Do financial planners plan as a company?

We can’t answer this question for everyone, of course, but the answer is certainly “Yes” here at South Bay Financial Partners (SBFP). Like many businesses, we create a budget with estimated revenue and expenses and then track actual results and compare them as the year goes on. At SBFP, we take our own planning to a deeper level, much like we do when working with our clients. We believe money is only PART of the plan for both people and businesses. For a family or a business, plans have to adjust based on new information, changes happening in the world at large, and life events. Read on for a look behind the curtain at how we approach planning for ourselves as a company.

Values, Goals, & Priorities

Just like with our clients, we use our values to guide us. SBFP’s Core Values — Relationships Matter, Always Learning, Brave Space, and Live the Dream — serve as our guardrails for day-to-day decisions and the long-term planning we do as a team. Goals or ideas that don’t support those values simply don’t make it into our plans. We use these Core Values, along with honesty about our capacity and abilities, to help us focus on things that both matter and that we can accomplish. We like to both stretch ourselves and take a measured approach to our planning, a balance we encourage our clients to seek in creating their financial goals. At our annual planning sessions, we take time to look back on the prior year – what has gone well, what didn’t, and what we’ve learned. We encourage this type of reflection with our client as well. Our planning process includes our full team because we value everyone’s perspective and believe being part of the planning process helps get buy-in to the plan itself. We recommend the same for couples — that both spouses be part of the financial planning process to ensure clarity, alignment, and support for the plan.

Regular Check-Ins on Progress

It’s easy to spend time reflecting and planning, then set big goals with enthusiasm that are quickly forgotten. We see this with new clients who haven’t updated wills or beneficiaries to insurance policies after a divorce or the death of a spouse. As we do with our ongoing clients throughout the year, we check in as a team regularly with our plans. We meet every three months to see how we’re progressing toward our goals, ask what we have learned, and then set priorities for the next quarter. This quarterly cycle also allows us to make adjustments to our plan based on new information or changes like global pandemics or new staff joining our team. We have found these quarterly planning meetings serve us very well. We weren’t surprised by this, since we have found the same to be true with our ongoing clients. As life happens, plans need adjusting. Big goals can be broken down into a series of smaller projects or steps to help them feel more achievable. Even professional planners can get overwhelmed with big goals or projects.

Finding Resources for Support

Our passion is helping people feel comfortable and confident with their money decisions. Offering financial planning and financial therapy means navigating the complexities of running a business in a highly regulated industry on a daily basis. To do that, we seek out tools and experts to help us along the way – from compliance to marketing to business operations. Our clients are navigating their own life complexities while on their journey to reach a place where they can talk about money with family members, make decisions confidently, and feel prepared for the future. For them, we are part of their team of experts, which often includes a therapist, estate planning attorney, accountant, and insurance agent. We all need support to navigate our current season, both people and businesses alike. As a business, SBFP’s planning framework helps guide our everyday work and long-term strategies, whether markets are steady or more dynamic. The elements of how we plan our next steps — from our values and goals to check-ins and resources — are aligned with how we approach our planning process with clients. If you’re interested in learning more about how we can be part of your financial journey support team, please get in touch.