by Steve Fillingim
Regardless of where you are in life, you probably have a vision of your future. The decisions you’ve made along the way and the priorities you define as a result of those decisions can help you achieve your most important goals, even as they – and your life – change. But with the uncertain economy and market conditions we’ve been experiencing, you may be asking yourself, “How am I doing?” or “Am I going to be okay?”
Now more than ever, it’s important to keep a few things in mind. First of all, never forget why you are investing. Perhaps you want to retire comfortably or send a child or grandchild to college. If those events are years away, you may be able to look beyond the current economic woes and market downturns.
Second, having a clear idea of your priorities and goals is important because it helps define your time horizon. If you’re saving for a child’s education, your time horizon may be shorter than if you’re saving for retirement. When it comes to investing for the future, knowing your time horizon and having a plan helps your Financial Advisor craft suitable diversification for your portfolio and implement strategies that can help you reach your goals without taking unnecessary risk.
Investors with a plan are more optimistic – In a recent survey conducted by Wells Fargo Advisors, results clearly demonstrated that having an investment plan makes a marked difference in the level of comfort and confidence people feel about their financial future. The firm engaged Harris Interactive to conduct a survey of their clients to gather their thoughts and feelings about the unique Envision® investment planning process.*
Combining goal-based advice with sophisticated statistical modeling, the Envision process is an effective, easy-to-understand method used by the firm’s Financial Advisors to help clients identify and prioritize goals, explore various cash flow strategies, select investments suited to clients’ objectives and preferences, and track clients’ progress toward achieving their goals.
The survey data clearly demonstrated that having a plan makes a marked difference in the level of comfort and confidence people feel about their financial future. Among the clients surveyed, plan holders gave the Envision process high marks:
- 98% know where they stand in reaching their goals
- 95% feel they are able to live the life they planned
- 93% say they will retire on their own terms
- 92% feel in control of their finances
The survey results pointed to two main findings: first, that investors who have a formal investment plan report a higher level of confidence than those who do not, and second, that clients who follow Wells Fargo Advisors’ Envision planning process appear to be more satisfied and confident in achieving investment and retirement goals than other investors.**
To learn more about the Envision investment planning process, visit wellsfargoadvisors.com today.
Important: The projections or other information generated by Envision regarding the likelihood of various investment outcomes are hypothetical in nature, do not reflect actual investment results and are not guarantees of future results. Results may vary with each use and over time.
This article was written by Wells Fargo Advisors and provided courtesy of Steve Fillingim, 1st Vice President of Wells Fargo Advisors. Further information can be obtained by calling him at (951) 699-1833.