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Live the Life You Can Imagine: Our Personalized Financial Planning Process

May 28, 2024

At Totus Wealth Management, we believe that everyone should have the tools to build the life they imagine. Achieving your dreams requires careful planning and guidance, which is why we offer a personalized financial planning process. While the structure remains the same for most clients, what we do in each step is tailored to your unique goals and aspirations. 

Read on to learn about how our financial planning process can help you build the life you've always dreamed of.

Step 1: Understand Your Values and Goals

The heart of our personalized financial planning process is a deep understanding of your values, aspirations, and financial goals. We take the time to listen to you, to understand what truly matters to you and what you envision for your future. 

No future or dream is the same. We can help you design a plan that prioritizes traveling today and financing your children’s college education tomorrow—no matter your financial vision, we can help you balance your current needs and wants with your long-term goals.

Why? To make a roadmap out of your values.

By understanding your values and goals, we can create a roadmap that aligns with your vision and helps you pursue the life you desire.

Step 2: Analyze Your Financial Situation

Once we understand your values and goals, we thoroughly analyze your financial situation, reviewing your income, expenses, assets, liabilities, investments, and insurance coverage. 

Are you in debt but want to travel? Do you have kids to support but want to buy a new home? Analyzing your financial documents helps us understand what your situation looks like now through concrete numbers—then we can turn those numbers into a roadmap toward your financial goals.

Why? To identify the best places to focus on first.

With a comprehensive understanding of your financial picture, we can identify areas of strength and improvement, allowing us to develop strategies tailored to your specific needs.

Step 3: Develop a Customized Financial Plan

Based on our analysis of your financial situation and goals, we develop a customized financial plan to help you achieve your objectives. This plan may include strategies for budgeting, saving, investing, retirement planning, tax planning, estate planning, and risk management. 

Let’s say you value opportunity and are looking into creating endowments or scholarships at your alma mater to give opportunities to someone else, but you also want to budget to be ready for career opportunities or relocations. A financial plan can help you understand how to balance these big goals without compromising your financial situation now.

Why? To offer you a clear path to your financial goals.

A financial plan serves as both a financial foundation and a clear roadmap that outlines the steps you need to take to meet your financial needs and pursue your financial goals.

Step 4: Implement and Monitor Your Plan

Once your financial plan is in place, we will work with you to follow through and implement the recommended strategies. We can help guide or refer you through the process of opening investment accounts, setting up automatic contributions, updating your insurance coverage, executing legal documents, and more. Then, we’ll monitor your plan and adjust as needed to ensure it remains aligned with your goals and objectives.

Why? To help you stay accountable to your plan

We understand that balancing your financial to-do list with the rest of your life can be difficult, so we’re here to be your accountability partner every step of the way.

What Are the Benefits of a Financial Plan?

A financial plan offers numerous benefits that can positively impact your life and financial well-being. Here are the key benefits of having a financial plan:

  • Clarity and Direction: A financial plan provides you with a clear roadmap for achieving your financial goals, helping you prioritize your objectives and outlining the steps you need to take to reach them.
  • Goal Achievement: With a financial plan in place, you can set specific, measurable, achievable, relevant, and time-bound (SMART) goals. This increases your likelihood of success and helps you stay focused and motivated.
  • Financial Security: A well-crafted financial plan includes strategies for building and protecting wealth. A financial professional can help you establish emergency funds, manage debt, and ensure adequate insurance coverage, providing a safety net for unexpected events.
  • Risk Management: A financial plan helps you identify and mitigate potential risks that could derail your financial goals. This may include risks such as market volatility, inflation, illness, disability, or job loss.
  • Investment Optimization: By analyzing your risk tolerance, investment objectives, and time horizon, a financial plan helps you develop an investment strategy that aligns with your goals.
  • Tax Efficiency: A financial plan often includes tax planning strategies to minimize your tax liabilities and maximize your after-tax returns. This may involve strategies such as tax-deferred investments, retirement accounts, tax-loss harvesting, and charitable giving.
  • Retirement Planning: One key component of a financial plan is retirement planning. From determining how much you need to save for retirement to establishing retirement income sources and creating a withdrawal strategy, a retirement plan can help you sustain your lifestyle in retirement.
  • Estate Planning: A financial plan will often address estate planning considerations to ensure that your assets are distributed according to your wishes and that your loved ones are taken care of after you're gone.

Empowering You to Live the Life You Can Imagine

Our personalized financial planning process is designed to empower you to live the life you can imagine. Whether you dream of traveling the world, starting a business, purchasing a home, sending your kids to college, or simply retiring comfortably, we're here to help you turn your dreams into reality. 

Contact us today to schedule a consultation and take the first step toward pursuing your financial goals.