By Frank Legan
The purpose of having a financial plan is so that you can have clarity and confidence about your bigger future, even when chaos reigns. Taking the intentional steps to focus on the people and things that matter most to you, why they matter, and align your resources to ensure you live the rest of your life the way you want to brings peace of mind.
There are three very important elements that we address to help our clients move from where they are now to where they want to be. First, we look at your dangers, your greatest concerns. Next, we assess the opportunities that are available to you. Finally, we identify the strengths that you already have for dealing with those dangers and opportunities.
Because of that, we wanted to provide a sample plan for you to share with your friends and family members so they can better understand what their potential financial plan could look like and see the benefits a plan could bring to their financial life.
What Does a Financial Plan Include?
First, you may be wondering about what goes into a comprehensive plan. Financial plans often address a myriad of concerns and goals, from managing your investments, including illiquid assets like concentrated stock positions or business ownership, estate planning, generating retirement income, and saving for college, to name a few. Depending on your needs, your plan may narrow in on one element or address multiple goals you’d like to achieve over time. Whatever you choose to focus on, your financial plan is designed to serve as your road map, helping you navigate the years before, during, and after your transition to retirement.
We believe a good financial plan should give you a detailed, complete view of your current financial situation, a thorough modeling of where you want to be, and the actions you need to take to reach those goals. It should address all the pieces of your financial puzzle, from stresses and fears to your values and dreams, and include risk factors, cash flow, retirement, estate planning, taxes, education, and income strategies to help bring you clarity and guidance. It is through our planning process that we can help you prepare for life’s expected and unexpected circumstances.
The result is a simple yet powerful road map to guide you toward financial freedom.
See Our Sample Financial Plan
We spend a great deal of time with our clients to ensure they’re completely aware of their financial plan and the reasoning behind our recommendations. Money doesn’t have to be complicated, and we work hard to make the complex simple.
So you can see how this works in action, we’ve developed a sample financial plan that reflects our planning process. It looks at a fictional person’s income plan and how we developed it, including identifying their goals, creating a balance sheet, reviewing their cash flow, and more.
Keep in mind that this is only a hypothetical plan presented to illustrate what a client’s plan may resemble should they work with us. The characters and circumstances are completely fictional and are for illustrative purposes only. Be sure to seek the advice of a qualified professional for your particular situation and do not rely upon any of the information herein to make personal financial decisions.
Take a look through examples of our 5-year cash flow, cash flow analysis, and living plan documents to get an idea as to how our proven process helps you accomplish your goals and enjoy financial freedom. Once you’ve taken a look, reach out to me at Cedar Brook Group today to easily schedule a no-fee, no-obligation appointment. Or contact me at 440-683-9213 or by email at firstname.lastname@example.org to find out if I’m the right person for you to depend on during your journey to a comfortable retirement.
Frank Legan is Partner, Financial Advisor, and member of the Investment Committee at Cedar Brook Group, one of the largest independent wealth management firms in Northeast Ohio. Frank spends his days designing and implementing personalized financial planning strategies for corporate executives, closely held business owners, artists, families, and retirees. He specializes in lifetime income strategies, investment advice, and estate planning services. He also works with businesses to develop strategic and succession planning strategies. Frank has a Bachelor of Arts degree in Political Science from the University of Dayton, as well as a Master of Public Administration degree focused on municipal management from Cleveland State University. Prior to joining Cedar Brook Group, Frank was a financial advisor in the private client group at Merrill Lynch and with NatCity/PNC Investments. Frank is active in his community, serving on various councils, boards, and committees. When he’s not working, you can find Frank spending time with his wife, Laura, their daughter, Reese, and their beloved collie, Charlie. Frank and his family are volunteers at St. Francis of Assisi church in Gates Mills. Frank serves as Chairman of the Board of Directors for Catholic Charities Diocese of Cleveland. To learn more about Frank, connect with him on LinkedIn.