Financial Plan

Without a specific goal, saving money can seem pointless. Why save today if you don’t know exactly why you are doing it. Most people need relevant persuasive reasons before they start saving regularly. You need to know why you are saving, what you are saving for, how much you should be saving. Similarly, you want to know that if you save, your kids can pay for college, you can help your parents as they get older, or afford your vacation home in Tuscany.

In our experience, without a plan, people don’t save enough.

The Fair Advisors Financial Planning Process has 2 key parts – understanding today and modeling for tomorrow.

Understanding Today

Before our team can begin to create your plan, we need to know where you are now and where you want to go.

We work with you to flesh out exactly what you want to accomplish with your investments. We distinguish between a couple visions - the minimum you require and your ideal vision. We also need to understand exactly where you are today – not only the value of your investments but your relationship with money and how you feel about financial risk.

This process gives us the diagnostic information we need to help you plan successfully.

Modeling for Tomorrow

After creating a beginning point and a couple end-points, we enter the information into our planning software and start building scenarios that look at the most likely impact of many different choices and situations.

Our planning software uses proprietary modeling algorithms that more accurately weighs the impact of extreme economic situations than traditional software. (for more details, see our fact sheet “The Extremes Matter More – Fair Advisors’ Evolution of Financial Modeling”).

We can see the impact on your likelihood of achieving your goals if you:

• change the amount that you contribute on a regular basis,
• invest in an IRA, Roth, 401(k) accounts or Taxable accounts,
• receive an inheritance
• lose your job
• transfer your investments from high to low cost products

Once we’ve developed several scenarios, we work with you to create the best plan for you and give you a list of action steps. This plan arms you with concrete goals, solutions and action steps.