Comparing Types of Financial Planning

financial planning
May 28th, 2024 0 Comments

Financial planning is a broad term that encompasses everything from annual taxes to investments. However, a comprehensive financial planning process entails different types of strategic plans that align with the varying milestones in your lifetime. 

For example, when you are at the height of your career, financial wealth management may be the cornerstone of your overall planning and strategies. On the other hand, as you get closer to retirement, this may shift to more focused attention on your retirement income and your estate. 

A personal financial planning expert like Sadock Wealth can assist with all types of financial planning through the decades. Our wealth management experts can be lifelong partners who can help you examine and initiate individualized and strategic financial plans that align with your current and long-term goals. 

In the meantime, it’s helpful to have a foundational understanding of the different types of financial planning and how these strategies align with a lifetime of varying financial ambitions. 

Categories of Financial Planning 

As stated, financial planning is a broad term that can spiderweb into many different and individualized categories. A few examples of the subsets of financial planning are as follows: 

Investment Planning  

Investment planning aligns with growing your wealth over time, and it considers your entire investment portfolio, from stocks and bonds to cash and assets to savings and retirement accounts. In this financial planning arena, paying constant attention to detail and understanding new opportunities and potential hurdles are key to ensuring a diversified portfolio that will increase your wealth over a specified timeline.  

Tax Planning  

Tax planning isn’t just a temporary endeavor that occurs annually around April 15. Instead, it’s a lifelong type of financial planning designed to ensure that your tax liabilities are minimized now, and for decades to come.  


Retirement planning can be divided into multiple strategies deployed before and during retirement. Growing your wealth so you can enjoy decades of financial security is obviously the first life goal. However, once you retire, you’ll want to employ strategies that will maximize your retirement income while reducing your taxes and other financial obligations. 

Estate Planning  

Estate planning is another lifelong type of financial planning that can never start too soon. From taking stock of your assets to determining how to minimize taxes and financial responsibilities for your heirs and loved ones, estate planning is a constant cornerstone of comprehensive financial planning for every individual.  

How to Get Started on Comprehensive Financial Planning 

Once you have a vision of the financial planning categories or initiatives most important to you and your current stage in life, it’s time to consider the steps that will propel your financial future forward. These steps can include the following: 

Take stock of your financial situation  

Having a concrete understanding of your debts, assets, income, and investments – and how these may change – is a necessary first step to identifying the best strategies to adopt in the days, years, and decades ahead. 

Set financial goals  

Financial goals are crucial, especially when it comes to certain types of financial planning, like investment planning. Determine both a goal line and an investment timeline – or investment horizon – to identify how much wealth you want to accumulate and when.  

Consider the different plans that are right for your goals, risk tolerance, and many other factors  

Every financial plan is different and considers an individual’s financial goals, risk tolerance, income and expenses, and many other factors that will create the roadmap of the best strategies to follow. Again, when it comes to creating a precise plan, the best way to proceed is to start with a financial and wealth management expert who can take all these goals and considerations and combine them to create the best plan for your financial security and peace of mind. 

Financial Security and Success Begins with Saddock Wealth 

A solid understanding of the different types of financial planning strategies is a great first step.  However, to achieve your financial goals you need expert guidance for all the steps to come. 

This is where Saddock Wealth can help. We will work with you now and miles into the future to ensure your financial planning is successful in the long term. The financial planning process is not a stagnant, one-time initiative. Instead, it evolves as your life grows and adapts, taking into account every new milestone and challenge along the way.  

Connect with Saddock Wealth today to get started and discover how much you can achieve for your financial future when you have an expert resource constantly and diligently working for your best interests.  

Schedule a meeting today! 

Financial Planning