The Importance of Creating A Holistic Financial Plan

When it comes to our finances, most of us think about short-term wins and goals: how can we save more money each month, pay off our credit card debt sooner or invest more money for our future use. While those are all important aspects of financial planning, they’re only part of the puzzle. To create a truly holistic financial plan, we also need to think about our long-term plans and how all aspects of our lives play into them. That might mean saving for retirement, but it could also mean considering things like health care costs, college planning, and estate planning. By taking a holistic approach to comprehensive financial planning, we can ensure that all areas of our lives are considered and that we’re making the best decisions for ourselves and our families.

That’s why working with a financial advisor in Buffalo Grove, IL, who can provide a holistic look at your financial life and craft a comprehensive financial plan can work best for you. Using this approach, the financial advisors at SGL Financial can view every aspect of your financial life and then help you create a plan that increases the odds of achieving your financial dreams and aspirations. 


Our goal is to help you accumulate and preserve wealth. Use this short guide to understand the many facets of comprehensive financial planning. 


This article will cover information that should be included in your holistic financial plan:

  • What is holistic financial planning?
  • How does holistic planning fit with other aspects of your financial life?  
  • How does planning involve financial decisions from multiple disciplines?
  • How can holistic planning be monitored so it changes with your economic circumstances and goals?
  • Why is tax planning an integral part of a financial plan?

What is holistic financial planning?

puzzle pieces of holistic financial plan

Now imagine all of the parts of your financial life will fit together like a complicated puzzle, to produce your desired results. These parts include IRAs, 401(k), college funds, retirement, Social Security, your estate plan (will/trust), taxes, long-term care and health care, and more. When put together, all of the parts become part of the picture. This is what holistic means – the whole is a sum of its parts. 

Comprehensive financial planning in Buffalo Grove at SGL will start with exploring your current financial circumstances, requirements, and goals. This will be backed by a strategy that is designed to accumulate wealth during your working years, manage the transition from the workforce to your golden years, and secure a comfortable retirement that never runs out of money. 


Learning all we can about you from the very beginning plays a significant role in SGL’s comprehensive planning and advisory services.


At the heart of individualized financial planning is you and your loved ones. The financial planning process is about learning about your priorities, preferences, ambitions, and concerns. It’s our job and responsibility to discover the challenges that concern you the most and then to provide viable solutions that work to address those challenges. 

The planning process tells us where you are now and where you want to go. Our job is to create the strategy that gets you there. SGL’s holistic financial planners don’t just focus on one part of planning and ignore the rest. Our job is to be familiar with the full scope of your financial life, knowing that all of the parts are connected and are equally important.

Perhaps your top priority is ensuring that your nest egg will be able to last over your lifetime. Or, it could be that you want to be able to fund your children or grandchildren’s college education, or finally buy that second home on the beach. There are many reasons you may want to accumulate and preserve more assets during your working and retirement years. 


Our role at SGL is to deliver the specialized planning and investment advice  you need to help you achieve your most important financial goals.


After the initial planning phase, it’s time to develop an investment strategy that is based on your financial goals, risk tolerance, and time horizon. Those who are younger can take more risk, but as you age, your capacity for taking risk declines. This is sometimes referred to as a glidepath as in a smooth landing by an airplane. In order to help you make the right  financial decisions, we have to see the whole picture before we can advise you on the parts. 

Who can help you develop a comprehensive financial plan from a holistic point of view? 

point of view

We believe it’s in your best interest to select a fiduciary advisor, or a CERTIFIED FINANCIAL PLANNER™ to help you navigate all of the complexities that are part of the development of a comprehensive financial plan. There are so many variables that it takes a complex financial plan to reduce your potential risk for a catastrophic failure. 

If you are experiencing any of these financial scenarios, or combinations of scenarios, we can provide the expertise and services you need to develop solutions

  • Do you feel stressed by your financial situation? 
  • Do you worry about not having enough funds for retirement?
  • Is the performance of your investments meeting expectations??
  • Do you lack the diversification you need to reduce your risk? 
  • Are you sinking in expensive debt? 
  • Do you feel lost with global wealth management?
  • Do you have a budget and the discipline to stick to it?
  • Will you be able to retire when you hope to?

All of this confidential information will help us develop a comprehensive plan that is based on your input and the achievement of all of your financial goals.  

Why is tax planning an integral part of a financial plan?

Tax planning should be an important component of any holistic financial plan, particularly for high-net-worth individuals. While tax laws are complex and ever-changing, a qualified tax professional can help minimize your tax liability and maximize your financial goals. When done correctly, tax planning can give you peace of mind and help you keep more of your hard-earned money. For example, tax-loss harvesting is a strategy that can be used to offset capital gains and reduce your overall tax bill. Another strategy, known as asset location, involves placing high-tax assets in low-tax accounts and vice versa. 

Proper tax planning can also help you take advantage of deductions and credits that you may be eligible for. No matter what your financial situation is, it’s important to work with a qualified tax professional to create a comprehensive financial plan that meets your needs.

Work with a financial planner at SGL Financial 

Our team will produce your plan, monitor your results, and make changes as necessary.  Our expertise can be the difference-maker for the achievement of your most important financial goals. 

With 40-year record high inflation, rising interest rates, a potential recession, and excessive stock market volatility, you need to protect your wealth during these times of uncertainty. Partnering with a team of financial experts can help you answer these questions:

  • When will you be able to retire? 
  • Is your current savings rate adequate?
  • How much will you need to live comfortably for the rest of your life?
  • How much risk should you be taking to produce your desired results? 
  • How do you minimize the risk of large losses?
  • Will you have the right healthcare coverage?

The financial professionals at SGL are ready to help. If you would like to talk with a financial planning expert about your current circumstances and goals, contact SGL to schedule an introductory meeting