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Where’s the Financial Planning?

Lately, I have been surprised by many people’s lack of financial planning from the misguided opinions, lack of knowledge or inability to consider other pieces necessary for a strong plan.


Recently, I met an expert that specialized in protecting wealth and preserving legacies. However, when the conversation switched to life insurance planning as a potential piece to puzzle, he drew a complete blank! It was concerning because there wasn’t even a willingness to actually dive deeper into the subject, rather making excuses. Frankly, I cringed because, “How can someone that wants to specialize in strategies for wealth protection & legacy needs, not know the basics of insurance?” It can have powerful estate planning benefits and be a great tool in a well-rounded financial plan!


Then, there were people that were concerned about a market pullback and did they have a properly designed plan.  Admittedly, their brokers were telling them that making money in the market was all that they needed. Candidly, I was often surprised by the lack of proper planning, instead their beliefs were tainted by brokers who had arguably their own agendas. Investing is only one element and not the solution to a properly designed financial plan.


Finally, a further irony is when people get meaningful advice, then their advisor rushes in claiming, “We can do that too!” Where were they to begin with? We actually saw this recently with someone that was referred. We identified many things that weren’t being addressed and she ran back to her broker despite not speaking with this person in years. Incidentally, their recommendation, don’t make any changes, stay invested (that’s really all they did anyways) and “that stuff isn’t important!” Complete HOGWASH!!


Where am I going with this? Over the last 35 years, when complacency becomes the norm, I have witnessed many investors getting stung! With everything being about the stock market, people are exposing themselves to many other potential risks. Unfortunately, it’s also the brokers worrying about themselves, not the best interests of their clients!


Caveat Emptor…buyer beware!! The markets do go down, other things can happen to derail your financial success and being properly diversified involves more than the stock market. You really should have a sound financial plan that doesn’t rely on rolling the dice leaving for financial success! That’s not financial planning and entails lots of risk!!  


Pat Moran has over 35 years of financial services experience and is a managing partner at Healthier Money. He is independent and specializes in financial education, reducing risks and tax favored strategies. He can be reached at (602) 571-1035 or www. 


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