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7 Financial Planning Tips to Help You Meet Your 2020 Goals

Ben Kautz

Managing Director


Financial Planning Tips

Creating a financial plan can seem daunting, but the current world environment has proved that having a plan in place is more important than ever.

Whether you’re juggling a complex portfolio or entering a new stage of life, making sure your financial goals are incorporated in your wealth plan is key to achieving financial security. Uncertainties seem to be a constant in our current world state, but your financial security shouldn’t be one of them.

At Mercer Advisors, our holistic approach bundles financial planning, investment management advisory services, estate and tax planning all under one umbrella. By creating a comprehensive plan, you develop a roadmap to help you achieve your economic freedom.

Having a stable and well-rounded financial strategy is more than just a diversified investment portfolio. Here are our top seven tips for making the most out of your financial plan:

  1. Track your spending and develop a budget. By actively looking at how much you spend, it becomes easier to find areas to cut back on and therefore create additional wealth, the millionaire next door concept.
  2. Create a written financial plan. Sitting down and writing out a clear financial plan allows you to focus on the core three Ls: lifestyle, longevity, and legacy. You’ll consider how you spend your money currently, how you are prepared to stretch your dollar past retirement, and what protections you’ve put in place for the assets you’d like to leave behind – these are all key questions to address.
  3. Calculate your net worth. By calculating your net worth — documenting your assets and listing your liabilities — you are better able to see what your true net worth is, and how much is tied up in illiquid assets.
  4. Create or update your estate plan. Maintaining a current estate plan when life changes is critical for protecting your heirs. Having an estate plan can help reduce estate, gift, and income taxes, and in some states allows you to lower your property and inheritance taxes.
  5. Determine your investment strategy. Investment portfolios are probably the first thing to pop into your mind when a financial plan comes up. Applying a rigorous and scientific investment approach is key to maintaining your edge on a portfolio. We strongly suggest retaining a diversified portfolio to obtain superior risk-adjusted returns.
  6. Minimize taxes in your portfolio. A successful and holistic financial plan relies heavily on leveraging taxes to your benefit. By selling investments strategically, you can grow your assets while harvesting tax losses. No matter your current stage of life or current financial goals, taxes are one piece of the financial planning process that should take center stage.  While many tend to think of taxes as a once-a-year filing requirement, we suggest clients proactively plan throughout the year to get the most out of their taxable benefits.
  7. Consider charitable giving. Another key tax strategy is using charitable giving to reduce your AGI (adjusted gross income). With the new CARES Act that went into place earlier this year, up to 100% of your charitable cash contribution is tax-deductible.


For more information about Mercer Advisors’ holistic financial strategy, click here to speak with one of our top advisors or email

Mercer Advisors Inc. is the parent company of Mercer Global Advisors Inc. and is not involved with investment services. Mercer Global Advisors Inc. (“Mercer Advisors”) is registered as an investment advisor with the SEC. The firm only transacts business in states where it is properly registered, or is excluded or exempted from registration requirements. All expressions of opinion reflect the judgment of the author as of the date of publication and are subject to change. Some of the research and ratings shown in this presentation come from third parties that are not affiliated with Mercer Advisors. The information is believed to be accurate, but is not guaranteed or warranted by Mercer Advisors. Content, research, tools, and stock or option symbols are for educational and illustrative purposes only and do not imply a recommendation or solicitation to buy or sell a particular security or to engage in any particular investment strategy. For financial planning advice specific to your circumstances, talk to a qualified professional at Mercer Advisors. Past performance may not be indicative of future results. Therefore, no current or prospective client should assume that the future performance of any specific investment, investment strategy or product made reference to directly or indirectly, will be profitable or equal to past performance levels. All investment strategies have the potential for profit or loss. Changes in investment strategies, contributions or withdrawals may materially alter the performance and results of your portfolio. Different types of investments involve varying degrees of risk, and there can be no assurance that any specific investment will either be suitable or profitable for a client’s investment portfolio. Historical performance results for investment indexes and/or categories, generally do not reflect the deduction of transaction and/or custodial charges or the deduction of an investment-management fee, the incurrence of which would have the effect of decreasing historical performance results. Economic factors, market conditions, and investment strategies will affect the performance of any portfolio and there are no assurances that it will match or outperform any particular benchmark. This document may contain forward-looking statements including statements regarding our intent, belief or current expectations with respect to market conditions. Readers are cautioned not to place undue reliance on these forward-looking statements. While due care has been used in the preparation of forecast information, actual results may vary in a materially positive or negative manner. Forecasts and hypothetical examples are subject to uncertainty and contingencies outside Mercer Advisors’ control. Mercer Advisors is not a law firm and does not provide legal advice to clients. All estate planning documentation preparation and other legal advice is provided through its affiliation with Advanced Services Law Group, Inc.