The Gift of a Financial Plan

/ Planning Within Reach/

I have completed dozens of financial plans that were gifts - the person paying for the financial plan was different from the person going through the process and receiving the financial plan. Here is what to expect if you are interested in giving (or receiving) a financial plan this year.

How a Financial Planning Gift Works

I have a call with the giver - the person paying for the financial plan but not going through the process. This is optional.

Many times the person paying the bill understandably wants to speak with me first to clarify the price, process, and product.

Even though I am happy to have this conversation, I make it clear that my professional engagement is with the recipient - the person who ultimately signs the contract and is my client. All discussions will be confidential. My client may choose to include the giver in the meetings or share the financial plan afterward, but that is up to them. This has never been an issue but it is an important point of clarification before moving forward.

I have a call with the person going through the process and receiving the financial plan (my client). This is required.

This call is to verify that the person receiving the financial plan is on board with the process. They have to share a lot of documents with me, be open to suggestions, and be willing to make time for meetings. Once we confirm that we are a good fit, we sign the contract and continue the process as with any other client.

Popular times to give (or receive) a financial planning gift.

  • December Holidays or for the New Year - January is a very busy time for financial planners! People love starting the year off fresh and getting a plan in place for the new year.

  • College or High School Graduation - Young people have a lot to navigate during this transition. They are receiving their first paycheck, electing employer benefits, budgeting, and balancing savings with debt paydown.

  • Wedding (a cash gift can be requested on your registry) - Newlyweds appreciate a third party helping them get on track financially. They are learning how to manage their joint expenses, new tax requirements, insurance and estate planning needs.

  • Baby Shower (a cash gift can be requested on your registry) - New parents want to learn about college savings and may need to come up with a plan to buy a bigger home or car for their growing family.

  • Buying your first home - People often are not clear on how much they can afford (it is typically less than what the mortgage lender says) and how to prepare for ongoing home maintenance costs.

Financial planning is a process

A financial plan is a great gift that can help someone you care about get a financial roadmap in place. There will be bumps and detours along the way, but having a plan will make them more financially resilient and ready to meet their goals.

originally published 1/24/2018

Linda Rogers, CFP®, EA, MSBA is the owner and founder of Planning Within Reach, LLC (PWR). Originally from New Jersey, Linda services clients throughout San Diego county and nationwide. She leads the design of PWR's investment portfolios which utilize broad, low-cost investments that integrate environmentally, socially, and governance (ESG) factors.

Planning Within Reach, LLC (PWR) is a fee-only and fiduciary wealth management firm offering one-time comprehensive financial planning, ongoing impact-focused investment management and tax preparation services in San Diego and nationwide. PWR is a woman-owned firm that specializes in busy professionals and impact investors. Planning Within Reach, LLC and their advisors do not receive commissions and do not hold any insurance licenses or brokerage relationships.