Your Financial Success is More than a Return on Investment

by | Aug 19, 2021 | Financial Planning

The financial planning process helps you prepare for the anticipated costs in life as well as the surprises. There are many benefits to the process to consider, such as reaching financial goals, saving for the future, and establishing a peace of mind. So, to meet these goals, you need to be a smart investor. However, while earning the best return may seem like the only important goal in saving for retirement, achieving financial success means more than simply maximizing ROI.

A Financial Plan Should Help You Meet Short-Term Goals While Planning for Long-Term Success

Throughout the many phases of the COVID-19 pandemic, we have learned to expect the unexpected. Hopefully, this has led to a better understanding that cash flow, debt management, and an updated assessment of our financial needs is critical to meeting savings goals and weathering the unexpected.

The best way to ensure you are on track to meeting your goals is to have a plan. This may seem obvious, but a comprehensive financial plan, like your Financial Fingerprint™, generally requires the assistance of an experienced financial professional.

In developing your plan, you’ll likely discover that you have both short-term and long-term goals, and those goals are always changing. Short-term goals include those that impact your immediate future, like buying a car or a home – or even planning a family vacation. Long-term goals, on the other hand, are those that may be several years in the making, like saving for retirement or your children’s college.

When developing your financial plan, you should work with your advisor to ensure your plan includes all your goals – no matter how distant. When you get started, your long-term goals may seem like a pipe dream, but if you plan carefully, with the help of an experienced financial professional, you can have a shot at meeting those goals and enjoying your dream retirement.

An Effective Financial Plan Helps You Achieve Peace of Mind for the Future

According to the American Psychological Association (APA), more than half of respondents in the APA’s 2020 Stress in America survey reported that finances continued to be a significant source of stress. While, COVID-19 pandemic has likely continued to exacerbate this stressor, other causes of financial stress can be related to unexpected events, such as recent health diagnosis, injury, death of a loved one, or divorce. If you don’t have a plan, these events can be financially devastating.

You should understand that it is virtually impossible to anticipate every potential scenario for your financial future. However, an effective plan will likely include an emergency fund to help you weather any unexpected expenses. In addition, an experienced planner will help you understand the common issues that people face and give you confidence that you can handle them – should they arise.

A Trusted Financial Advisor Can Help You Make Informed Decisions

The right financial advisor will let you know that planning for the future involves much more than achieving the highest return on your investments. In addition, finding an advisor that you trust can help you be confident in your financial decisions.

When you have a trusted advisor, you can consult with them before making decisions that can greatly impact your financial future. An effective advisor will help you monitor your financial goals and make the decisions that give you the best chance to meet them – like a coach, a teacher or a mentor would help you in other phases of your life.

Get Your Financial Fingerprint™ at Brookstone Wealth Management

Whether you are new to the financial and retirement planning process or are already retired, there are always opportunities to assess your current financial plan and adjust where necessary. Here at Brookstone Wealth Management, we have a process to get your retirement on track called your Financial Fingerprint™ – a comprehensive wealth management plan that is quick to assembleeasy to understand, and simple to modify as circumstances change. After all, at Brookstone Wealth Management, we believe it takes more than a return on investment to achieve financial success.

If you are searching for a financial advisor or looking for a change, contact us at Brookstone Wealth Management. We offer a complete suite of wealth management services, supported by an experienced team of financial and legal professionals. Our focus is on coaching, teaching, and monitoring our clients and would love the opportunity to help you navigate to your True North.