See the key ingredient in any successful financial plan

See the key ingredient in any successful financial plan

Henry Ford once said “If everyone is moving forward together, then success takes care of itself.”

The same is true of your financial plan. It takes a team moving in the same direction to bring success. And the key way to achieve that is through communication.

Here are ways strong communication can help propel your financial plan forward.

Make sure all of your “teammates” are coordinated on the same plan

Communication with your family, business or whomever you consider key to your financial-plan success is a key to success. You may need to have a family meeting with your spouse, partner and any children or a business meeting with your executive team. The goal is to make sure that anyone involved understands the long-term financial goals that are being set. Having team members aware early on can help reduce small derailments along the way and ensure that everyone is working in coordination toward the same goal. 

Recognize diversity as a strength

Just as every individual has a key strength, your financial planning team should also be diverse. Your financial professional can coordinate with your CPA/tax adviser, estate planner, and lawyer to make sure that you are covered with tax strategies, estate planning strategies such as wills and trusts and the proper financial products for your situation. Working together they can help develop a powerful plan. As you are putting together your team, be sure you establish your expectations of the when, how and why you will communicate with each other about your financial goals.

Stay in close contact with your team

It’s always good to focus on the long-term goals and go after them. Small course corrections will help keep you on the path to your ultimate goal. Set aside time to meet with your financial planning team to review fund performance and make any adjustments to the plan that have come about due to market conditions or changes in your family or business. And over time, you may find that your needs will change, so having flexibility in your plan may be a key consideration.

Next steps

Contact your Ohio National financial professional to help you to set the direction of your financial plan and the expectations around how you’ll communicate with each other. Together you can start working toward accomplishing your financial dreams.

D-456388 9-19

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