How A Personal Financial Plan Can Set You Up For Success

With all the uncertainty in the world, why not plan for success? Financial planning is not a “one-size-fits-all” approach. True financial planning should consider every aspect of your past, present, and future. If done properly, it will help guide you down the best path to achieve the goals that you envision. A comprehensive financial plan can be the rock to anchor your goals in rough waters. The rough waters of market volatility have happened before, are happening now and will happen again. Considering this, financial plans allow people to see the impact of market volatility on their long-term goals, re-evaluate their asset allocation and liquidity needs, then form an action plan on how to proceed in order to better the outcome of success for their goals.

“Most people don’t plan to fail they fail to plan”

– John J. Beckley

Financial planning should be customized. This personalization helps guide everyone to the financial future they envision. Personalizing a financial plan for someone requires advice that goes beyond investing. To provide that advice, we need to know what matters most to you, what you want to accomplish, and what you want your legacy to be. The answers to these questions help paint a clear picture of how you can make an impact on others and help those you care about, while achieving whatever it is that you want most in your life.

The catalyst that sparks difficult conversations. Finance can be a stressful situation or discussion when you’re single, in a relationship and especially when you’re married. It is important to discuss your financial situation with your advisor and have regular meetings with them to bring up any concerns or goals that may have changed.

Prudent investment management. The management of your investments starts with a financial plan. The financial plan sets guidelines of what you want your asset allocation to be and how often you want to rebalance to keep you on the path of success toward your financial goals. Rebalancing, especially in retirement accounts has historically allowed portfolios to rebound faster after a market drawdown, and will keep your portfolio consistent toward your goals no matter the market conditions. It is important to keep these long-term goals in mind when investing, as it is easy to get distracted in the day-to-day routine and lose sight of your objectives over different time horizons.

Knowing and using your resources. Financial planning includes a variety of resources that are at your disposal. These resources are provided to help you with any need or goals you may have throughout your life. The resources available cover topics such as social security, Medicare, long-term care, income taxes, charitable giving, life insurance, annuities, trusts, and even estate planning.

Start the planning conversation early. If the last two years have shown us anything, it’s that life is unpredictable! Whether it be laws, limits, restrictions, or shutdowns, things are always subject to change at any point in time. For families having financial conversations is also important to be able to share their financial experiences and goals. Furthermore, with many people now working from home, planning can even be done digitally to help facilitate conversations that would otherwise have been impossible. Now, more than ever, we are connected to the world around us and able to communicate with people across the globe.

Leaving a Legacy. Many of us worry about what mark we will leave on the world, whether we will have enough to help our children, or even if we will be able to give to the things that meant the most to us in our lives. A financial plan can help you define your legacy, whether it’s starting a donor-advised fund to give to causes close to your heart, gifting money in college plans for your grandchildren, or just having some money left to pass on. Customizing your financial plan can allow you to focus on what matters most in your daily life, while trusting that your long-term goals are worked toward.

To induce financial discipline. Establishing a regular savings habit is a key component to creating long-term wealth. A financial plan can help to create financial discipline by increasing the amount you save to invest and making the amount consistent over time. The more you save, the more you can add to your investments, emergency fund, or goals-based fund. Establishing financial discipline and good saving habits are not only arguably the most important part of a plan, but it is also the aspect that you have the most control over.

‘As a firm providing wealth management services to clients, UBS Financial Services Inc. offers investment advisory services in its capacity as an SEC-registered investment adviser and brokerage services in its capacity as an SEC-registered broker-dealer. Investment advisory services and brokerage services are separate and distinct, differ in material ways and are governed by different laws and separate arrangements. It is important that you understand the ways in which we conduct business, and that you carefully read the agreements and disclosures that we provide to you about the products or services we offer. For more information, please review client relationship summary provided at, or ask your UBS Financial Advisor for a copy. In providing financial planning services, we may act as a broker-dealer or investment adviser, depending on whether we charge a fee for the service. The nature and scope of the services are detailed in the documents and reports provided to clients as part of the service. Financial planning does not alter or modify in any way a client’s existing account (s) or the terms and conditions of any account agreements they may have with UBS.

Insurance products including annuities are made available by UBS Financial Services Insurance Agency Inc. or other insurance licensed subsidiaries of UBS Financial Services Inc. through third-party unaffiliated insurance companies.

UBS Financial Services Inc., its affiliates and its employees do not provide tax or legal advice. You should consult with your personal tax and / or legal advisors regarding the legal or tax implications of a particular suggestion, strategy or investment, including any estate planning strategies, before you invest or implement.

Modesto Ruggiero is a registered representative of UBS Financial Services Inc. Member FINRA / SIPC ‘


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