Goal-based Financial Planning: Funding the Right Investments at the Right Time - WealthManagement.com

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Planning for the future requires setting goals. Whether it’s preparing for college tuition payments for the next four years, saving for a second home in retirement, or something else entirely, every client will have a range of imminent and distant financial desires. The calculus for successful wealth planning involves knowing what needs to happen in the short term – and the long term – and knowing that clients will have the funds when needed.

But here’s the rub: it’s difficult to work toward the future if the future hasn’t been defined. That’s where goals come in.

Successful wealth management is not simply picking the right stocks or “beating” the market. Instead, to really add value and see continued success, wealth managers must come to know their clients on a personal level, understand what they hope to achieve with their finances, and help forge a path to get there by making smart recommendations that are tailored to the clients’ needs. This, in essence, is goal-based investment planning.

Finish reading this article on The American College of Financial Services blog, where the post goes on to detail how to approach goal-based financial planning, and how to handle one of the largest challenges this approach presents.