What Documents Are Needed to Create a Financial Plan With a Professional

As part of our October is Financial Planning Month Campaign, we have put together a comprehensive list of items that can help you generate a financial plan for your future.

When you meet with a financial advisor to begin creating your financial plan, at first it may seem as though they ask for quite a bit of documentation and information about your personal financial situation. However, this information will help create the most complete and comprehensive financial plan. Additionally, the process of retrieving and organizing this information will help you realize where your money is, give you more confidence and control of your money, and give you a more honest reflection of what you need to do. Some information that professionals will want to know before creating your personal plan are:

  • Cash assets
    • Checking and savings accounts
    • Money market accounts
    • Certificates of Deposit, etc.
  • Investments
    • Stocks (stock options)
    • Bonds (include Municipal, Corporate, Zero coupon and Gov’t Saving bonds)
    • Mutual funds
    • ETF
    • Unit Trusts
  • Insurance contracts
    • Permanent Insurance (Whole life, Universal, etc.)
    • Term life
    • Annuities (settlements – see legal below) etc.
  • Personal assets
    • Home owner
    • Property owned
    • Other residences owned
    • Vehicles owned, etc.
  • Liabilities
    • Mortgages
    • Outstanding loans
    • Credit card debt, etc.
  • Retirement accounts
    • 401(k)
    • 403b
    • 457
    • Pension – defined benefit, or defined contribution
    • IRAs, Roth, etc.
  • Tax returns
    • Personal
    • Business
    • Retirement
  • Trust/Will
  • Other legal issues or personal issues that will impact future monies and planning
  • Wildcard items: patents, intellectual property, settlements, royalties

Having all of these documents readily available to reference will make the planning of your personal financial plan more accurate, consistent and in line with your goals.

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