What Does a Financial Plan Look Like?
By Joe Gross, CDFA®
It can be hard enough to manage your finances when your circumstances are relatively simple, let alone when you have extra challenges due to a life transition. Since there is no one-size-fits-all formula for creating a financial plan that will make your goals a reality, you need customized financial guidance from someone who is familiar with your situation and can help you navigate the complicated decisions and opportunities you face.
As senior financial advisor at JGP Wealth Management, it is my mission to come alongside clients who are walking through divorce, giving them the support, resources, and strategies they need to live the life they want.
A Financial Plan Built on Your Life
Your life is unlike anyone else’s. Using a general template isn’t going to feel valuable or keep you on track when the rubber meets the road. Designing a personalized financial plan takes into account your dreams, goals, concerns, and life circumstances, and troubleshoots obstacles that could trip you up along the way.
It’s also important to remember that a financial plan is not a one-and-done deal. A solid plan grows with you and adapts as you reach milestones and deal with major life changes that not only change your situation, but also your priorities, such as divorce, a career change, or the birth of a grandchild.
At JGP Wealth Management, we provide financial planning for divorcees and high net worth individuals. Not only do you need the personal touch of an advisor who can provide family CFO-type services to help you manage your money, but you also need an objective partner who can help you wade through the stress and worry of your situation so you can feel confident in your financial security both now and in the future.
From retirement income planning to cash flow analysis to meeting your specific financial needs, such as making decisions for your divorce settlement and updating your estate plan post-divorce, our financial plans give you a road map for your life.
Let’s Take a Closer Look
Because we develop custom financial plans for each client, it’s no easy task to provide one without working with you extensively. However, we wanted to create something that could help you better understand what your potential financial plan could look like so you can see the benefits a plan could bring to your financial life. If you choose to work with us, here is a sample of what you can expect.
Once we’ve built a relationship and developed a thorough understanding of your life and your goals, we turn to the numbers to see how we can make those goals a reality. We provide an overview of your current situation where, with just one glance, you can see a big picture of your financial life, including assets broken down into specific categories and short-term and long-term liabilities.
We also analyze your cash flow to watch for trends and changes, forecasting to predict how long your money will last based on our base facts.
Then, using eMoney software, we capture key data points and variables and use a Monte Carlo simulation to test your financial plan. A Monte Carlo simulation runs 1,000 hypothetical simulations of your plan using different, randomized stock market outcomes to determine the probability of success for your plan. We run an initial test based on your current scenario and then collaborate with you to tweak different variables—like retirement age, Social Security strategy, goal spending, savings amounts—to come up with a plan that has a high probability of success and feels good to you.
Our software also allows us to plan out your retirement income, looking at all your assets and resources to find the most tax-efficient way to withdraw your money and make it last as long as possible so you can live the life you want today and in retirement.
A Plan Designed for You
No matter what life throws at you, a comprehensive financial plan tailored to you can help you focus on what matters most and invest your time and energy into what you love. If you are a divorcee who needs an advocate to help you stay on track for the future and make critical decisions, I’d love to help. Contact me today at 503-446-6450 or jgross@jgpwealth.com to get started.
About Joe
Joe Gross is first vice president and senior financial advisor at JGP Wealth Management, an independent, fee-based financial advisory firm in Portland, Oregon. With over 25 years of experience under his belt, Joe is passionate about putting his clients first and helping them stay focused on their financial goals, inspiring confidence in their future. As a Certified Divorce Financial Analyst (CDFA®), he specializes in addressing the unique financial issues of divorce. Joe is known for his tenacity to keep clients on track toward their dreams and for his attention to detail, which is second to none! His clients know that nothing will slip through the cracks when working with Joe!
Joe graduated from the University of Arizona with a bachelor’s degree in finance. Outside of work, he enjoys being involved in the community and is actively involved with organizations close to his heart. Joe is a former president and current board member of the ALS Association of Oregon and Southwest Washington and a long-time member of The Multnomah Athletic Club. In his free time, he enjoys fly fishing, spending time with his family, and cheering on his alma mater, the University of Arizona. To learn more about Joe, connect with him on LinkedIn. You can also watch his latest webinar on How To Pick Up The Financial Pieces After Divorce.