A financial plan is a document that describes your current financial status, your financial goals and when you want to achieve them, and strategies to meet those goals.
You can use your plan as a benchmark to measure the progress you're making and update your plan as your goals and time frame change.
Financial planners and other investment professionals can help you create a plan, identify appropriate investments and insurance, and monitor your portfolio. You may pay a one-time fee to have a plan created, or it may be included as part of a fee-based account with a stockbroker or investment adviser.
- Browse Related Terms: Asset allocation, Asset class, Balanced fund, diversification, Family of funds, Financial plan, Fund of funds (FOF), Lifecycle fund, Modern portfolio theory, Nonsystematic risk, Overweighted, portfolio, subclass, Synthetic investment, Target date fund, Target risk fund, Underweighted, White knight