What the heck is a financial plan?

Modern Centsability

Often when people ask me what I do, and I tell them I’m a financial planner, they automatically reply, “Oh, I have one of those”.  Patiently, I ask them to explain further what their ‘financial planner’ does for them and 9 times out of 10, get the same response: “Well, they invest my money for me.”  Upon further prodding, most people realize they do not have a written financial plan.

Has your advisor offered to do a written financial plan for you?

Likely, no.  Most advisors do not have the skill set to do a proper written financial plan, or their practice of investment management is already a full time job in itself.  If you are looking for an advisor who will develop a plan for you, look for someone with the CFP (Certified Financial Planner) credential.  This means that not only do they have the skill set to develop…

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