Build a financial plan clients can understand—and follow for life

Curtis Fay, CFP, CPFA, CSSCS, is an investment advisor representative with Cetera Wealth Services and works with Creative Financial Strategies, an advisory firm in Williamsport, Pennsylvania.

Mr. Fay says a financial plan does not have to be complicated to be effective. In fact, the more understandable it is, the more likely clients are to stay engaged and make thoughtful decisions over time.

“At Creative Financial Strategies, we help clients organize and coordinate the major areas of their financial lives, including retirement income, investments, insurance and risk management, Social Security, Medicare-related decisions, estate planning, and legacy goals,” says Mr. Fay. “Our role is to help clients see how these pieces fit together, so important decisions are made in the context of the full plan—not in isolation.”

To help clients build a plan they can understand and use, Mr. Fay and his team guide them through several practical steps:

• Start with a clear picture. They help clients organize income, expenses, assets, debts, insurance coverage, retirement accounts, and estate documents before making major planning decisions.
• Define what the money is supposed to do. Retirement income, emergency reserves, college funding, debt reduction, legacy goals, and lifestyle spending may each call for a different strategy.
• Coordinate decisions across the full plan. Investment choices can affect taxes, income planning, insurance needs, estate planning, and family goals. They help clients evaluate those decisions in relation to the broader financial picture.
• Review risk before markets test you. It is easier to talk about volatility when markets are calm. They help clients think through how much risk they can realistically tolerate before difficult markets arrive.
• Keep the plan flexible. Life changes. Retirement dates, health issues, family needs, market conditions, tax rules, and income requirements can all require periodic plan adjustments.
• Stay engaged with the process. A plan should not be created once and forgotten. Regular reviews help keep the strategy aligned with a client’s current goals and circumstances.

Mr. Fay adds, “The goal is not to create a plan that simply looks impressive on paper. The goal is to build a plan that is understandable, coordinated, and practical enough to help guide real-life decisions.”