If you have a customized financial plan that aligns with your personal vision, you know firsthand how valuable that plan is in guiding you toward your financial goals. If you have not worked with us yet to have a financial plan designed just for you and your situation, the benefits are significant.
The benefits of having, and following, a customized financial plan
A personalized financial plan guides you in allocating your resources effectively to achieve what matters most to you. It serves as a road map as you plan for the future, including retirement.
As your financial advisory team, we work closely with you to build your financial plan according to your current financial situation and your goals — where you are now and where you’d like to go. Financial planning would be pretty straightforward, and easy for anyone to do, if we didn’t have to account for inflation, the inevitable volatility of the markets, changing tax laws and other factors.
We have seen very few people who are successful with taking a do-it-yourself (DIY) approach to financial planning. The financial services world is more complex than ever. It’s impossible for one individual — even one extremely competent financial advisor — to know everything about every product and service there is. Working with our advisory team, you benefit from having access to the knowledge, training, expertise and experience of many different specialists. A collaborative approach to designing your financial plan provides you with the expert guidance and perspective of many professionals.
Having a financial plan, and working with your financial advisor, can help you avoid making costly, and often irreversible, financial mistakes. It also can reduce stress and worry about finances. In a March 2025 study of American adults from Empower, a financial services company, 78 percent of respondents said that having a financial plan to guide their decisions makes them happier and less stressed.
The difference between reactive and strategic planning
Even if you are diligent about saving money and following a budget, you are still missing a huge opportunity to improve your financial situation if you do not have a personalized financial plan. With a financial plan, you will engage in strategic planning instead of simply reacting to the events that happen in your life.
A 2024 study by Goldman Sachs found that 80 percent of people who have a personalized financial plan are on track with their savings, or ahead of their plan, compared to only 39 percent of those without a plan. Also, people with a financial plan are 62 percent more likely to increase savings each year, compared to 29 percent of those without a plan. And 52 percent of people who have a plan have more than $200,000 in savings, compared to 23 percent of those without a plan. Plus, a study by Charles Schwab found that people who have financial plans accumulate significantly more wealth than nonplanners. Planners save an average of $1.9 million for retirement, compared to $788,000 for those without a plan.
We review your financial plan at least once a year
Customizing a financial plan for you is just the beginning. We also adjust your plan as needed to make sure it still aligns with your goals. A financial plan is not a “set it and forget it” tool; it is a dynamic “financial GPS” that keeps you on track to reach your financial goals — regardless of changes that come up in your life. For this reason, we review each client’s financial plan at least once a year.
We also rebalance our clients’ portfolios regularly for similar reasons.
We also review your financial plan when your situation changes
Changes in the economy and in your personal situation can cause your priorities to change. Life events — some expected and some not — can change your financial situation. As you navigate these changes, we will review your financial plan with you and adjust it, if needed.
We want to review your financial plan if you experience any of the following personal life events. These are just a few examples of many such changes that should trigger a financial-plan review:
- Getting married, separated or divorced
- Having or adopting a child
- Getting a promotion or a new job
- Experiencing an increase or decrease in your income
- Retiring sooner than expected
- Starting to receive disability Social Security or Medicare benefits
- Receiving an inheritance
- Buying or selling a property
- Launching or selling a business
- Buying a new vehicle, motorcycle, boat or RV
- Buying a second home
- Sending a child to college
- Becoming the caretaker for an ailing parent
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At FORM Wealth, we schedule an annual review with every client. During this meeting, we will go through your financial plan with you and discuss any changes in your goals or personal situation. We also have at least two or three calls with every client each year to discuss their financial plans and answer any questions they have.
When was the last time you reviewed your financial plan with your advisor? Please contact us today if you would like to schedule a review or if you haven’t yet had a financial plan designed for your and your family’s situation and goals.
