Whether you are already established or just starting out, financial planning can help you and your family or business partners to develop a competitive edge that will allow you to thrive in the challenging years ahead.
Objectives of Financial Planning
Financial success requires careful planning. The objectives of financial planning are to define where you want to go and devise the best approach to get there.
The Financial Planning Process
At Blackburn Davis Financial, we believe in a plan-driven approach to financial success. Here are some key steps to successful financial planning:
- Establish financial goals and objectives
- Ensure sufficient resources are available to meet emergencies that may arise
- Determine the disposable income needed to meet short, medium, and long-term goals while maintaining desired lifestyle
- Develop strategies to minimize the amount of taxes payable
- Ensure adequate income is available in the most tax effective manner to meet financial needs in retirement (see Retirement Planning)
- Identify the risks associated with the financial plan and develop appropriate strategies to mitigate those risks
- For business owners, ensure that personal needs dovetail with the needs of the business
- Ensure the financial plan is flexible so that necessary adjustments can be made should circumstances change or opportunities arise in the future
Developing a financial plan is not costly in terms of dollars and cents, but does require a commitment of time. We recommend spouses or business partners be included in the planning process because teamwork helps to reduce stress and contribute to success.
Time invested in developing and implementing a financial plan will lead you to new insights and the comforting knowledge that your financial future is on track.
The Role of Your Blackburn Davis Financial Advisor
Blackburn Davis Financial is a member of a team of independent financial professionals who are informed of the latest developments in the financial planning field. We strongly believe that by being independent we can best meet your needs. We are not tied to any one financial institution and therefore, we have the ability to search the marketplace for products or services most appropriate for your situation.
We will assist you through the entire financial planning and implementation process, along the way making you aware of your choices so that you can make informed decisions that are most advantageous for you. We will help you to:
- Wade through the seemingly endless number of financial products and strategies available and find those that are most appropriate for your situation
- Determine if your goals and objectives are indeed achievable
- Develop a plan that you can realistically expect will meet your goals in the future
- Measure the performance of your financial plan by providing you with ongoing, clear and concise progress reports
- Review your financial plan and make necessary adjustments as your life changes.