Skip to main content

New Year’s Resolution – Develop a Plan Based on Expert Advice

Talking with a professional about your financial plan can bring significant benefits.

By Dave Hanzlik

I know most New Year’s resolutions revolve around denial and hardship, but 2020 has brought us enough of that, and let’s be honest – 2021 is not going to start out much easier. With this in mind, let’s talk about a different sort of resolution – talking to someone about your financial plan. This holds tremendous benefits, no matter your skill, experience, or confidence.

Why? Speaking to someone regarding your current financial plan forces you to articulate what your goals are and why you chose them. Periodically checking these key foundational elements of your financial plan revalidates where they are versus where you are. Additionally, it is surprising how speaking about your plan can challenge your thinking and help you identify a better approach.

Who? Go to someone you trust, but it’s important that they challenge your notion of trust. A financial advisor can be extremely helpful. Even if you are dedicated to “going it alone,” a financial advisor is trained to help individuals with these exact conversations. Family members, friends, and work colleagues are also candidates.

How? Many of us were raised not to talk about money with anyone (strangers or those we know), but a fruitful financial plan discussion can be performed without discussing specifics of how much you have actually saved or other details we may be uncomfortable sharing. This tends to be the key hurdle for those that haven’t talked about their plan with others previously. Challenge yourself! The other key is to write out your thoughts in advance – don’t wing it. That defeats the “Why?”.

Good luck with your resolution!

About the author: Dave Hanzlik

Dave Hanzlik is Vice President of Annuity & Retirement Solutions at CUNA Mutual Group, a leading insurance, financial services and technology company focused on helping people achieve financial security through all life stages.

CUNA Mutual Group is the marketing name for CUNA Mutual Holding Company, a mutual insurance holding company, its subsidiaries and affiliates. Annuities are issued by CMFG Life Insurance Company (CMFG Life) and MEMBERS Life Insurance Company (MEMBERS Life) and distributed by their affiliate, CUNA Brokerage Services, Inc., member FINRA/SIPC, a registered broker/dealer and investment advisor, 2000 Heritage Way, Waverly, IA, 50677. CMFG Life and MEMBERS Life are stock insurance companies. MEMBERS® is a registered trademark of CMFG Life Insurance Company. Investment and insurance products are not federally insured, may involve investment risk, may lose value and are not obligations of or guaranteed by any depository or lending institution. All contracts and forms may vary by state and may not be available in all states or through all broker/dealers. CORP-3310608.1-1020-1122

©CUNA Mutual Group