Why Financial Planning Should Be Your No. 1 New Year’s Resolution

As we approach the end of 2017, we see most markets indices at or near historic highs.  While that is likely enough to excite most of us, it can be easy to lose sight of what the goal or objective really is. Is it to simply make as much money as possible, or is it to achieve a particular lifestyle or goal that is set in place? This is where I believe the importance of a detailed and comprehensive financial plan comes in. It is my belief that your 2018 New Year’s resolution should be updating or creating a financial plan. A financial plan is important, not only for those that are currently in retirement, but also for those with families and many years ahead of them.

At UBS, the Financial Goal Analysis is our written financial plan that uses sophisticated analytics to help you evaluate whether you are on a path toward achieving your personal financial goals. When you incorporate a financial plan as part of our overall wealth management process, you’ll have a clearer vision of what steps to take along the way. When you work with our team, we will first engage in a discovery process. This is where we will analyze both sides of your personal balance sheet—your assets, real estate, insurance, annuities and any windfalls that might come your way. We will also review your liabilities, tax situation and expenses.

We will ask questions about your larger life—your priorities, life goals, the causes you are passionate about, and your needs, wants and wishes. We will also learn about your time horizon for saving and overall risk tolerance, then create a comprehensive written financial plan. Based on knowledge gained during the discovery phase, we will help you develop a strategic approach for your specific needs.

The written plan will include an executive summary with clear action steps for you to consider, as well as “what-if” scenarios that let you evaluate alternative planning strategies and their possibilities. Once all your priorities have been identified, and you understand and agree on the plan, it’s time to implement the strategy.  Once your plan is implemented, it’s important that we periodically review and assess your progress, and make any adjustments that may be needed due to changes in your financial or personal situation.

While it is important to establish a financial plan, it is equally as important to consistently monitor the progress. If you would like to discuss developing a financial plan or taking advantage of our Second Opinion Service, please contact call (239) 495-4187 or email us at stefan.contorno@ubs.com  and we will be happy to assist.

Stefan J. Contorno is a Financial Advisor with UBS Financial Services Inc., a subsidiary of UBS AG. Member FINRA/SIPC in 8000 Health Center Blvd, Bonita Springs, FL. The information contained in this article is not a solicitation to purchase or sell investments. Any information presented is general in nature and not intended to provide individually tailored investment advice. The views expressed herein are those of the author and may not necessarily reflect the views of UBS Financial Services Inc.

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