Broker Check

Are you on track with your financial goal?

March 27, 2024

Are you on track with your financial goals? Here are four steps to help you stay the course and maintain your financial goals.

The first step in this process is to not only identify, but to establish these goals. This sounds simple, but it is important because without a goal, how do we know what we are working towards? Did I accomplish what needed to be accomplished? Many of us would like to retire at some point, but when do I? Will I have enough? Am I ready? What will I do in retirement? Lots of questions and lots of uncertainty. Well, why is this? I would like to think that the reason why is that approximately just 1 in 3 people have a written financial plan (Schwab, Modern Wealth Survey 2021, 2021). Then once we have these goals, prioritize them so that we are working on the most important ones, first.

The second step is to assess the situation. In this part we look at your current situation to determine what are your assets and what are your liabilities. It's important to add all this up to know what you have and how the money is held. For example, account type or taxation status. This list may include bank accounts, retirement accounts (previous and current job), education accounts, annuities, life insurance, real estate, and personal possessions. All of these are important to include in order to plan out your financial future. The goal is to have these components working together as one cohesive unit to make sure your financial picture is one that you’re not stuck with versus one that you planned for and want. A good holistic planner seeks to account for all of these together.

The third step is to develop and implement the plan. This is where it gets fun, right? Don't worry, I often find positives in any situation even if the client may not think that there are any. This is where expertise and software come together to project scenario's and what if's. If this happens, am I protected? What will my income be in retirement? Which just happens to be one of our core beliefs that income should be accounted for to avoid uncertainty. Taxation of the money is accounted for. Social security is planned for. Am I selling a business? Am I downsizing? The goal is to develop a plan to account for any of these scenarios and then to stress test these scenarios to determine if our goals are still obtainable.

The fourth step is to monitor your progress. We've put together a plan, put it in motion, and everything seems to be going smoothly. We're done right? Nope, not quite. This is where even the best drawn up plans can fail because there was no revisiting of the plan that was set in motion. Did our situation change? Did the world we live in change? How quickly things can change even over the course of a year. This is why we ask to meet with you, so that we can not only catch up but make sure we are still on track. So that if our goals change or the world we live in changes, the plan accounts for these changes or is modified so that it is applicable to current needs.

Hopefully these four steps gave you a clear direction and if there are still questions, we are here to answer them.



Schwab, C. (2021). Modern wealth survey 2021. Schwab Brokerage.


Matthew McCormick is a Registered Representative and Investment Adviser Representative of/ and offers securities and investment advisory services solely through Equity Services, Inc., Member FINRA/SIPC, 1 N. Franklin Street, Suite 3450, Chicago, IL 60606. (312) 236-2500. Weyers McKeever Financial Partners is independent of Equity Services, Inc. In CO, MO, NH and WI, Equity Services, Inc. operates as Vermont Equity Services, Inc.  Representatives of Equity Services, Inc. do not offer tax or legal advice.  For advice concerning your own situation, please consult with your appropriate professional advisor.