Personal Financial Planning

Personal financial planning is the ongoing process of managing your finances in a way that helps you meet your short- and long-term goals. Typically, it involves creating a financial plan that incorporates strategies such as budgeting, saving, tax and retirement planning, debt management, and more. An individual can plan for these on their own, or they can utilize the personal wealth management services of a trusted advisor.

Thorough planning enables an individual to make sound spending and saving decisions, reduce their financial stress, achieve their goals and secure a strong financial future for themselves and their family.

Our personal wealth management services are well-suited for individuals and families who seek confidence and peace of mind regarding the management of their finances. Clients benefit from our collaborative and relationship-based style, which allows us to provide comprehensive, customized advice and personal wealth management services that suit their unique circumstances and needs. They appreciate our advisors’ expertise and assistance in assessing their financial health, formulating and clarifying their financial goals, and developing a financial plan that addresses their complex financial questions.

• Gives you actionable strategies and acts as a guide for decision-making
• Takes both current and future factors into account, such as spending, income, investments and inflation
• Helps you stay focused on your long-term goals amid change
• Illustrates how each financial decision impacts other areas of your life
• Provides meaning and direction and holds you accountable
• Helps you identify gaps between what you can handle on your own (with your own expertise), and where continued personal wealth management services would bring the most value
• Helps you make the most of what you have

Assessing your current financial position and establishing your short- and long-term goals is the first step in creating your financial plan. Consider your current circumstances—income, debt, savings—to understand the assets you have at hand. Then, examine your goals and dreams—what do you want to accomplish? Once you have a clear idea of where you’re at and where you’re going, you can develop a plan of how you’ll get there, with personal wealth management services and strategies to help you succeed.

Boulay’s personal wealth management services are designed to help you:

• Better manage your cash flow (budgeting, cash flow management and modeling services)
• Plan for your retirement (retirement planning services)
• Minimize your taxes (tax planning services)
• Plan your estate and maintain the necessary documents (estate planning services)
• Fund your children’s college education (education-funding planning services)

In addition to these broad service categories, we assist with the development and implementation of strategies for saving and borrowing, investment management, large purchase planning, risk management and insurance, benefits coordination, distribution planning (Social Security, Roth IRA, etc.), charitable and legacy planning, and more. To discover our full suite of personal wealth management services, please connect with a Boulay advisor. 

This depends on your financial situation. As a rule, if you have the opportunity to contribute to an employer retirement plan, like a 401(k), start there. Then, look at your budget to see any areas you can cut back and use that money to pay debts.

Focus on paying down “toxic” or high-interest debt (credit card balances, payday loans, title loans, rent-to-own payments) first. Sometimes, interest rates are so high on these debts that you end up repaying double or triple what you borrowed.

If you’re struggling with revolving debt, there are several alternatives to consider. As a part of our personal wealth management services, Boulay’s advisors can help you develop a debt management strategy that balances repayment with saving for the future.

Education is expensive, so it’s important to start planning and saving for college early. Many parents use a 529 college savings plan, which is a tax-advantaged savings plan designed to help families save money for education-related expenses. Education funding planning is a key focus of Boulay’s personal wealth management services. Our advisors help you understand the options and choose what’s best for you, your family, and your budget.

When it comes to managing your finances, there is a plethora of information available online, and resources such as budgeting apps, financial planning software, self-help books and more, that can help you “do it yourself.” However, the personal wealth management services of an experienced professional may bring added value if you:

• Lack the time or desire to manage and plan your personal finances on your own
• Know your current financial situation can be improved, but you are not sure where to start
• Need help adjusting your financial plan to your changing circumstances, but don’t want to derail the progress you’ve made or jeopardize your financial future
• Feel that deep financial expertise and experience, if applied to your financial matters, could help you improve your current circumstances and future outcomes
• Want to know and understand all the options to make sound, well-informed financial decisions
• Want clear guidance and education on financial topics, but are overwhelmed with differing opinions online
• Want an objective, non-emotional perspective and feedback on the financial goals, strategies and plans you’ve developed for yourself

While you may not have the time or desire to research and understand complex financial topics on your own, an advisor’s expertise and experience can be applied directly to your financial matters to ensure sound strategies are in place. They also act as an educator, advancing your financial knowledge—personal wealth management services may start with budgeting and saving assistance, and advance over time to more complex tax and investment advice that saves you money, reduces your risk and increases your retirement nest egg.

Once your plan is developed, it’s time to put it to use! After implementation, it is important to check in periodically to assess how your plan is serving your needs and helping you progress toward your goals. Update your plan accordingly and see if any additional personal wealth management services could enhance your plan and improve your financial position.

Additionally, aim to review your plan whenever you experience a major life change such as marriage, birth, inheritance, death or divorce. This way, you ensure your plan evolves with you and encompasses your changing goals and needs.

To get answers to any questions that are not on this list, or to schedule a meeting and learn more about Boulay’s personal wealth management services, connect with us today.