A comprehensive financial plan is essential.
While prudent portfolio management is a crucial element to your success, it’s not enough on its own. Your success also depends on the proper execution of a carefully prepared financial plan that incorporates your goals, your resources, risk management, tax issues, and estate planning.
The best financial goals are those that support your passion.
Goals aren’t just about money, or at least they shouldn’t be. A worthy goal is one that supports what you are passionate about. Perhaps it is traveling, something you are collecting, altruism or a physical goal like hiking the high peaks in the Adirondacks or kayaking national forests. What goals are you enthusiastic and excited about?
A comprehensive financial plan must address matters of both life and death.
Planning for what to do in your lifetime is always important, but all too often it is the only thing financial plans address. We believe a good plan should also address the details surrounding your death so your final wishes are understood and your loved ones are properly cared for… from a financial, practical, and emotional perspective.
Portfolio management should be active not passive.
“Set it and forget it” is not a prudent approach to managing investments. In a world of constant change, prudent portfolio management requires an active management strategy. That’s a strategy that rebalances the percentage of assets held in various categories. This way, you can take advantage of pricing opportunities and/or potentially minimize risk.