The Importance of Wealth Planning, Part 1: Why a Plan is Critical in Challenging Times
The events of the past several weeks have highlighted the importance of having a sound, comprehensive wealth plan that supports your unique values and goals. That’s why the RKL Wealth Management team will be exploring benefits and best practices for wealth planning with a multi-part blog series. After all, as the Cheshire Cat explained in Alice in Wonderland, if you don’t know where you are going, any road will get you there. With a wealth plan, you know your destination and how to get there even if you are forced to take a detour.
To kick off our series, let’s examine a few of the reasons why a wealth plan is always important, but never more so than in times of duress. The coronavirus pandemic presents both financial and health challenges that are testing financial strategies and wealth plans on multiple levels. Almost everyone has now been impacted by the current crisis in some way, whether it is anxiety about their businesses or their jobs, concerns about their health and that of their loved ones, fears about the economy and more. Having a sound comprehensive wealth plan can help alleviate anxiety and provide stability and reassurance in a number of ways.