The Value in a Comprehensive Financial Plan

One of the most utilized phrases in personal finance is a “comprehensive approach” — but what does that mean?

Financial advisory services can differ from institution to institution. Some clients might even notice a drastic difference in service from one advisor to another, depending on the firm. At Westwood, a comprehensive approach means that we are delivering in-depth, bespoke advice during each of the three phases of wealth: accumulating wealth, protecting wealth and transferring wealth.

A thorough financial plan serves as a framework for organizing the pieces of your financial picture. With a financial plan in place, you’ll be better able to focus on your goals and understand what it will take to reach them. Additionally, through tools like insurance, estate planning and/or tax strategy, you can decrease the likelihood of catastrophic risks (legal judgement, liability claim, loss of income, etc.) impeding your desired financial outcome.

Once established, your plan should be reviewed at least annually to address changes in your personal life or in the economy. Here are some events that might trigger a review of your financial plan:

Your goals or time horizon have changed
You experience a life-changing event such as marriage, the birth of a child, health problems or a job loss
You have a specific or immediate financial planning need (e.g., drafting a will, managing a distribution from a retirement account, planning for long-term care expenses)
Your income or expenses substantially increase or decrease
Your portfolio hasn’t performed as expected
You’re affected by changes to the economy or tax laws

A great way to get the new year started is by working with your advisor to build a comprehensive financial plan that accurately reflects your financial life.

IMPORTANT DISCLOSURES

The information contained herein represents the current views and opinions of Westwood Wealth Management and its Financial Planning Group (collectively “Westwood”). The content presented has been curated by Westwood, but the material is the product and property of Broadridge Investor Communication Solutions, Inc., which Westwood has licensed for use and distribution. These materials are provided for general information and educational purposes based upon publicly available information from sources believed to be reliable.

This presentation does not constitute an offering of any security, product, service or fund. No investment strategy can guarantee performance results. Past performance is no guarantee of future results. All investments are subject to investment risk, including loss of principal invested.

This presentation is provided without regard to the specific investment objectives, financial situation or particular needs of any specific recipient and does not contain investment recommendations. This publication is also designed to provide general information about economics, asset classes and strategies. All sector and asset allocation recommendations must be considered in the context of an individual investor’s goals, time horizon and risk tolerance. Not all asset classes and strategies will be suitable for all investors.

Westwood makes no representations as to the accuracy or the completeness of any of the information herein. The information in this material is only as current as the date indicated and may be superseded by subsequent market events or for other reasons. Any statements of opinion constitute only current opinions of Westwood, which are subject to change and which Westwood does not undertake to update.