The Importance of Having a Good Financial Plan

What made you choose this particular career path and where did you get your start?

I’ve always enjoyed numbers – since I was young. My dad was an accountant, so I guess the apple didn’t fall too far from the tree. The challenge was that my other passion was helping people. So, I needed to find a blend of both. Fortunately, this career is exactly that! Numbers. And helping people. I am so lucky that I found a way to combine both my passions in one amazing career. I started in the industry in 2003 and it’s this combination of numbers and helping people that continues to fuel my love for what I do each and every day.

What are your tips on managing one’s wealth during turbulent times?

I believe everyone should have a financial plan. A big part of what my team and I do is help folks craft a proper financial plan, which can answer some key questions: Will I have enough to retire? When can I retire? What does the tax on my estate look like? What rate of return do my investments need to generate for my plan to be fully funded? Having the answer to those questions, in my view, is always helpful, it can be the roadmap to ensure you are on track to achieve your financial goals. That’s helpful in good economic times, it is especially helpful in turbulent times. During volatile periods one of the first things we do is revisit the plan and ensure we are still on track to achieving our clients’ goals. If you don’t have a plan, the good news is it is not too late, you can still get a proper plan in place. It will clarify your goals and help provide perspective during turbulent markets.

In terms of the investment portfolio, I am not a fan of big changes to the portfolio in the mix of market turbulence. If you structured your portfolio correctly, you should be able to handle the bumps. Understandably emotions can run high when markets get turbulent. It is easy to talk about the long term, but when markets get turbulent, it is hard to look past the turbulence. When volatility happens, I think it’s human nature to focus on it. Оur time horizon shrinks. It can feel like the current environment will last forever and it is tempting to make a large change to your portfolio. That type of strategy overhaul can feel good in the moment, but in the long term could knock your plan off track. I believe a proper financial plan can help fight that temptation. As mentioned above, a well-done plan is structured for good times and bad, it also provides a framework to evaluate your investment portfolio. The plan can tell you the long-term rate of return required to achieve your goals. In my view, that can provide some perspective during bouts of market turbulence.

What is the most fulfilling element of your job?

Helping people. One client of mine, whose husband had passed away, was not only grieving but came to us in a state of desperate need of direction and navigation. Her husband had handled all things financial for them and she was in effect, lost, without guidance. I walked through the entire situation with her, including every step and option, helping her regain confidence and comfort. She was and is to this day, very grateful. Being able to help people feel more at ease with their finances is easily the most enjoyable part of this job and, to this day, is part of what drives me to continue coming to the office every day.

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