How can a financial plan be used as a roadmap for your future?  

Imagine where you'll be in 5 years from now...10 years from now...20 years from now... 

When most people are asked where they stand financially with respect to retirement and their goals, they typically have the same answer: "I don't know."  This is one of the most integral components of planning for your future and your legacy.  That is why Pharos Wealth Management will create a personalized comprehensive financial plan.  We want to help you understand where you are, where you're going, and what you need to do to get there.

The financial roadmap creation takes shape over the course of a series of meetings that are often educational and enlightening.  We start by collecting the information that most influences your financial life.  In this process we aggregate all of the data that is pertinent to you and we apply it to the context of a financial plan.  

Through completion of this process you will have a better understanding for your current state of affairs, and based on a few assumptions, where you're likely to be in the near and distant future.  You'll have a road map to follow; a plan to pursue.  Our goal is to help you confidently approach the coming years with reasonable expectations and direction.

To create a full-service experience, you'll have access to our client portal.  The portal offers budgeting tools, cash flow management and helps you stay connected to your financial plan.  It acts as a one-stop-shop for all of your financial information and tracking.


Still hungry for information about the what a financial plan can do for you?

Then this is for you...

The financial planning process ultimately gives us a roadmap – this is where it all comes together.  You’ve worked incredibly hard to accumulate your wealth – there should be an emphasis placed on protecting and growing it.  A financial plan is the foundation of smart asset management because it helps you understand:

  • Where you currently stand in relation to your financial goals. If you don’t have specific financial goals, they can be developed after the initial plan creation. 
  • How your budget impacts your short- and long-term financial goals.
  • How much of a legacy/inheritance you will likely be able to leave (if that’s important to you).
  • How you’ll need to approach your future cash flow to work towards accomplishing your goals.

In the end, a financial plan gives you a roadmap to follow – a step-by-step plan.  So, why does that matter?  When you know that your financial life is in order you can wholly focus on the things that matter most in life. 

  • Scenario planning is another advantage offered in the financial planning process:
    • Monte Carlo Simulations: What happens in downward (or upward) trending markets? Or a recession? Or a depression?
    • How will you cover the high cost of an unexpected illness? Are you prepared to pay for the costs associated with long term care?
    • How is your investment portfolio impacted by an unexpected increase in interest rates or inflation?
    • How will you fund a major purchase or a major life event?
    • What happens if you lose your job?

…These are just a few examples.  The process is flexible and dynamic enough to accommodate any financial scenario you can imagine.

  • The plan can be most effective when it’s revisited periodically. Your finances change over time, as do your conceptions/goals/beliefs.  The living, breathing nature of the roadmap means that we can update the details as life happens.  This’ll give us a more accurate depiction of your current financial status.  It’ll also give us the historical data that we need to identify trends and patterns. 

Working through the financial planning process puts your financial situation into perspective.  Equipped with the right information and a solid plan, you’ll be in a better position to make more informed, strategic decisions.  We can help you get there.

If you’d like more information on the financial planning process (including planning and management of your estate, inheritance, cash flow, investment, insurance, retirement, tax, business, education, etc.) please contact us.

*We offer financial plans at no additional cost for clients that meet certain requirements.  You can qualify for this added benefit based on your asset mix. 

Still have questions about the financial planning and roadmap process? 

Thank you!