Getting Organized for Financial Planning

Getting Organized for Financial Planning

The following is a list of key information and documents to begin the process of financial planning. These documents are necessary to assess your specific situation and any gaps and tailor a financial plan that helps you achieve your goals. Much of the information is used to assess multiple areas of financial planning. Check out this handy worksheet to capture your information before a meeting with a financial planner.

Everyone's money needs a plan. Early financial planning sets you up for success, and then as your income grows, your planning needs may become more complex.

Retirement planning

  • Employee benefits program summary from your employer
  • Deferred compensation and stock option agreements
  • Pension plan statements
  • Social Security statement
  • Recent IRA, 401(k) and other retirement account brokerage statements
  • Expected inheritances
  • Projected income needs at retirement
  • Time horizon until desired retirement age
  • Estimated expenses for the care of parents

Tax planning

  • Tax returns for last year
  • Income statements (W-2, 1099) and a recent pay stub
  • Partnership agreements and Schedule K-1’s
  • Property/Real Estate

Education planning

  • Brokerage accounts for 529 plans or UTMA accounts
  • College choices

Investment planning

  • Brokerage account and mutual fund statements
  • List of stocks and bonds held outside of brokerages
  • Real Estate
  • Business Interests

Cash flow planning

  • List of assets (cash, stocks/bonds, real estate, retirement accounts, personal property such as jewelry or cars)
  • Liabilities (e.g., loans, credit card balances)
  • Budget for ongoing living expenses
  • Significant upcoming one-time expenses: weddings, vacations, home renovations, etc.

Insurance planning

  • Life insurance policies and statements
  • Medical, homeowners and auto insurance policies and statements
  • Disability, umbrella and long-term care insurance policies
  • Annuity policies and statements

Estate planning

  • Copies of your will, living will, durable powers of attorney and health care powers
  • Living trusts

Insurance and Investment Products:

Not FDIC insured Not bank guaranteed May lose value
Not guaranteed by any government agency Not a bank deposit

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