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