Extending your reach: when your clients need financial guidance
You guide your clients when they need professional tax and accounting advice. When their needs extend to wealth management, we can help. Having a custom wealth plan can build on the tax strategies you’ve helped your clients put into place.
In this webcast, Chelle Gonzo, Director of Business Strategy, outlines the four key elements of a financial plan and how planning can help your clients reach their financial and family goals.
Transcript: Planning for the Journey
When I say, “Let's build a financial plan for you,” what comes to mind?
For some people, its visions of endless questionnaires and hours spent gathering account statements. And fear that the outcome will be a thick book that’s complex and confusing.
I’m Chelle Gonzo, Director of Business Strategy for Wells Fargo Private Bank, and I’m here to dispel that myth. Good financial planning is often simpler than you think, and the insights you gain can give you confidence to take action toward your most important goals.
In this video, I’ll outline the four simple elements of a financial plan and highlight the benefits it can bring to you and your family.
So—what is a plan? Think about it as a GPS for your goals—it helps you generate a financial roadmap for reaching a destination that’s important to you.
The first component every GPS needs is a starting point. A financial plan is no different. Defining your current financial reality—your starting point—is a key baseline.
The second key component to developing your plan is identifying a clear direction. Where are you headed on this financial journey? What’s important to you and your family? Knowing when you can retire comfortably? Purchasing a second home? Transitioning a business? A good plan helps you define and prioritize things that are important to you.
Once you’ve established your starting point and your destination, it’s time to crunch the numbers. The third key component of your financial plan is analysis.
This involves examining your goals against your timeline and your resources. Here you’ll gain insights about what it will take to achieve your goals. Are you well-positioned to reach them or do you need to build your assets or consider tradeoffs? Are you on a fast track or taking the scenic route? What detours might lie ahead? Analysis will help you see them before you miss a turn.
The fourth and final component of your financial plan is advice. In this stage, your advisor will recommend specific actions to set yourself up for success. For example, you may need to reallocate your investment portfolio or get key estate planning documents in place. Without action, your plan is just a wish. You’ve got to implement the recommendations in your plan to make progress toward your goals. And without regular adjustments, your plan will get stale. Just as your GPS recalculates your routes when you’ve veered off course, your financial plan should adapt to your life’s changes, helping you stay on track.
These four ingredients—a starting point, a destination, analysis, and advice—comprise a good financial plan. But it’s what you GET from this process that’s priceless. You get clarity about what you want for your family and the priority of each goal you set. You get confidence—clients tell us they’re able to make major financial decisions more easily because they have a plan and understand the impacts of it. Clarity and confidence. Those are some powerful benefits.
Building a financial plan begins with a simple conversation. See how our planning process and simple deck of cards can get you started. Contact your relationship manager today. Thank you for watching.