Why is Financial Planning Important?

In the world of finance, there are so many buzzwords that it can be hard to keep up. Average people looking for professionals to help them manage their money have to be careful to avoid those who are only in the business to make commission off of selling financial products. Fee-only, fiduciary financial advisors, like those at InTrack Investment Management, like to be clear and straightforward about what services we provide so that clients know exactly what to expect from us and can feel comfortable trusting someone else with their money. Keep reading to learn a little more about the kind of financial advice we offer to customers and how it could benefit you and your family.

What is Financial Planning?

Financial planning is essentially the process of mapping out your life and coming up with a strategy that will help you adeptly navigate around any money-related barriers that stand between you and your long-term goals. A good financial plan will see you all the way through your career, into retirement and it should even positively impact future generations. The plan must be developed and implemented, and this process also includes continuously monitoring your finances, taking any life changes into consideration and making adjustments when necessary.

Why is Financial Planning important?

An analysis of your current income, investments, budgets and expenditures will show you where the opportunities for future financial growth are. Beyond general saving, you probably have things you need to pay for in a specific amount of time: car, house, tuition. Many future family expenses seem like they are way off in the distance, like retirement, but you might be surprised by how fast they can sneak up on you. Financial planning addresses your current situation, but it also allows you to look ahead and therefore reduce stress.

Unfortunately, not every twist and turn in the road of life can be predicted (illnesses, layoffs, natural disasters, etc.) but the process of financial planning sets you up to be in a place where you can confidently handle an assortment of financial burdens. Plus, not everything unexpected is negative! Financial planning will also help you figure out how to best fit things like receiving an inheritance, paying for a wedding, starting a business or having a child into your bigger picture.

What is the difference between Financial Planning and Wealth Management?

Financial planning and wealth management both fall under the category of financial advising. Wealth management is the process of an advisor literally managing a client’s money. Financial planning, however, takes into account a client’s overall lifestyle and is a more accessible and practical form of advice for a wider variety of clients. Both have their place, and in fact, the two often work in unison. Wealth management can help you fit things like investing and estate planning into your overall financial plan.

How can InTrack Investment Management help me with my Financial Plan?

Financial planning can be difficult and time consuming if tackled on your own, which is why many people seek the expertise of a financial advisor, such as those at InTrack. We’re here to put together any pieces of your financial puzzle that you don’t want to or aren’t able to solve on your own. We’ll engage with you often to make sure that we’re all on the same page.

We use eMoney Advisor software so that both you and your advisor (with your approval) can monitor your finances and receive current and accurate data. This financial planning technology allows you to check in on your laptop, tablet, or smartphone whenever you like. The analytics that eMoney provides allow us to get real-time updates on your financial status and to assist you in deciding on your next best step.

Another benefit of using eMoney through InTrack is that it not only utilizes modern technology, there are also advisors who are happy to pick up the phone or meet in person. We’ll listen to your wants and needs, then implement our knowledge and experience to come up with the best solution for your unique situation. Seeking out InTrack for assistance with financial planning means you’ll have access to advice on investing, retirement planning, estate planning, tax strategy, and much more. While our ultimate goal is to help our clients build and sustain wealth, our greatest pleasure is being an ever-present, trusted resource. 

Want to instantly see if you're on track to achieve your financial goals? 
Click here to get started!