What is Financial Planning?

Financial planning is a continuous endeavor that takes into account all aspects of your finances with the aim of developing strategies to achieve both your immediate and long-term objectives – in the end we would have what is called a Financial Plan. By engaging in this process, you can gain clarity regarding your current and future financial well-being, while also considering retirement and estate planning needs.

Documents Required

Some key documents that you should plan to gather when discussing financial planning services with your Stark & Marsh advisor could include:

Income Tax Returns: Bring your last two years’ income tax returns. This gives the financial planner an idea of your earnings and tax liabilities.

Pay Stubs: Your most recent pay stubs can provide a clear picture of your income and deductions.

Bank Statements: These can show your saving and spending habits, as well as your current bank balance.

Investment Documents: If you have investments, bring statements or documents related to them. These can include retirement accounts, brokerage accounts, or individual stocks and bonds.

Insurance Policies: Bring documents related to life, health, home, and auto insurance. These can affect your financial planning, especially in the area of risk management and estate planning.

Real Estate Documents: If you own property, bring mortgage statements, deeds, and rental income statements if applicable.

Debt Statements: If you have any debts, like student loans, credit card debts, or car loans, bring recent statements showing how much you owe and your payment schedule.

Estate Planning Documents: If you have a will, power of attorney, or trust documents, bring these as they can impact your financial planning.

Budget or Expense Tracker: If you keep a budget or track your expenses, this information can be very helpful in a financial planning meeting.

Pension Statements: If you have a pension plan, bring your most recent statement.

Business Documents: If you own a business, bring your financial statements, such as balance sheets and income statements.