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October is National Financial Planning Month!

October is National Financial Planning Month!

October 17, 2022

People often think that financial planning is something needed only by the very wealthy or those nearing retirement. That could not be further from the truth!  From just being prepared for the unexpected, to managing and protecting your accumulated wealth, anyone with an income source can benefit from some form of financial planning.

Getting started - When we talk about “Your Path Forward” we are referring to taking the steps to build a financial strategy that is uniquely yours, wherever you are on your financial journey. The process doesn’t have to be stressful or overly complex. The first step is simply knowing what matters most to you and having a clear picture of what you want your financial future to look like. A financial plan helps you navigate your way there by mapping out the steps you need to take.

Customization – Whether you are looking for short-term financial consulting on a specific topic, investment portfolio management, or holistic financial planning as a long-term strategy, the approach should be tailored to your specific needs. A comprehensive financial plan goes beyond investing. It involves a deep understanding of your priorities when it comes to family, finances, community, your retirement, and your legacy. It also includes guidance on the essential step of gathering your financial documents and data points to establish where you are on your financial path and what your risk tolerance is based on your goals.

Implementation – Even the best laid plans are useless if no action is taken. Whether you have decided on a short or long-term strategy, once financial recommendations are made, both you and your financial adviser should agree on the implementation responsibilities and timeline. Consistent monitoring by your financial advisor is key to knowing when adjustments need to be made to your plan.

Flexibility – Life is undeniably unpredictable. Over the last few years, we’ve experienced our share of market volatility, inflation, and pandemics.  It is fundamental that a financial plan is flexible and will keep you on track to meet your financial goals during times of uncertainty. Your plan should adapt to changes in your cash flow and income, market fluctuations, and unforeseen setbacks. Building an emergency fund, portfolio diversification, and dollar-cost averaging are a few tactics that can help build flexibility into your plan and keep it sustainable.

Financial security is the goal, and it doesn’t matter if you are just starting out, in your prime earning years or ready for retirement – everyone can benefit from a roadmap to guide them on their financial journey.

To learn more about our financial planning and consulting programs, and get access to our financial wellness tips, visit our website at or call 609-216-7440 and speak with a member of our team.