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The Essence of Financial Planning

March 6, 2024

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Whether it’s owning a home, launching a new business, or retiring comfortably, every financial decision matters.

Embarking on wealth planning involves a meticulous map of your financial future. It necessitates a thorough assessment of your current situation and the creation of bespoke strategies tailored to guide you towards your unique aspirations.

Meet the CFS* Wealth Management Team

Foundations of Financial Planning: The Comprehensive Plan
At the heart of financial planning lies the creation of a comprehensive plan – a foundational blueprint that serves as your guiding beacon. This plan not only sharpens your specific goals, but also deepens your understanding of the necessary steps required to translate aspirations into tangible milestones.

A Balancing Act: The Interconnectedness of Goals
An invaluable aspect of having a financial plan is striking an equilibrium among competing priorities. By unraveling the intricacies between goals – such as understanding how saving for your children’s college education may impact retirement savings – the plan empowers you to make informed decisions. This newfound knowledge facilitates goal prioritization, effective strategy implementation, and the selection of suitable solutions, ensuring a resilient financial journey.

Collaborative Design: The Financial Planning Process
Creating and implementing a comprehensive plan is not a solitary endeavor. It involves a collaborative effort with a team of wealth professional dedicated to understand your financial situation. This team works together to:

  • Assess your current financial situation by reviewing income, cash flow, assets, and liabilities.
  • Address common fears such as Social Security benefits, healthcare costs, and outliving your income.
  • Identify potential threats to your retirement and take proactive steps to mitigate them.
  • Explore advanced estate planning, income distribution, tax planning, lifetime protection strategies, long-term care, and the benefits and tradeoffs of annuities.
  • Adjust and continuously monitor the plan as changes occur in your life.

Meet Your Team: Professionals at Your Service
Within this collaborative effort, various professionals, including financial planners, accountants, tax and estate planning attorneys, and financial advisors play integral roles. However, amidst this team, you remain the pivotal decision-maker, shaping the plan according to your unique needs and aspirations.

Navigating Complexity with Professional Guidance
While venturing into financial planning is possible, the complexity of a comprehensive plan often requires specialists in multiple areas. Financial professionals step in to provide objective information and thorough consideration of different facets of your financial picture.

An Ongoing Expedition: Regular Reviews and Adaptability
It’s important to understand the financial planning process doesn’t conclude after the initial plan is created. Regular reviews, typically conducted annually, are essential to adapt to life changes, economic shifts, and evolving goals. This ongoing partnership ensures that your financial plan remains relevant and effective.

Care in Every Decision: Addressing Common Concerns

What if I am too busy?
Certainly, time is a valuable commodity. However, investing a small amount of time to create a financial plan can lead to significant time savings and peace of mind in the future. A financial plan will streamline decision-making, prevents crises, and sets a clear path for your goals. Our Financial Professionals accommodate busy schedules and guide you through the process. Starting now ensures you of more options in the long run.

Is the financial planning complicated?
While each financial plan is tailored to your individual circumstances, financial professionals work diligently to simplify the process for you. Their guidance ensures a smooth and straightforward experience, addressing any complexities on your behalf.

What if my spouse and I disagree?
In the event of disagreements, a financial professional is trained to listen, identify underlying issues, and facilitate finding common ground. Their objective viewpoint will help navigate differences that respects both perspectives, fostering alignment in your financial decisions.

Am I still in control of my finances?
Absolutely. Financial professionals provide recommendations, not decisions. You retain full control over your finances, with recommendations based on your needs, goals, and timeframe. Your decisions guide the process, and the professional assists in implementing them effectively.

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*Non-deposit investment products and services are offered through CUSO Financial Services, L.P. (“CFS”), a registered broker-dealer (Member FINRA/SIPC) and SEC Registered Investment Advisor. Products offered through CFS: are not NCUA/NCUSIF or otherwise federally insured, are not guarantees or obligations of the credit union, and may involve investment risk including possible loss of principal. Investment Representatives are registered through CFS. The credit union has contracted with CFS to make non-deposit investment products and services available to credit union members.