A recent survey from Voya Financial Advisors found that nearly 75 percent of the firm’s financial advisors have at least some clients with a written financial plan.
If the majority of individuals receiving professional financial advice see the value in a written plan, it stands to reason that it can be a valuable tool. But, it also begs the question of what the modern-day financial plan actually looks like?
As the concept of financial and investment planning has evolved immensely over the years, it’s important to understand the key components of a formal, written financial plan, and how it may benefit you in the long run. To help you get started, here are a few things to keep in mind.