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Objective: The first step in any financial plan is to map out where you want to go - specifically define short and long-term objectives. It's important to remember, the goals we're concerned with are more than just your financial goals, we're looking to have a discussion about ALL of the dreams and visions you have for your future. We need to have a full understanding of those dreams before we can work the financial aspects of your dreams into your overall plans. Your overall goals become the framework within which we start the planning process.
Process: Very often individuals, couples and families do not give much thought to future considerations - retirement goals, lifestyle, travel, advancement of education, career changes. If they do consider goals, they're often very generic, unspecific and difficult to measure success towards. From the very beginning, we open up a dialogue about your long and short-term hopes and expectations. We're looking for the specifics - from the type of home (or homes) you'll live in to how you'll fill your days. We want to get you thinking about the things you want to achieve - maybe things you haven't thought about since you were a kid. Once we've got specifics, we also talk about timing - when do you want to have accomplished certain items, and how much will it cost? Then we prioritize. We may not have time or room to complete all the goals, so we want to accomplish those that mean the most to you first.
We're not asking you to cast these objectives in stone - they're simply a place to start our conversations and our planning. Goal setting happens over your entire lifetime. It's an ongoing process and goals can change over the course of planning. In almost every situation, goals and objectives change in light of changing circumstances - and our plans can change and adapt to your priorities.
Importance: By discussing your overall goals and objectives and eventually solidifying them, you're taking the first (and most important step) toward achieving those goals. Without specific goals, you're simply going through the motions, without any specific accomplishments in mind.
Money is simply a means to an end. It's our role as financial advisors to help you achieve your objectives through the best use of your hard-earned money.
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