts and liabilities
- Real estate and other major assets
While it may feel tedious to gather all of this information, the more complete the picture, the better your advisor can assess your current financial health and build a plan to optimize your money now and in the future. And once you’ve gathered it the first time, your advisor will be there to help you keep everything up to date and on track moving forward.
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With your goals and full financial data in hand, your advisor will analyze your situation and create a recommended strategy to help you:
- Prioritize financial goals based on your values
- Reduce taxes
- Manage risk
- Protect your assets and loved ones
- Project your retirement readiness and address any potential gap in what you’re on track to save versus what you need for the lifestyle you want
- Make and manage investments in order to grow your wealth from where it is today to where it needs to be in order to achieve the goals you have for yourself and your loved ones tomorrow
The result is a strategic roadmap - your financial plan - mapping out recommended steps tailored to your unique objectives and financial strengths and weaknesses. But the process doesn't end there. Your involvement remains key for the plan to stay current and adapt as your life inevitably changes. Regular check-ins will allow your advisor to keep your plan on track toward your evolving goals. That’s why a financial advisor who is a true partner in your financial well-being over the long haul is so important. And that’s why, here at WHZ, we take a long-term, strategic and holistic approach to partnering with each of our clients for their financial success.
For example, we don’t just focus on short-term wins, long-term planning, or investments – we tackle all three as the symbiotic pieces of financial health and wealth that they are. And most importantly, we then put that machine to work in a way that’s specifically suited to your current situation and your future goals.
But we can’t do it without you. Again, the path to financial well-being starts with you. Your openness and commitment to the planning process allow your advisor to build a plan as unique as you are. With your partnership, together you can craft an intentional strategy, optimized just for you, to help you Plan Well, Invest Well, and Live Well™.
Our team at Weiss, Hale & Zahansky Strategic Wealth Advisors is here to assist you in creating a personalized financial path tailored just for you, using our strategic Plan Well, Invest Well, Live Well™process. Contact us at (860) 928-2341 or schedule a complimentary consultation on our website to get started.
Presented by Vice President, Associate Financial Advisor, Michael Baum, CFP® RICP®. Securities and advisory services are offered through Commonwealth Financial Network®, Member FINRA/SIPC, a Registered Investment Adviser. These materials are general in nature and do not address your specific situation. For your specific investment needs, please discuss your individual circumstances with your representative. Weiss, Hale & Zahansky Strategic Wealth Advisors does not provide tax or legal advice, and nothing in the accompanying pages should be construed as specific tax or legal advice. 697 Pomfret Street, Pomfret Center, CT 06259 and 392-A Merrow Road, Tolland, CT 06084. 860-928-2341. www.whzwealth.com.