Who needs Financial Planning?
It is helpful to understand what problems create the need for financial planning. Most families constantly deal with competing interests for money. Further, most families don’t have a good sense of the relationship between the size of their assets and what they’re trying to accomplish in life. Decisions must be made such as savings targets, budgeting, wealth allocation, etc. Financial planning addresses this reality so families can make informed decisions.The primary candidates for financial planning are households that:
- Are saving for retirement and possibly other goals (college, vacation house, etc)
- Have already retired and need guidance with selling assets and withdrawing money and/or inheritance planning
“A goal without a plan is just a wish”