Fidelity Deposit and Discount

Frequently Asked Questions

Financial Planning

1. Why create a financial plan?

   A comprehensive financial plan is a framework for organizing the pieces of your financial picture—from banking to your investments, insurance, estate and more. Having a financial plan increases the likelihood that you'll reach your financial goals because the plan will help you focus on your goals and understand what it will take to reach them.

   One of the main benefits of having a financial plan is that it can help you balance multiple financial priorities. For example, you may want to save for your children's college education, but also want to save for your retirement. The plan will help you decide how to prioritize your goals, implement specific strategies, and choose suitable products or services. Best of all, you'll have the peace of mind that comes from knowing that your financial life is on track.

2. What are the steps to the financial planning process?

   Creating, implementing and continually adjusting your comprehensive financial plan often involves working with financial professionals to:

   • Develop a clear picture of your current financial situation by reviewing your income, assets, and liabilities, and evaluating your insurance coverage, your investment portfolio, your tax exposure, and your estate plan
   • Establish and prioritize financial goals and time frames for achieving these goals
   • Implement strategies that address your current financial weaknesses and build on your financial strengths
   • Choose specific products and services that are tailored to meet your financial objectives
   • Monitor your plan, making adjustments as your goals, time frames, or circumstances change