A financial plan is a very generic concept that can be as simple as putting credits and debits on a sheet of paper and trying to match up cash flow, or, as complex as putting together an estate plan to avoid losing a business built up by an entrepreneur who wants to leave the business to his or her children in the future. (Current estate taxes are favorable, but we will be monitoring the tax laws as they sunset in 2026 and see what happens with estate planning – stay tuned if your net worth to include business and real estate is over 12,800,000 dollars if you are single.)
At Bronwealth Financial, we can create a simple financial plan with a few questions answered, or even a link “insert hyperlink” right here that you can test out a professional financial planning software. If you need additional support or have an interest in a professional opinion, we can assist with enhancing that financial plan.
Financial plans have become very popular over the past 5 years, but overall, have been used to the benefit of the financial planning professional as a road map to convey information to a client. Most clients know about 2-5 pages of their financial plan, but, due to the “compliance department” the 30+ page document becomes overwhelmingly cumbersome.
We use an up to date software that we can add or remove information to simplify as much as possible to reduce the cognitive load required to review your financial plan. A financial plan that is too difficult to read and understand isn’t a plan at all. Click here and try out our financial planning software for free, and let us know what you think in the comments below!
~ Bradley D. Thomas, CFP® , ChFC®, CEPA