If you visit a financial advisor, how complex should your plan be? Is a one-page plan too simple? Is a 50- to 100-page plan too much? We’ll explain how much detail you should expect in your financial plan.
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Click the timestamps below to skip to a specific topic in the episode.
The Combination and Key Points:
On this week’s episode of Unlocking Your Financial Future. Ben Schrock and Dan Oaklief explain how complex your plan should be when you visit a financial advisor. Is a one-page plan too simple? Is a 50- to 100-page plan too much?
The longest plan Ben has ever seen was more than 30 pages, but we often see people with no plan at all.
“They need us to help them figure it out,” said Ben.
There can be a lot of complexities within your financial plan. We want to make it thorough but simple enough to understand. Some clients require more details and more help from outside advisors, such as a CPA for high-level tax planning or from an estate planning attorney.
“We kind of pride ourselves on creating individualized plans, regardless of age or demographics,” said Dan. “There’s not a one-size-fits-all for the financial plan.”
Clients who are engineers, for example, often like more detailed plans. Some even come to meetings with their own spreadsheets and calculations. No matter what your level of comfort is, we want to make sure you understand our financial planning strategy for you.
Also on today’s episode, we answer a mailbag question from a listener who wants advice about how to retire at age 55. Listen to the full episode or use the timestamps below to find a specific segment.
2:48 – What’s the typical range of a financial plan?
4:39 – What’s the ideal length of a plan?
6:10 – Does it depend on what the client wants?
8:20 – Examples of complicated plans
9:52 – Examples of simple plans
10:38 – Are long plans a red flag?
13:14 – Mailbag: Retiring at 55
Thanks for listening to another episode of Unlocking Your Financial Future. We’ll talk to you again next week!