Financial Planning The core components of a comprehensive financial plan

Is your current financial picture a cohesive work of art or a collection of independent images?

It’s not uncommon to have a 401(k) from a previous employer or have purchased some insurance along the way. Your investment accounts could be from some online trading you did years ago. Your challenge now: integrating them into a collective whole.

Through a comprehensive financial planning process, a Truist Wealth advisor can help you transform those building blocks into a cohesive and seamless whole, carefully examining all the elements to determine how they interplay and strengthen one another.

Clients often share how they and their partner may have achieved their goals but also express a desire to understand how to impart those lessons—that intellectual and experiential wealth—to their heirs so the heirs don’t have to experiment their way to success.

As a family becomes more successful, it can sometimes be difficult to maintain relational harmony, so relational wealth and social wealth also come into play.

You may need specialized knowledge and solutions, such as tips on how to educate the next generation or action items for administering wealth, to achieve your goals of growing and transferring wealth. The more you succeed in the basic elements of financial planning, the more these new lenses on wealth naturally start to become part of the conversation. Truist Wealth advisors often find that once you’ve handled the basics, the focus tends to shift outward. You start thinking not only about your family but also about philanthropic interests and making a positive impact in your community.

Comprehensive financial planning is about focusing on your personal algorithm—the models and frameworks you use for financial decisions. At Truist, we ask our clients, “What’s important to you?” because that’s the governing factor. When clients come in for a financial review, they are often surprised at the amount of financial information our advisors can have at their fingertips, but a proper financial planning process considers this abundance of information and simplifies it so you can determine how to address concerns and complexity.

While every client is unique, one of the benefits of a Truist Wealth advisor is they can draw on their experience of having worked with people in similar circumstances to yours who have navigated the same challenges. That enables them to offer proven yet personalized financial strategies and tools to cut through the noise, providing wisdom, direction, and clarity.

Clients who are trying to figure out what their future holds are dealing with a lot of uncertainty. A comprehensive financial plan can help you focus your attention on the engine of decision-making as opposed to the outcomes you can’t control, helping you make good decisions. Then, when the next challenge arises, you can navigate it with confidence.