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It’s Time to Revisit Your Financial Plan

Plum Pointe Wealth Management President Brian Dunckley discusses the importance of regularly reviewing and updating your financial plan.

Watch the video or listen to the full audio episode here or on your favorite podcast app.

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WHY, HOW AND WHEN OF A PLAN UPDATE

When did you last review or update your financial plan? Even the most meticulously crafted financial plans require adjustments as life evolves. Without regular review, you may find yourself with a plan that no longer aligns with your current situation.

Planning isn't a one-time event, it's a dynamic process that adapts alongside you. Instead of wondering if your plan is still effective, make it a priority to revisit it regularly.

ADAPTING TO TODAY'S DYNAMIC LANDSCAPE

A major purpose of long-term financial planning is establishing a way to transfer wealth so that loved ones or your most important charities can benefit and continue to build on your legacy even after you’re gone. If you aren't keeping up with economic or legal changes, you may unintentionally lose wealth you’ve earned before it reaches your beneficiaries, whether they’re children, spouses or charitable endeavors. Any changes to tax law, minimum distribution requirements, or estate and gift tax exemptions warrant a review of your financial plan.

As you get older, additional reviews and strategies are going to need to be implemented to account for changes and milestones that may occur in your personal life. Between children, grandchildren, marriage and divorce, there are a thousand small changes that occur over your lifetime that will disrupt the details of your original financial plan. You must continually make adjustments to ensure that you can still reach the objectives you want to accomplish with your wealth and your assets.

INCLUDING YOUR BUSINESS IN THE PLANNING PROCESS

While individual needs vary within families, businesses require meticulous planning. Failing to address dynamic business landscapes—revenue generation, cost optimization, and overall success— alongside advanced financial planning for the business as an asset can create significant challenges. Without comprehensive planning aligned with evolving business needs, this valuable asset may not effectively support your family's objectives.

REVISIT AND REVIEW YOUR PLAN FOR PEACE OF MIND

Regularly review your financial plan with your dedicated team of advisors. Proactive collaboration ensures your plan adapts to life's evolving complexities and continually aligns with your specific needs, expectations and risk tolerance. These periodic reviews guarantee your plan delivers not only your immediate goals but also seamlessly adjusts alongside your changing circumstances. Whether your priority is safeguarding your family's future, ensuring business continuity for your employees, or mitigating unforeseen risks, a well-maintained plan grants you the invaluable gift of peace of mind. Remember, this tranquility stems from knowing you have a comprehensive strategy in place to navigate life's uncertainties and fulfill your most cherished aspirations.

HOW WE WORK WITH CLIENTS AT PLUM POINTE WEALTH MANAGEMENT

At Plum Pointe Wealth Management, we collaborate closely with clients across all their assets. Our approach is inspired by David Swenson, a founding father of the Yale endowment portfolio, who believed that to be successful at portfolio management you need a deep understanding of human psychology, and an appreciation of history in addition to a sound understanding of financial theory. We also take a very deep analytical approach and work alongside clients to help them make decisions.

Our team of Certified Financial Planners™ (CFP®) conducts comprehensive evaluations of your financial landscape, identifying risks and collaborating with trusted partners to craft sophisticated solutions tailored to your unique needs. We believe true understanding underpins effective wealth management, and we remain dedicated to guiding you through every step of your financial journey.

5 Steps to Develop a Financial Plan

THE PLUM POINTE 5-STEP PROCESS OF DEVELOPING A FINANCIAL PLAN

We use discovery and analysis to help you develop a plan and continually revisit it. Developing a secure financial future requires a solid process. At Plum Pointe Wealth Management, we believe in a dynamic approach anchored in five key steps:

Step 1: Discovery

We delve into your financial position, and pay particular attention to your values, objectives, and concerns, painting a comprehensive picture of your financial landscape. This includes not only assets and liabilities but also potential "blind spots" we help you identify.

Step 2: Analysis and understanding

Through continued conversations we get a better understanding of your behavioral tendencies and how your thought processes influence financial decisions. This all ties into principles of behavioral finance. Everyone has their own unique set of behavioral tendencies. By identifying potential biases, we empower you to make informed choices aligned with your objectives.

Step 3: Portfolio deep dive

With a clear understanding of your unique situation, we perform a deep dive into your portfolio. We analyze assets, liabilities (including business debt if applicable), and risk management strategies. Is your estate plan in order? Are you utilizing the most efficient tools? Our thorough analysis ensures optimal positioning for your financial journey.

Step 4: Testing and execution

Equipped with your profile and analysis, we stress test your strategy. We make sure your assets are positioned the way they need to be to serve you in the best possible way. From there we put it all together and consider behavior and decision-making analysis, client portfolio information, objectives and deficiencies.

Step 5: Implementing and evolving

Finally, we present a carefully crafted plan: a roadmap to help you reach your financial objectives. The plan evolves with you. With regular reviews, we revisit each step, adapting the plan to life changes and ensuring it remains a reliable guide.

We're not just building a plan; we're building a partnership. We're committed to helping you along your financial journey, ensuring every step leads you closer to the future you envision.

WHEN TO REVIEW YOUR FINANCIAL PLAN

While there's no one-size-fits-all answer, annual check-ins with your advisor are crucial to ensuring that your financial plan stays up to date. It's also a good idea to revisit your plan if any new personal milestones arise—marriage, the arrival of a grandchild, divorce etc. Regular reviews prevent your plan from becoming outdated and potentially jeopardizing your financial future.

If you haven't met with your advisor recently to revisit your plan, you should set up an appointment. If you aren’t sure that you have the right team or you’re looking for a second opinion, contact us today. We are happy to go through the discovery process to see if we would recommend any adjustments.

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