When most people think about financial planning, they picture a traditional setup – investment advice and wealth management for wealthy people. But that’s not the only option. Getting targeted help from a financial planner during crucial moments of your life can be life-changing. You might not need investment advice or ongoing support.
At Guiding Wealth, we now offer a brand-new alternative: the one-time financial plan.
As the name suggests, a one-time financial plan is an affordable one-off alternative to traditional long-term financial planning. It’s your chance to meet with an expert financial planner, get a customized plan to reach your goals, and then continue taking a DIY approach to your finances.
Which option is right for you? The answer depends on your needs, preferences, and unique financial situation. Let’s talk about both options, the pros and cons, and how to determine which one is best for you and your family.
A One-Time Financial Plan
The one-time plan approach involves meeting with a financial planner once to go over your entire financial situation and goals. Your planner will help you build a comprehensive plan to make progress toward your goals, and you’ll leave with a clear list of next steps to take.
We offer three different one-time plan options:
- Buying a Home: A customized plan to help you reach your goal of homeownership
- Planning for a Baby: A personalized road map to prepare your finances for parenthood
- Personal/Multiple Goals: A comprehensive, customized plan to reach any goals outside of buying a home or expanding your family
No matter what your financial goals are, we can build a one-time plan to help you reach them.
Pros of a one-time plan
Here are some of the potential benefits of the one-time financial plan:
- You get a customized financial plan created by an expert.
- You will know exactly what to do to make progress toward your goals.
- You only need to pay a single, affordable fee.
If affordability is important to you and/or you aren’t quite ready to commit to a long-term planning arrangement, consider using our one-time financial plan service.
Cons of a one-time plan
A one-time plan also has some possible downsides:
- You won’t have a planner you can reach out to with questions as necessary.
- If you want to change your plan, you’ll need to schedule another appointment.
If the market changes or you shift your financial goals, your one-time plan may not be as useful to you as it was originally.
Traditional Financial Planning
What does traditional financial planning entail? It usually starts with a meeting to create a retirement plan, update your investment portfolio, or discuss other aspects of your finances. After working together to create a plan, you and your planner meet together on a regular basis to discuss how things are going.
During these meetings, your planner may ask you for updates on your financial goals. For example, if one of your goals was to save $10,000 in an emergency fund, your planner might check on your progress and offer suggestions if you aren’t moving forward on this goal as fast as you would like.
Your financial planner may also provide details about your investments: their value, what’s happening in the market, and how it may affect your portfolio going forward. Depending on what’s going on in the economy, your planner may suggest making changes to your investments to mitigate risk or take advantage of new opportunities.
Pros of traditional financial planning
Ongoing financial planning has some advantages:
- Expert advice and guidance for short- and long-term plans
- Investment management based on your goals
- Guidance and support when you have questions about your finances
If you want the peace of mind that comes with having an expert to help you make decisions about your finances, traditional financial planning may be right for you.
Cons of traditional financial planning
However, some aspects of ongoing financial planning may not be right for everyone:
- You’ll need to pay a fee for financial planning services.
- You must be comfortable sharing personal financial information with your planner to get the most out of their services.
If you aren’t ready to work closely with a financial planner or don’t want to commit to a long-term arrangement that includes service fees and ongoing meetings, this might not be the right fit for you.
Choosing the Option That Works for You
So, which option is right for you? It really depends on what you value the most. If you want constant support from a financial expert who can answer your questions, manage your investments, and help ensure you’re always on the right path to reach your goals, traditional financial planning is probably the best choice.
However, if you aren’t quite ready for the time and financial commitment of ongoing financial planning services, the one-time financial plan is an excellent alternative. This option is a good choice if you feel comfortable managing your money in general and are looking for expert guidance on how to reach specific goals.
Of course, you can always opt for traditional financial planning support at any time after you get a one-time financial plan. It’s really all about deciding whether you want ongoing input from a planner or whether you’re just looking for a road map you can follow on your own. No matter which option feels best for you right now, get started by scheduling a consultation online.