Ben Skilling, director of sales and delivery at UMB Private Wealth Management, highlights the importance of taking your financial planning to the next level by working with a planning team.

Start somewhere

The most important step is the first step. Once you come to the first meeting, now we can figure out how we take your finances to the next level. When we think of financial planning and having a financial plan, what we’re really talking about is having a roadmap to help you achieve your financial goals.

Your life is going to change and so should your financial plan. This document should be interactive and collaborative as you move through life.

Mind the gaps (and test your plan)

After you establish your financial plan, the next step is to understand where we have gaps.

  • What are you doing right?
  • Where are you putting your money today?
  • Where are you investing money today?
  • Are there any gaps?
  • Is the current plan the right path or are some adjustments needed?

A financial team can show you the impacts of those financial decisions before you make them. This can be a great tool to help you navigate the changes in your life.

Stay disciplined (and committed)

Similar to joining a gym, you might need a trainer who is holding you accountable to your goals. This is where your financial team can come in and support your financial goals. Staying disciplined with your financial plan is key to bringing you clarity and confidence when you make financial decisions.

Get your team on it

Studies show that very few people actually engage in a comprehensive planning relationship. We try to simplify and demystify the financial services world. Hiring someone to help you through that journey is critical because what you don’t want to do is make financial decisions by chance. The sooner we can work with clients to help, the better off they’re going to be financially for the long term. By working with a team of professionals, the client has a group of individuals who provide personalized financial advice.

Bring your business into the plan

If you are a business owner, the process of financial planning doesn’t change, but the advice we provide might. We would want to know:

  • When do you want to exit the business?
  • What’s the value of the business?
  • Would you like to sell the business?

No matter where you are on your financial journey, clarity is key to having financial confidence.

Interested in learning more about Private Wealth Management? With UMB, you have a guiding partner from financial advising and wealth-building strategies, to retirement and legacy preservation plans.