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Your Financial Flight Plan

Man in uniform pushing button in cabin during flight stock photo. Airways concept

We all like to find the best purveyor of whatever goods or services we are seeking. Whether it’s a cool new gadget or excellent service at a restaurant, we all want the “best.”

As part of this pursuit of excellence, we often find ourselves doing research and seeking multiple opinions. For example, people often speak to multiple medical professionals when evaluating a medical condition or procedure. Parents may visit multiple school when considering where to send their children.

If you’re a pilot, you’re already in tune with weighing options. We have been indoctrinated to consider many “what if?” scenarios, such as suffering an engine failure, losing a hydraulic system, or hitting wake turbulence and losing aircraft control. We aviate, navigate, and communicate. We handle whatever the situation dictates. In daily life, however, some issues receive our full attention while many elude any kind of cross-check once the initial scan or decision has been made. These items are on autopilot, and complacency may lead to a costly consequence.

Life is busy and, at times, a bit too hectic. With so many things going on, how many providers do we review (or have time to review)? Your first flight instructor was critical to your eventual success as a pilot. Likewise, your wealth manager is critical to what results will be achieved for your long-term financial freedom. Not just for you but for your loved ones, too. Does your wealth manager have your best interests at heart, or are they cruising on auto pilot? Whether you’re investing on your own, using a robo-advisor, or using financial advisor, there’s a cost attached to whatever you select. The question is this: are you receiving a good value?

A flight plan gives you a destination that sometimes changes due to weather, maintenance or medical emergencies. Your financial plan is no different. A good financial plan models several scenarios. What does it look like to retire early? What happens if one spouse unexpectedly passes? What happens if you or your spouse suffers a sudden debilitating injury or illness?

These variables need to be considered in a comprehensive financial plan. You should walk away with recommendations, projections and an understanding of how to achieve your primary goal or destination. Just like a flight plan must be jointly agreed upon by both the dispatcher and the pilot, a financial plan is a partnership between a wealth manager and their client.

You didn’t start out in aviation on a cross-country solo. You had a lot of questions, help, and instruction increasing your aviation IQ along the way. It’s the same for your financial plan. At Creative Planning, we strive to increase our clients’ financial IQ. An informed choice is a wiser choice. An informed client makes a stronger partner. What destinations can we reach together? To learn more, please schedule a call.

This commentary is provided for general information purposes only, should not be construed as investment, tax or legal advice, and does not constitute an attorney/client relationship. Past performance of any market results is no assurance of future performance. The information contained herein has been obtained from sources deemed reliable but is not guaranteed.


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