How A Financial Planner Creates A Financial Plan

Not sure what a comprehensive financial plan should contain? What it even looks like?!

Here is a sample of a financial plan for you to see the in-depth analysis that a plan will provide you on all aspects of your financial plan. A comprehensive financial plan should include the following:

Financial Goals: A financial plan should clearly identify short-term and long-term financial goals, such as saving for retirement, buying a home, or paying for college.

Budget: A detailed budget should be developed, which outlines income, expenses, and savings on a monthly basis. It should reflect an individual's or family's current spending habits and help identify areas where spending can be reduced or optimized.

Net Worth Statement: A net worth statement is a snapshot of an individual's or family's current financial situation. It includes assets, such as savings accounts, investments, and property, as well as liabilities, such as loans and credit card debt.

Investment Strategy: A financial plan should include an investment strategy that aligns with an individual's or family's goals, risk tolerance, and time horizon. This may include diversifying investments across different asset classes, such as stocks, bonds, and real estate.

Retirement Plan: A financial plan should also include a retirement plan that outlines how much money needs to be saved each month to reach retirement goals and how that money should be invested.

Insurance: A financial plan should consider insurance needs, such as life insurance, health insurance, disability insurance, and long-term care insurance.

Estate Planning: A financial plan should address estate planning needs, including creating a will and trust, naming beneficiaries, and planning for incapacity.

Remember, the specific details of a financial plan will depend on an individual's or family's unique circumstances and goals. But this gives you a sense of how detailed your plan should be!

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00:08 – The 7 elements of a Financial Plan
02:16 – What a Chisholm Financial Plan looks like
03:15 – The elements of a professional financial plan
04:56 – How your financial goals factor in
05:54 – How your budget factors in
06:10 – Chapter 1: Your financial outlook and cash flow breakdown
07:09 – Chapter 2: Financial recommendations
08:05 – Chapter 3: Risk management
08:17 – Chapter 4: Investment recommendations
08:39 – Chapter 5: Putting it all together
09:07 – Tracking your financial plan in real time
10:09 – Wrapping things up

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