5 ways holistic financial planning sets up future generational wealth

If you’re planning for the sake of your family’s finances, it’s important that you be well informed. Holistic financial planning is more than traditional financial planning. Holistic financial planning doesn’t just encompass diversified investment portfolios. It takes into account major life changes, milestones and personal goals. Keep reading to learn how this kind of planning can promote generational wealth.

5 ways holistic financial planning sets up future generational wealth

• Asset protection for families — In the event that you were to be named in a lawsuit, your family’s assets could be in jeopardy. Holistic financial planning can help you anticipate and plan for these types of future outcomes. This way, you and your family aren’t left reeling.

• Retirement and college planning — To set up generational wealth within a family, it’s necessary to begin planning for future costs. These include retirement and college education. Advisors should consider what types of college, career and retirement planning to which the family has access.

• Shared multigenerational goals and policies — Outlining the family’s objectives is an important part of generational wealth planning. It is also helpful for families to come up with policies and codes of conduct for dealing with finances.

• Major life changes — Anticipating major life changes and milestones is also important. These include having children, losing a job and getting divorced. Making sure to factor these into your planning can help you prepare for virtually any financial situation.

• Strategic planning — Consulting with a financial advisor is by far the most effective way to set up your family for generational wealth. With the help of a specialist, you can rest assured that your wealth will safely grow.

Talk to a ProVise CFP® professional about your holistic financial planning

At ProVise Management Group, our CERTIFIED FINANCIAL PLANNER™ professionals can get to know you and your current financial circumstances, goals, risk tolerance and personal values to help you develop a plan that works for you. We can also create a written plan for you at a fiduciary standard of care. All our written plans come with an unconditional money-back guarantee. If you are unhappy with your written plan, you can return it to us, and we will refund 100% of the fee paid.

Are you ready to talk to a professional about holistic financial planning? Contact ProVise today to schedule a complimentary consultation.