727.441.9022
611 Druid Rd E • Suite 105 • Clearwater, FL 33756
V. Raymond Ferrara, CFP®
JULY/AUGUST 2016
| TAMPA BAY MAGAZINE 93
Chairman
Chief Executive Officer
Eric R. Ebbert, MBA, CFP®
President
Chief Operating Officer
FAILING TO PLAN ISN’T A GOOD PLAN
As the old adage goes, people don’t
plan to fail, they simply fail to plan. For
some strange reason, this is especially
true when it comes to our finances.
When did you last update your written
financial plan? Oops, you have never
done one?
Imagine trying to build a home
without a set of architectural drawings.
How would you feel about a doctor
operating on you without having
prepared a plan for the surgery or a
lawyer going into a trial without a
written plan to win the case? Every
business owner/CEO knows the value
of a business plan and how it acts as a
guidepost. Not having a financial plan
is a plan, but not a very good one.
In short, perhaps you can get lucky
and succeed without a plan, but
you significantly increase the odds
of success when you have a written
plan, no matter what you are doing. A
financial plan also instills confidence in
your moving successfully towards your
financial goals. Financial planning is
not a onetime event and done properly
is a lifetime process.
The plan does not necessarily have to
be hundred pages long and weigh five
pounds. Sometimes it can be written in
a few pages. It needs to be tailored to
your unique situation and should not
be a cookie cutter plan where everyone
basically gets the same advice. Often
the plan is specific to a particular part
of your financial life like retirement,
estate planning, etc.
If an integrated plan is needed,
it will cover your net worth, cash
flow, budgeting, risk tolerance
analysis, investment review and
analysis, asset allocation, retirement
planning including Social Security
recommendations, education funding
for the children/grandchildren, estate
planning, insurance (life, disability,
property and casualty, personal
liability, long term care, etc.), and asset
protection.
There are usually six steps in the
preparation of a professional financial
plan: 1) an opening interview to assess
your current financial situation and to
identify your priorities and concerns; 2)
a discovery meeting where information
is gathered to develop a profile of your
current situation, including a review
of your financial information and
relevant documents; 3) analyzing this
data to be certain we understand your
unique situation and how to address
it; 4) presenting the planning analysis
during a strategy session, allowing
you to understand where you are in
relation to where you want to be in the
future; 5) using the plan as a blueprint,
develop an implementation schedule
and identify specific steps to help you
reach your goals; and 6) to monitor the
plan through periodic reviews of your
financial situation.
In the “old” days, the plan needed
to be updated every three to five
years or whenever a major financial/
personal event (new job, promotion,
marriage/divorce, health issue, etc.)
occurred. Today, however, through the
use of software, it can be kept current
on almost a daily basis letting you see
how even small changes in income
and/or net worth will affect the plan
in a positive or negative way. Thus,
keeping the plan current will not only
keep you up to date, but it can also help
in making a decision about different
scenarios.
If you have never done a financial
plan why wait? When you do a
financial plan with ProVise, we offer
a money back guarantee. If you are
not satisfied with the plan we have
prepared for you, simply return it to
us and we will refund the fee you paid.
Please schedule a complimentary no
obligation meeting with us to learn
more about creating your personal
financial plan.
About ProVise Management Group, LLC: ProVise is a financial planning and investment management firm registered with the Securities and Exchange Commission
(SEC) and have been in business since 1987. Our 12 professional advisors serve approximately 1030 clients in over 30 states. As of December 31, 2015 we were managing
approximately $1.177 billion for our individual, corporate, not-for-profit, and 401k retirement plans. Please visit our website at: provise.com. Investment Advisory Services
offered through ProVise Management Group, LLC.
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