BizInsights This content is part of BizConnect and is made possible by our sponsors. Click here to learn more.

Planning adds more than just financial stability

Financial planning sounds ominous, cold, and for some, threatens to include exposing parts of your life you’d rather not address. Plus, it feels like financial planning may take up hours of time you could spend doing…all sorts of things.

It’s hard to imagine getting started, and seems even harder to finish. 

But there’s no debating the reality: understanding where you are and where you’re headed will help you reach your financial goals. For some, the goal is “financial independence”; for others, it’s “retirement” or even “early retirement.” 

Whatever the destination, financial and legacy planning will help you consider changes today that will impact how you’ll accumulate money and navigate taxes in the future. A recent study indicates having a financial plan often includes an even more enticing set of positive outcomes. The study showed a stark difference in peace of mind and confidence for those who had a financial plan. 

For example, over half (56%) of those with a plan said they are “very confident” they’ll be able to retire when and how they want. For those without a plan, that confidence level dropped to less than a 1/3 (30%). 

Sadly, the vast majority of Americans don’t have a written financial plan and the peace of mind that comes with it. According to some studies, almost ¾ of Americans – 72% – don’t have a written financial plan. 

In my opinion, there’s not much difference between an unwritten financial plan and a wish. 

Not everyone who has accumulated wealth has a comprehensive financial plan. If you’re among the burgeoning group of just-arrived 401(k) millionaires, you may not have a financial plan outside of excellent savings discipline, but now is the time to start your 401k design

If you don’t have a plan, and you’re starting to work on a written one, consider the areas you’ll need to address. 

Typically, core tenets of a financial plan would seek to perform tasks like understanding and increasing cash flow; minimizing taxes; protecting assets; reviewing, analyzing and rebalancing your investment portfolio; minimizing risks; even distributing your assets in the most efficient way to your heirs.

If we’ve learned anything over the past months and years, it’s that life is unpredictable.

Good planning can help reduce your anxiety about unexpected changes that life brings your way, and help keep you on track towards your goals. If you need help getting started on a written plan, find an advisor you can trust to help. 


Sign up for BizTimes Daily Alerts

Stay up-to-date on the people, companies and issues that impact business in Milwaukee and Southeast Wisconsin

Brandon Lehman is the Director of Branch Development at Annex Wealth Management. As Director of Branch Development, Brandon is responsible for the growth and advancement of Annex’s branch offices. He oversees relationships forged at individual branches and ensures every client is experiencing the Annex Wealth Management difference there. Brandon has over 10 years of financial services experience working with clients and advisors alike. He has spent the majority of his career working with clients to help them reach their financial objectives with a focus on outcomes. Prior to Annex, Brandon worked as a Wealth Advisor for a national RIA, Investment Consultant for a global asset management firm and a financial consultant for a national insurance and investment firm. Brandon graduated from Wisconsin Lutheran College in 2009 with a degree in history and political science. He passed the General Securities Representative (Series 7), and the Uniform Combined State Law (Series 66) and is a Certified Financial Planner (CFP®) and an Accredited Investment Fiduciary (AIF®).

Sign up for BizTimes Daily Alerts

Stay up-to-date on the people, companies and issues that impact business in Milwaukee and Southeast Wisconsin