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The Importance of a Financial Plan


When you’re planning a family road trip, you don’t just get in your car and start driving. You consider all the variables first. What’s fastest route? Can you avoid tolls? Which one has the best view? You’ll think about your stops along the way and sites you want to see. Formulating a solid plan is key for a successful road trip, and it is also the first step in a successful financial journey.

That said, you are unique. Your financial journey will look different than anyone else’s, but there is one similarity you should always keep in mind — have a destination. That’s where AAFMAA Wealth Management & Trust comes in. You can lean on us to help build your ideal investment strategy with a detailed financial plan that can take your funds from where they are now to where you’d like them to be as safely and smoothly as possible.

You can mark you military life in several financial stages. Along the way, you need to revisit your existing financial plan regularly and make appropriate changes to address your new goals, time horizon, and risk tolerance. Ideal moments to check in on your finances include:

  • Joining the military
  • Promotions
  • Getting married
  • PCS moves
  • Deployment
  • Buying your first house
  • Having a baby
  • Changing jobs or transitioning out of the military
  • Empty nest
  • At age 55 in advance of retirement
  • Retirement

Creating a financial plan is critical to navigating these phases because it paves the way for constructing your ideal financial portfolio. That means having the right mix to generate the best possible return on your investments given the amount of risk you are willing to take. That’s your goal, and it is our goal too.

How do you determine the right amount of risk to take? It all starts with considering your current and future financial goals in order to create a healthy financial journey for you and your family.

A comprehensive financial plan involves:

  • A thorough review of your current financial situation
  • A discussion and understanding of your long-term financial goals and objectives
  • Identification of all financial products needed along the way to achieve your goals

A solid plan usually involves financial strategies in several areas specific to your life situation and goals, such as:

  • Retirement planning
  • Cash flow analysis
  • College planning
  • Tax management
  • Estate management
  • Risk management
  • Debt structure
  • Insurance planning

Life moves fast, and your family structure can change faster than you expect. Aging parents, special needs trusts, or charitable gifting are all variables to consider in your financial plan.

When you work with AAFMAA Wealth Management & Trust, you get a 100% personally tailored comprehensive financial plan that encompasses all the necessary and relevant aspects of your economic well-being. Additionally, once you establish your plan as an AWMT& investment management client, you receive the advantage of meeting with an advisor on an annual basis to update your plan and consider new goals for no additional cost. It is important to note that you are under no obligation or expectations to execute the plan recommendations through AWM&T, or its parent organization, although you are free to do so.

It’s never too early to evaluate your financial journey, making sure your retirement and estate planning objectives are in order, or to start a financial plan. 

If you would like to speak with us about your financial planning needs, please reach contact us at wealthmanagement@aafmaa.com or call us at 910-390-1425.