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Financial Planning: What is it?
& Why is it important?

Helping you see the big picture

Do you picture yourself owning a new home, starting a business, or retiring comfortably? These are a few of the financial goals that may be important to you, and each comes with a price tag attached.

That’s where financial planning comes in. 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 need and available resources.

Why is financial planning important?

A comprehensive financial plan serves as a framework for organizing the pieces of your financial picture. With a financial plan in place, you’ll be better able to 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. A financial plan will clearly show you how your financial goals are related--for example, how saving for your children's college education might impact your ability to save for retirement. Then you can use the information you've gleaned 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.

Pie Chart

The Financial Planning 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 your plan, making adjustments as your goals, time frames, or circumstances change.

We Can Help

Financial planners typically play a central role in the process of your long and short term financial goals coming together. They focus on your overall financial plan, and often coordinate the activities of other professionals who have expertise in specific areas.

Estate planners can help you plan your estate and give advice on transferring and managing your assets before and after your death.

Insurance planners will help evaluate your insurance needs and recommend appropriate products and strategies.

Investment advisors provide advice about investment options and asset allocation, and can help you plan a strategy to manage your investment portfolio.

Shankland Financial provides these services and more. We offer the convenience of working with ONE professional who can consult you in ALL the areas where you have financial questions and concerns.