Financial Planning Essentials

Building a Financial Plan

Financial planning is the process of developing a strategy to meet the financial needs of today while preparing for tomorrow through proper management of your financial resources. It is an important part of achieving financial security and independence, as well as an essential component for building wealth.

Working with a financial planner helps individuals gain insight into their complete financial picture, taking into consideration all matters related to their financial situation, including current lifestyle and spending, budgeting, expenses, debt, and saving. Understanding how each of these topics work together and affect each other, along with external factors, such as inflation and taxes, is important for laying the groundwork for a solid financial foundation.

While every plan is unique to fit each person’s specific circumstances, every individual who invests in building a solid financial plan will benefit. A financial plan can help individuals get their personal finances on track and determine the amount of money needed to save for retirement. Your plan will also be a reflection of your ambitions and dreams for the future, and will help pave a smooth financial path for you to achieve both immediate and long-term goals that are realistic for you and your family.

Managing your long-term financial affairs requires careful thought and consideration. Probity Advisors, Inc. can help individuals develop a customized plan to optimize their financial resources to achieve their future goals and dreams.

Probity Advisors has been developing financial plans for individuals and businesses for more than 40 years. We strive to make the financial planning process as easy as possible and will walk you through each step to ensure that (1) you are comfortable and confident with your decisions and that (2) you have both the understanding and the tools you need to implement your plan.

Building a Financial Plan

In order to build your financial plan, your advisor will meet with you to begin developing a complete picture of your financial life. Since most people do not have a personal balance sheet readily available, we guide you through the discovery process by helping you identify and gather all of your current financial data. This may include bank statements, tax returns, insurance policies, 401k statements, loans or debt, mortgage information, estate documents, and employee benefits materials.

Your Goals

Understanding your personal finances is one step in the process. Your advisor will help you identify and articulate your aspirations for the future, whether that may be purchasing a home, paying for a child’s education, starting a business, or retiring early.

Your Financial Picture

Your advisor will undertake a very detailed and methodical analysis of your financial data and your individual situation. He or she will discuss with you the many factors involved in creating a sound financial plan that is both reasonable and attainable. Your advisor will help you prioritize your goals, and help put you on a path to reach those goals.

With a thorough understanding of your financial position and knowledge of what you want to accomplish, we will develop a comprehensive set of recommendations that serves to help you meet both your long- and short-term expectations. We will review with you all of the options available and guide you towards making decisions in the best interest of your financial health and well-being.

Your financial plan may include the following components:

Personal and Family Budgeting

Your financial plan will balance your current spending needs and determine a budget that will help you reach your financial goals.

Retirement Planning

Your financial planner will discuss with you when you want to retire and help you determine how much you will need in retirement.

Estate Planning

An estate plan is one component of financial planning that focuses on the management and dispersion of your assets if something were to happen to you.

Managing Investments

A financial planning advisor can provide guidance on managing investable savings and income to help you reach your goals.

Tax Management

The financial planning process helps individuals navigate changing tax laws and maximize deductions.

Risk Management

Your financial advisor will help you prepare for unexpected events that could significantly impact your financial well-being.


Insurance can help you protect what you have worked hard to build. A financial planner can determine if you have enough insurance or are over insured.

Business Exit Strategy Planning

Exit strategy planning can assist business owners with addressing a myriad of issues when personal wealth is closely tied to business interests.


Professional Advice

Our advice and opinions regarding your financial plan are independent, professional and unbiased. After we build your financial plan, the next step is up to you. If you choose to implement your financial plan with us, we will put our expertise to work for you with our unique, integrated approach to wealth management. Probity Advisors offers the benefit of comprehensive financial services within one organization, including customized portfolio management, financial and estate planning, and tax management.

Our financial planners are highly credentialed and experienced, and our financial planning expertise is offered as a fee-based service without any obligation relating to investment management or other services or products. Utilizing professional financial planning provides assurance and confidence that the advice is sound and secure and that your plan is up-to-date with ever-changing estate and tax laws.

Periodic Review of Your Plan

The ongoing review of your financial plan is just as important as the creation. It is recommended that individuals review their plan every one to two years to assess its effectiveness and to make adjustments to accommodate any changes in their personal situation that could affect their plan. These life changes may include the birth of a child, receipt of an inheritance, sale of a business, or a change in marital status. Your financial advisor will help you track your progress toward your financial goals or re-evaluate your goals to make sure you are on the road to reaching your target.

Managing your long-term financial affairs requires careful thought and consideration. Probity Advisors, Inc. can help individuals develop a customized plan to optimize their financial resources to achieve their future goals and dreams.