Keith D'Agostino Provides a Step-by-Step Guide to Creating a Personalized Financial Plan with Your Advisor

Keith D'Agostino Provides Step-by-Step Guide to Creating Personalized Financial Plan

Creating a financial plan isn't just about the numbers—it's about giving structure to your ambitions and peace of mind to your future. Many people think budgeting and saving are enough, but without a comprehensive plan, it's easy to veer off course. A personalized financial strategy takes into account your current situation and long-term vision, aligning your income, expenses, goals, and lifestyle.

It brings clarity to decisions like investing, tax planning, or preparing for retirement. Most importantly, as Keith D'Agostino notes, it allows you to anticipate life's changes and respond rather than being left in the dark.

The Value of a Personalized Financial Plan

A personalized financial plan is designed around your income, lifestyle, and long-term goals. It's not a one-size-fits-all approach—it reflects your unique financial situation and what you want to achieve. Working with a financial advisor helps ensure your plan is realistic, structured, and flexible enough to adapt over time.

Instead of relying on general advice, a tailored plan helps you make informed decisions whether you're saving for a down payment, managing debt, or preparing for retirement. Having a clear plan can reduce stress and give you more control over your financial future. It also helps you avoid common financial pitfalls by providing a roadmap grounded in your personal circumstances.

Setting Clear Financial Goals

Defining what you want to achieve financially is the first real step toward building a solid plan. Whether you're looking to retire at a certain age, pay off student loans, or start a small business, having specific objectives helps you and your advisor focus on what truly matters. Goals give your plan direction and set the stage for the procedures that follow.

Short-term aims might include creating an emergency fund or reducing credit card debt, while long-term goals could involve saving for a child's education or building wealth for retirement. Prioritizing them allows you to allocate resources more effectively and stay motivated as you reach each milestone. These goals act as checkpoints, guiding your financial journey and helping you track progress along the way.

Organizing Financial Information for Planning

Before your advisor can help you create a plan, they need a full picture of your finances. That includes details like income, monthly expenses, outstanding debts, and any savings or investments you currently hold. Having these numbers ready makes the planning process smoother and more accurate.

Keeping your financial documents in one place—digitally or in a folder—can make ongoing planning much easier. Some people use spreadsheets or budgeting apps to track this information, while others prefer to review statements manually. Whichever method you choose, consistency is key. Your advisor relies on this data to spot patterns and build a plan that fits you.

Reviewing Your Financial Status with Your Advisor

Once your financial documents are in order, reviewing them with your advisor helps reveal the full scope of your current situation. This step often includes calculating your net worth, evaluating your cash flow, and identifying any financial blind spots that may need attention.

Say you're earning a good income but still living paycheck to paycheck. That might point to issues in spending habits or budgeting. On the other hand, savings with no investment plan in place could signal missed opportunities. These insights help shape a plan that's both grounded and forward-looking. Reviewing your financial status regularly also helps you understand the cause-and-effect relationship between your daily choices and long-term outcomes.

Starting Your Financial Plan

With your goals defined and financial data reviewed, it's time to put the plan into action. This is where strategy meets execution. Your advisor will help map out areas like investing, insurance coverage, and tax planning, tailoring each element to align with your priorities. It's not about chasing trends but creating a structure that works for you over time.

Each part of the plan serves a purpose. Investing might focus on growth, while insurance protects against unexpected costs. Estate planning ensures your assets are managed according to your wishes. Once responsibilities are assigned and timelines set, you can start taking steps with confidence. The initial phase may feel overwhelming, but with a good foundation, the process becomes more intuitive as you progress.

Keeping Your Plan on Track

Life changes, and so should your financial plan. Regular check-ins with your advisor help ensure your strategy evolves with you—whether that means adjusting to a new job, a growing family, or market shifts. These reviews don't always require big changes, but they do keep things aligned with your current situation.

Some people revisit their plan annually, while others check in more frequently. What matters most is consistency. When your goals shift or new opportunities arise, updating your plan helps you stay proactive rather than reactive. It's a process, not a one-time event.