Financial Planning Overview

What are your financial goals? Owning a home? Saving for college? Starting a business? Retiring comfortably? There are numerous choices, each one with its own price tag.
That is where Walthall’s financial planning professionals can help.Financial planning is a process that can help you reach your goals by evaluating your whole financial picture, then outlining strategies that are tailored to your individual needs and available resources.
Why is financial planning important?
A sound financial plan serves as a framework for organizing the pieces of your financial picture, which will help you focus on your goals and understand what it will take to reach them. 
One of the main benefits of having a financial plan is that it can help you balance competing financial priorities. It will clearly show you how your financial goals are related. For example, how
saving for your children’s college could impact your ability to save for retirement. You can use this information to decide how to prioritize your goals, implement specific strategies,and choose suitable products or services. Best of all, you’ll have the peace of mind that comes from knowing that your financial life is on track.

The process
Creating and implementing a comprehensive financial plan generally involves working with financial professionals to:
  • Develop a clear picture of your current financial situation by reviewing your income, assets, and liabilities, and evaluating your insurance coverage, your investment portfolio, your tax exposure, and your estate plan
  • Establish and prioritize financial goals and time frames for achieving these goals 
  • Implement strategies that address your current financial weaknesses and build on your financial strengths
  • Choose specific products and services that are tailored to meet your financial objectives
  • Monitor and adjust your plan accordingly
Our team of financial planners, CPAs, and estate planners focus on your overall financial plan, help with federal and state tax issues, and advise with planning your estate and managing assets. We will help coordinate the activities of other professionals such as lawyers, insurance professionals, and investment advisers. 
Why can’t I do it myself?
You can, if you have enough time and knowledge, but developing a comprehensive financial plan may require expertise in several areas. A financial professional can give you objective information and help you weigh your alternatives, saving you time and ensuring that all angles of your financial picture are covered.

Staying on track
The financial planning process doesn’t end once your initial plan has been created. Your plan should generally be reviewed at least once a year to make sure that it is up to date.You may need to modify your plan due to changes in your personal circumstances or the economy. 

What if I’m too busy?
Don’t wait until you’re in the midst of a financial crisis before beginning the planning process. The sooner you start, the more options you may have.

Is the financial planning process complicated?
Each financial plan is tailored to the needs of the individual, so how complicated the process will be depends on your individual circumstances. Our professionals will work hard to make the process as easy as possible, and will gladly answer all of your questions.
What if my spouse and I disagree?
A financial professional is trained to listen to your concerns, identify any underlying issues, and help you find common ground.
Can I still control my own finances?
Financial planning professionals make recommendations, not decisions. You retain control
over your finances. Recommendations will be based on your needs, values, goals, and time frames. You decide which recommendations to follow, then work with a financial professional to implement them.