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The Importance of Financial Planning

To plan for the rest of 2018, start by asking yourself a few questions


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More than half of high net worth investors in the U.S. currently work with a financial professional. This is according to the latest Morgan Stanley Wealth Management Investor Pulse Poll, which surveyed 1,000 U.S. households of high net worth individuals, a third of which had investible assets of $1 million or more.

Planning a critical component of reaching your financial goals. To plan for the rest of 2018, start by asking yourself a few questions:

  • Did you meet your 2017 financial goals? Were they feasible? Did anything major distract you from sticking to them that could still be at play?
  • Have you had any major financial changes recently (like a new job or a new home) that would impact your 2018 financial plan? How might you need to adjust your planning to accommodate those changes?

Answering these questions will help you see where you can make improvements this year.
After reviewing your 2017 goals and identifying changes you want to make in 2018, meet with a financial advisor to discuss adjusting your financial plan. Be sure to write down your 2018 goals so you can reevaluate your progress at the end of the year.

More than half of investors polled want a comprehensive financial plan to achieve their objectives, and professional help to create that blueprint. They also want advice that supplements any information they may receive from online financial planning tools.

Guidance on asset allocation and retirement is most sought out by those working with a financial professional. However, unmet needs remain around topics such as developing a comprehensive financial plan and wealth transfer. Though often overlooked when seeking professional guidance, investors should consider discussing these topics with a financial advisor as well. Granted, they may be less complicated, yet they are equally important to overall financial success.

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Todd Hauer

Todd Hauer is a Financial Advisor with the Global Wealth Management Division of Morgan Stanley Smith Barney in the Denver Tech Center. He can be reached at 720-488-2406 or toll free at 1-800-347-5099, or you can email him at Todd.Hauer@morganstanleysmithbarney.com.

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