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The ABCs Of Financial Planning

Argent Advisors in Monroe Explains | Article by Justin Mailhes

Financial planning is an important step towards a financial peace of mind. How much money will I need to retire, when can I retire, or will I run out of money are questions everyone will think about in their lifetime. At Argent, we like to view financial planning in three parts: establish, manage, and protect.


Every client&rsquos goals will be different and should be treated as such. An idea that works for one family may not necessarily work for another. So, the first step in establishing a plan is listening to the client and getting a greater understanding of their needs and goals. Then, we jointly set a realistic, attainable financial plan. Financial plans should include savings goals, lifestyle needs, planned retirement date, retirement income and expenses. The effects of inflation, required minimum distributions, and taxes must all be considered.


Once a plan is set, we manage the plan and make changes as needed. We will also manage a client&rsquos portfolio based on agreed-upon investment objectives that go hand in hand with the goals of their financial plan. When we manage a client's investment portfolio, we always review the downside risk of a negative market move. While these can and will happen, they must be managed as not to derail a client's financial plan. Planning software also enables us to interact with a client to run different &ldquowhat if&rdquo scenarios. A common example is the decision of when to begin taking social security.


Part of a proper financial plan is to understand the risks of a plan not working properly. Since life changes are inevitable, we offer regular updates to a client's financial plan. Market changes, income needs and life goals vary, and planning needs to be updated regularly as changes occur. We will also discuss other "risk" factors, such as the need for life insurance, long-term care risk, retirement income planning, proper structure of assets, and estate taxes.


Our mission is to help establish, manage, and protect our clients' financial plans, and we take that very seriously. The Argent Advisors team in Monroe has over 60 years of combined financial planning experience. No matter where one&rsquos objectives fall, we help our clients establish a definitive goal-oriented plan for current needs and for the future. Argent Advisors in Monroe is a fee-based Registered Investment Advisor firm. We agree on an annual management fee, and then we work for YOU. We do not make money on account activity or have proprietary products. Our independent process assures you that we are acting in your best interest, not in ours! If you have any question about your financial planning needs, please contact our office.