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Why financial planning is more than just a document

After engaging in financial planning, you should expect to receive more than just a plan document. The plan, however important, should correctly include a summary of your financial goals and all the action items to help you reach them. It might also include a cash flow projection of what your future income will look like after taxes along with a retirement success rating. What’s less expected, but arguably more important, is the ongoing relationship with your advisor and why staying engaged is critical to keep you on track toward success.

Like changes in the stock market or taxes, your life will be as just as interesting. When facing major life choices, such as buying or selling a house, getting a new job, or starting a family, these are a few of the reasons to stay engaged with your advisor. Major financial events shouldn’t be faced alone in the dark.

Once you start a relationship with an advisor, depending on the scope of the relationship, from that point on, you should be able to access professional advice whenever needed. Gone are the days of transaction based relationships where a phone conversation is limited to investments, insurance or other products. What consumers need now more than ever, in the face of increasing financial complexity, is ongoing advice that lays out your options in the simplest of terms. When facing a life challenge or struggle, your advisor may provide some insight otherwise not considered. Why not use them at every stage of your financial life, for both the ups and the downs?

Life events

Buying a house? Your advisor can illustrate lending options that you (or your mortgage broker) may not have considered. This might include strategies for financing the property, such as lending from your investment portfolio or from another rental property, potentially providing you with greater tax benefits at a lower expense.

Job change? A new job can force you to make many decisions. When negotiating pay, your advisor may help advise on the other elements that the job is offering, such as insurance or retirement plan benefits, stock options, or vacation. Pay is equally important but understanding your personal cash flow might help you make the adjustments needed so that you can save more for your goals while still covering expenses.

Starting a family can be the most joyous occasion, however, the many associated financial decisions can be overwhelming. Your advisor can help you update your family health plan, strategize on insurances, and calculate tax-advantous savings options for your kids' education.

At Eureka Wealth Management, I am a fee-only financial planner that does more than just the plan. I stay engaged with my clients throughout the year providing ongoing advice and support whenever they are faced with a decision. I also coordinate my advice with my clients’ other professionals, attorney or tax advisor, to give the most robust recommendations. I'm committed to helping my clients reach their financial goals. Call for a free initial consultation at (760) 537-0791 or book online at

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