What is a Personal Financial Plan?

After participating in our six-step financial planning process, your Ameriprise financial advisor will create a personal financial plan for you, based on your situation and priority goals, for you to review together. Your financial plan will identify strategies and tactics to help you:

• Examine your present financial situation
• Protect what's important
• Accumulate wealth
• Manage your taxes
• Plan for retirement
• Leave a legacy

In order to move forward with a solid personal plan, you'll need a clear picture of your current finances. Your advisor will ask you some important questions to help you figure out where you're headed. These questions may include:

• Do you have a clear picture of your goals and dreams?
• What benefits do you receive from your employer?
• How do you track your current income and expenses?

From life and disability income insurance to personal auto and home insurance, there are many ways you can protect your family from the unexpected. Which ones are right for you? Which may be unnecessary? Your financial advisor will help you decide.

• How will unexpected events impact your family's goals?
• What can't you afford to lose?
• How have you prepared for financial risks, illness, long-term care or death?

What are you saving your money for? Retirement? A home? Your children's education? No matter what your goals, you'll need to prioritize. Your financial advisor will guide you through the process, with questions like:

• How do your current investments support your financial goals?
• How much do you need, and how soon do you need it?
• What has your approach been to market fluctuation? Diversification? Risk tolerance?

Keeping track of tax dividends, deductions and more can be overwhelming. Your advisor will be with you every step of the way to make sure you don't miss out on any breaks or forget important expenses. Consider the following:

• Can you manage timing of income or deductions?
• Are preferential tax rates available to you with capital gains or dividends?
• Do you understand how current tax laws apply to you?

Whether you've just entered the workforce or you're getting ready to leave, retirement planning should always be on your list of financial priorities. Your advisor will help you make saving for retirement a part of your overall financial picture.

• What do you dream of doing in retirement?
• Do you have a plan to make your retirement vision a reality?
• Are you confident that you will be able to recreate your paycheck in retirement?

From supporting your family to funding a charity, it's important to talk about where your money will go when you're gone. Your advisor will help you take control of your financial legacy.

• What purpose do you want your financial legacy to serve?
• Do you have a plan to control where your assets go when you are gone?
• Will your plan let you achieve all your goals? How do you know?
• How will your intentions be realized?

Neither Ameriprise Financial nor its affiliates or representatives may provide tax or legal advice. Consult your tax advisor or attorney regarding specific issues.

Brokerage, investment and financial advisory services are offered through Ameriprise Financial Services, Inc. Member FINRA and SIPC.