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Take a Look at a Sample Financial Plan Thumbnail

Take a Look at a Sample Financial Plan

By Trent Derrick, CMT®

Picking a financial advisor who’s right for you is a big deal. (1) After all, you’re choosing someone to get to know you and understand your values and goals. Then you need to trust them to turn all that into a financial road map that takes you from now to (and through) retirement.

No matter your background—an individual or small business owner—you will have questions about that road map. That’s why we’ve developed a sample financial plan to help you get a better picture of the work we need to do together to help guide you to the financial future you want.

A custom financial plan includes a lot of specific information. Think of it as a document that lays out your entire financial life and the educated and data-informed assumptions you need to grow your wealth.

A sample financial plan is no substitute for you sitting down with a financial advisor and mapping out the course to your financial freedom. But it can give you a sense of what to expect and how you might arrive at the final destination you want to reach.

Here’s What You Can Expect to Find in a Sample Financial Plan

Financial planning takes a look at your current financial picture, your short- and long-term goals, and your strategies for reaching those goals. A financial plan should be comprehensive and customized.

Although no sample financial plan using fictional characters and their fictional financial issues and goals will mirror your situation, such a sample plan allows you to see and understand generally what might go into your own comprehensive and customized plan.

Financial plans (2) cover a lot of ground. They address income, spending, debt, and risks, in addition to providing strategies for things like: 

  • Paying taxes 
  • Investing 
  • Funding your children’s college 
  • Contributing to your retirement 
  • Planning your legacy 

A financial plan provides a detailed view of your financial position, a model of the financial and life goals you want to reach, and the steps you need to take to get there. 

In other words, your financial plan is the road map to your financial future; and you’re the one in the driver’s seat making it all happen.

Let’s Take a Look at a Sample Financial Plan

The following sample financial plan follows our planning process. It shows you how we: 

  • Bring all your financial matters into one picture on the balance sheet 
  • Propose debt management for any student loans and credit cards 
  • Let you see where you can diversify through asset allocation 
  • Display the results of stress-testing assumptions 

In particular, the latter service can help us determine whether we need to change direction or stay on the current track.

You’ll also see action items from a retirement analysis and strategies for optimizing your Social Security. Additionally, there will be a plan for cash flow that can be used as income or for planned distributions, expenses, progress toward your goals, tax payments, or savings. These projections can help determine your progress as we meet down the road.

Other Parts of the Sample Financial Plan

Retirement planning, tax planning, and estate planning are other major components of a financial plan. You’ll find these sections in the latter part of the sample financial plan:

  • Life Insurance: What happens if a spouse dies?
  • College Funding Analysis: A summary of the cost and funding needed for college
  • Tax Estimates: A proposed plan for effective tax rates
  • Distribution Strategies: What money to take, from which accounts, and when
  • Estate Flow Chart: Tracking the documents that impact your family’s financial future

This is just a sample financial plan, but it can help you see the benefits of creating one of these road maps to help you work toward a financial future that aligns with your values and goals.

Find Help to Develop Your Financial Plan

This sample financial plan shows the financial life of fictional characters, but the process of pursuing your financial goals is real. 

Legacy Wealth Management can help you chart a path to your ideal financial future. To get in touch, email me at trent@legacywm.com.

About Trent

Trent Derrick is a financial advisor and Chief Market Technician at Legacy Wealth Management. Trent is passionate about the value small businesses bring to their communities and specializes in serving small business owners by providing seamless financial advisory services tailored to their financial needs, including tax planning strategies, cash flow management, and retirement planning. Trent has a bachelor’s degree from the College of Charleston and studied economics at the University of South Carolina, Columbia. He is a Chartered Market Technician® (CMT®) professional. Trent serves as a guest lecturer for the College of Charleston’s MBA program and acts as chairman of the Market Technician Association’s Charleston chapter. When he’s not working, Trent, a proud Eagle Scout, enjoys volunteering with the Charleston Animal Shelter’s outreach program. Trent and his wife love to cook international cuisines and host dinner parties with their friends. To learn more about Trent, connect with him on LinkedIn.

The opinions voiced in this article are for general information only and are not intended to provide specific advice or recommendations for any individual. To determine which strategies or investments may be suitable for you, consult the appropriate qualified professional prior to making a decision. 

Legacy Wealth Management and LPL Financial do not offer tax advice or services.


(1) SmartAsset, 7 Mistakes People Make When Choosing a Financial Advisor, https://articles.smartasset.com/financial-advisor-mistakes/, December 2023

(2) Investopedia, Financial Plans: Meaning, Purpose, and Key Components, https://www.investopedia.com/terms/f/financial_plan.asp, Nov. 30, 2023