The WIIFM of Developing a Financial Plan

Taking the time to pull together a financial plan may sound onerous. If you embark on the effort, your initial thought is, “There has got to be a return on the investment of my time,” right? At Regent Peak, we believe there are MANY benefits to a financial plan, but below are our Top Five:

1. It gives you short and long-term goals to be working towards.

We have a lot of runners among our Regent Peak Wealth Advisors’ team. None of them would consider signing up for a race without the intent of training. They recognize before they can actually run a race from start to finish - whether it's 5 km, 10 km, a half or full marathon - they need to build their stamina and ability over time. It’s the same with investing. It takes time to accomplish your long-term goal, and you can’t achieve that without setting and achieving the short-term goals first.

2. A financial plan can help you regulate the discipline of saving.

By including short-term goals in your plan, you create a cadence and routine for saving that, for many, becomes the foundation for future investments. Small nest eggs of savings, that receive regular and incremental deposits, allow you to see how funds can accumulate and grow. Seeing savings accumulate provides encouragement and reinforces the value of maintaining the routine.

3. Set an example for your children to follow.

Maintaining a financial plan allows parents to practice what they preach. There are numerous lessons for children, not only the financial management ones. Goal-setting, discipline, follow-up, commitment and celebrating accomplishments are only a few.

4. Even the most savvy investors find benefits in having a partner with whom they can bounce ideas off of.

Regent Peak relationships include individuals who are leaders in their professional lives. A well-known attribute of successful leaders is that they surround themselves with people who they trust and with whom they collaborate. Engaging a wealth advisor doesn’t indicate an individual has low financial management IQ. In fact, it demonstrates an openness to accepting someone else's solutions that could be helpful to you.

5. A plan enables you to be YOU.

Some people might think a financial plan will restrict their spending or squash their freedom. On the contrary, every financial plan is tailored to suit not only your financial goals, but also your personality and appetite for risk. Your financial advisor is there to suggest you put the bumpers up or, alternatively, rev up the engines when the time is right.

At Regent Peak, we see our role as your financial management co-pilot and your financial plan is the flight path. Fasten your seatbelts - time for takeoff.