Zoe Financial Advises on How to Find the Right Financial Plan

Successful financial plan stories are not uncommon; maybe one’s neighbor was able to retire early or their brother finally bought his dream house. For those who have seen it up-close, it may have led to questions about how exactly their financial plan led to such success. Unfortunately, financial plans are not the same for all. What works for one person may not be successful for the next. That’s why each financial plan is customized to an individual’s unique situation. Since every plan is different, people may not know whether or not their financial plan is right for them. To better understand if a financial plan is a good fit, first they should understand the main elements of a financial plan, which includes financial goals, personal cash flow, retirement planning, tax strategy, and investing.

Top 5 Elements of a Financial Plan

For those who aren’t sure what a financial plan should cover, it may be difficult to understand whether or not the plan covers all the bases. Zoe Financial, the leader in connecting clients with advisors, identifies some of the main elements that should be included in a high-quality financial plan.

1.    Financial Goals

This is one of the main reasons why financial plans vary from person to person. One person may have recently lost their job and need to find a way to make their money stretch. The next person could have just inherited a lot of wealth and need advice on how to invest their money. This is why it’s so important for a person to define their short-term and long-term goals to their financial advisor. The financial advisor will then customize a client’s plan with their unique goals in mind.

2.    Personal Cash Flow

Another one of the main elements of a financial plan is a person’s cash flow. Their cash inflow will include their salary, interests from savings accounts, dividends from investments, and any other source of income. Cash outflows generally include any type of expenses, such as rent, mortgage, groceries, gas, and even entertainment. If a person’s financial plan doesn’t consider their cash flow, then it may be time to reconsider the plan. Without this information, it’s nearly impossible to make an accurate financial plan fit for you.

3.    Retirement Planning

No matter what a person’s situation or financial goals are, one of their top priorities should be planning for retirementAndres Garcia-Amaya, founder of Zoe Financial, states, “There isn’t necessarily a wrong way to save for retirement, as long as you are saving.  That said, there are approaches and account choices that will make building that nest egg a lot easier. These approaches will depend on your current situation, your age, and your goals.” A good financial plan identifies how much the individual is able to save each month and which account has the best benefits for their personal situation.

4.    Tax Strategy

For anyone who asks themselves, “What does a good financial plan look like?”  The answer is a plan that has a great tax planning strategy. This strategy should review a person’s income, timing of purchases, planning for other expenditures, and even their retirement accounts. Zoe Financial recognizes how important it is to have a good tax strategy, as it can save their clients thousands of dollars. This is another element that isn’t a one-size-fits-all, as everybody has a different income, investments, goals, and accounts. The best way to figure out an ideal tax strategy is to connect with a high-quality fiduciary advisor who understands one's holistic financial situation.

5.    Investing

Investing isn’t for everybody, but it’s never a bad idea to consider it. As Zoe Financial says, “By investing, you put your money to work.”  Rather than just saving money, investing allows people to grow their wealth. As a matter of fact, investing can actually help people to reach their financial goals. Even if a person doesn’t include it in their financial plan, they should review their choices with their financial advisor.

About Zoe Financial

Zoe Financial understands that each client has a different financial situation. This is why fiduciary financial advisor’s in Zoe’s Advisor Network never create generic plans for their clients. A noteworthy aspect of Zoe’s advisor vetting process is an in-depth review of the types of plans advisors often create for their clients. In fact, Zoe Financial rejects 95% of advisors who are unable to build holistic and thoughtful financial plans.

Zoe Network Advisors take the time to understand what their clients’ needs are, what their current financial situation is, and what their financial goals are. Individuals can feel confident that their financial plan is right for them when all of this information is taken into consideration. Additionally, Zoe Financial works hard to match their clients with the right advisor. 

Not only do they hire the top 5% of fiduciary financial advisors, but they also pair their clients with advisors with similar experiences. All the client has to do is fill out a short form and Zoe’s algorithm will choose the top three advisors that are best equipped to assist them. From there, they can interview the financial advisor to confirm that it’s a good fit. By hiring the right financial advisor, the client has completed the first step in making a financial plan that’s right for them.

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Source: Zoe Financial


Categories: Finance

Tags: financial plan, financial plan elements, What your financial plan should cover