Smart Money Tips

What Is a Financial Plan?

Chances are your morning routine involved checking the news for the weather and traffic reports to plan your morning commute. You probably looked at your inbox and calendar to think through the workflow of meetings and tasks that are on your plate for the day. It’s likely that you will coordinate plans for this weekend, getting dinner with some friends or catching a game of your favorite sports team.

We often strategically plan every aspect of our daily lives, but what about the bigger picture? Do you have an updated and well-thought-out plan for your finances? A 2013 US Trust survey revealed that over 70% of investors don’t. (1) As an advisor, I see the tragic effects of this negligence often.


What’s the point of creating strategies and plans for our lives? Because without a plan, we are shooting at a target blindfolded. Do you really want your financial life going astray because you didn’t have goals to aim for?

A financial plan incorporates short-term and long-term goals to transition you from where you are today to where you want to be in the days to come. Having a plan will help you get on track for your retirement so you can focus on today instead of worrying about tomorrow.

A Plan To Increase Wealth

Did you know that while approximately 96% of pre-retirees and 89% of retirees are concerned about their financial future, only 50% meet with a financial advisor to discuss their situation? (2) Meeting with an advisor doesn’t only give you confidence and peace of mind, it provides real results! The data presented in an HSBC study on the future of retirement shows us that those who created a financial plan amassed nearly 250% more retirement savings than those without a plan. (3) Are you convinced yet?

A Plan To Take Care Of The Details

Furthermore, having a comprehensive financial plan means that you have thought through the nitty-gritty details that are often overlooked, such as tax issues, health care, or legacy planning. You may think that financial planning is something you can put off for the future or hold off on until you have more money, but those who plan for their financial future are more prepared for their retirement, and this is true regardless of what you make. (4)

Now that you know why you need a financial plan, what will it look like for you?


Financial plans can address a myriad of concerns and goals, from college planning to retirement income strategizing. Depending on your needs, your plan may focus on one overarching element or multiple goals you’d like to achieve over time. Whatever you choose to focus on, your financial plan will provide a sense of understanding of where you stand financially and where you need to go in order to meet your goals.

When we sit down to assess your individual needs, here are some questions we will answer:

Take a look at this sample financial plan to get a better idea of what your financial plan could look like.


Don’t be part of the majority who worries about their financial future, but instead, take the first step to a secure financial future and make a plan. If I told you that just fifteen minutes could make a significant impact on your financial future, would you take the plunge? You can conveniently schedule a complimentary fifteen-minute “Get Acquainted” phone call with me here and check out the stories of three clients we’ve helped! You won’t regret making a plan to set your finances on the right track.

About Richard

Richard Archer is a financial advisor and the President of Archer Investment Management with more than eighteen years of industry experience. Largely working with successful individuals and couples, he specializes in providing comprehensive investment guidance and personalized care and attention to each client. Along with holding a Bachelor of Science in Economics and a MBA, he is a CERTIFIED FINANCIAL PLANNER™ certificant and a Chartered Financial Analyst®. He combines his advanced industry education and knowledge with his genuine care for people to provide clients with an exceptional experience. To learn more about Richard, connect with him on LinkedIn or visit