How to Prepare a Financial Plan for Bankers
If you want to achieve a certain goal, the best way to do it is to create a plan to achieve the goal. The same holds true for your financial goals. Before meeting with your financial adviser or banker to discuss your financial objectives, it's a good practice to create your own financial plan. Preparing your own financial plan will help to guide your discussion and will also make your meeting more productive and effective.
Other People Are Reading
Instructions
-
-
1
Write down your goals. In order to prepare a financial plan for bankers you must first determine your financial goals. Common goals include educational expenses for children or retirement funds. Perhaps you want to start your own business one day. Clearly state your goals in a brief paragraph.
-
2
Segment your goals into short-term, mid-term and long-term goals.
-
-
3
Create action steps for each goal. Action steps are action oriented and usually start with a verb. For instance, if one of your short-term goals for education is to set up a regular payment to a 529 College Savings Plan, an action item may be to research the 529 College Savings Plans available to you. Another common long-term goal is to eliminate debt. In this case, an action item may be pay off $100 in debt every month.
-
4
Prepare a list of questions for your banker or financial adviser before meeting with them. The questions must be specific to your personal situation. For instance, if you're concerned about inflation, ask the banker about financial products available to help guard against the risk of inflation.
-
5
Define your investment style. This will also help the banker or financial adviser to customize a plan for you. Some people are risk adverse and prefer to minimize risks, whereas others are risk friendly and prefer to be more aggressive in their financial objectives.
-
1
References
- Photo Credit Jupiterimages/Comstock/Getty Images
