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What Is Financial Planning?

When you hear the words financial planning, what do you think of?

Probably some form of high level investing and portfolio management. And while this is an aspect of financial planning, there are so many other services and procedures designed to optimize the entirety of your financial landscape.

Financial planning is a comprehensive practice that helps you reach your goals and sets you up for the future. In this discipline, finances are the vehicle for helping you achieve your biggest life goals: buying a home, saving for retirement, putting children through college, and establishing your legacy. It should come as no surprise then that financial planning is in close proximity to life planning.

Financial planning relies on relationships. We seek to develop personal relationships with each of our clients. This connection allows us to better understand their needs and desires, and then recommend the best financial strategy for them. In this vein, our services are custom to each person. No two financial journeys are the same, and we take the journey of each one of our clients seriously.

I’d like to share with you the way we do financial planning at Arnold and Mote Wealth Management. After you finish reading, I hope you will have a better understanding of what financial planning is and how it can impact you.

Elements of a Financial Plan

Financial plans may not be one size fits all, but there are some key elements that we focus on. These plans are customized for your financial needs both now and in the future.

We like to take an aerial view of your finances. Seeing them from all angles will help illustrate the most efficient and practical way forward. The skeleton of our strategy to creating a financial plan looks something like this:

  • Budgeting
      • Establishing a solid foundation is the only way to build. We want to give you the tools to create and manage a budget that works for you and your needs. A budget is like a load bearing wall, without it the structure can’t be supported. We want your finances to be supported with a strong foundation, which is why we place a particular emphasis on budget training.
  • Debt management
      • Debt comes in many forms: student loans, personal loans, a mortgage, and credit card. We take a look at where your money is going, ways to help curtail your debt, and techniques for keeping yourself out of debt.
  • Education planning
      • We have a particular passion for education and college planning. We can help you from everything to setting up a college fund to strategies for student loans. There are always ways to save!
  • Retirement planning
      • Retirement is one of the biggest things you will save for, and we want to be there to help you every step of the way. From setting up retirement accounts to maximizing your workplace benefits to outlining your desired retirement lifestyle, we want to help make your retirement the best it can be.
  • Tax planning
      • Who likes to do their taxes? We do! We can help you get your taxes in order to help you save money.
  • Estate planning
      • Estate planning is all about establishing a legacy. We will help you get your assets in order which will help your family and loved ones.
  • Investment selection
    • Do you know your risk tolerance? We can help you figure out the right type of exposure for you and your profile.
    • Investing is an important piece of your financial puzzle. Our philosophy works to promote security as well as returns. Each investment plan is customized so that your needs drive our action.

Wealth Management

Have you ever wished you could have a personal CFO to manage your financial profile with the same level of accuracy that they do for the company you work for? With us, your dream will come true. Our wealth management philosophy lets us act as your personal CFO, providing guidance in every area of your financial life. We also coordinate with other professionals in your life such as an attorney, insurance agents, etc. to paint the most accurate picture of your finances and illustrate the best way we can help you reach your goals.

We want to get to know you—your dreams, goals, and desires. Along with identifying potential roadblocks, we will help create a plan that makes you feel secure in your finances. Wealth management is a process, and we will meet with you regularly to evaluate the plan and adjust as necessary.

Why Fee-Only/Fiduciary Matters

Our business is built on integrity, trust, and innovation. One thing that allows us to achieve these ideals is by being a fee-only financial planning company.

But what does fee-only mean?

It means that we run independently from brokers, brokerage firms, agencies, or banks. Our company is not sponsored by a third-party affiliate nor do we receive third-party referrals, kickbacks, or commissions. We are truly here to serve you in the best way we can without the white noise of financial politics.

In addition to being fee-only, we also adhere to the highest standard set for financial planners, the fiduciary standard. Fiduciary advice is one that is unbiased, impartial, and accurate. With fierce loyalty on our side, we ensure that you receive the highest quality advice possible. The law binds us to place your interest above our own at all times, and we are pleased to do so.

So the next time you are at brunch with your friends and someone says “isn’t financial planning just investment stuff?”

You will be able to let them know the vastness and complexity of the financial planning world and how everyone can benefit from it.

Ready to learn more? Contact us today! We’d love to hear from you.

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You'll get the most value from financial planning if your specific goals and needs match a firm's philosophy and services. Let's learn more about each other.

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