Going the Distance: Three Things You Can Do to Maintain Your Financial Plan

maintaining your financial plan

The following article is an excerpt from our ebook “How to Develop a Successful Financial Plan and How an Advisor Can Help.”

Think about your financial plan the way you might think about your car. You’ve spent a lot of money on a vehicle that looks nice and runs reliably. You know that if you don’t change the oil in three months, your car won’t run as well.

A financial plan works the same way. As you progress through different stages in your life, you should make small tweaks so your plan continues to serve you.

Here are three things you can do to maintain your financial plan:

  1. Make sure you are on track to meet your objectives.

Whatever rule you have for changing the oil in your car — every 3,000 miles or every three months — you’re tracking the time until your next trip to the mechanic.

Similarly, you should track your portfolio to make sure you are on course to meet your financial objectives. You should monitor your portfolio daily: not with the intention of beating the market or of fretting over the market’s outlook on a particular day, but with the intention of making sure you are on target.

The reason for this has to do with control: You have no control over the market, but you have control over reaching your goals. By keeping your eyes fixed on the goal, you frame your portfolio around something you have control over.

  1. Continuous monitoring means small tweaks through time, not having to redo everything.

In the same way that you’ll have to make adjustments to your car as you add on miles, you can anticipate a few changes to your portfolio.

For starters, you can expect your financial objectives to change as you age. Your objectives will not be the same when you’re 50 as they were when you were 35. As you enter into different stages of your life, you will need to make changes to your portfolio.

By re-examining your plan constantly, you can keep it up-to-date. Remember, no news is good news: It means you’re on track to meet your goals. And when issues do come up — issues will inevitably come up — you can address them immediately.

This allows you to make minor changes to your portfolio. Minor changes are better than what could happen if you wait a couple years. Then you’re running the risk of having to make some drastic changes.

  1. Work with a financial advisor who is always watching out for you.

Every now and then, you have to take your car to an automotive shop. You want to do business with a mechanic you can trust, not a mechanic who suggests you also purchase an air filter every time you stop in.

Trustworthiness is the most important quality you want in a financial advisor.

A trustworthy financial advisor will monitor all the areas of your financial situation. You will have somebody on your side who is well-versed in the market and who can make adjustments to your portfolio.

McLean’s team is made up of registered investment advisors who are under the fiduciary standard of the Securities and Exchange Commission.

Contact McLean today to work with a financial advisor who will keep you on target to meet your objectives by monitoring your portfolio closely.

Download our ebook “How to Develop a Successful Financial Plan and How an Advisor Can Help.”


McLean Asset Management Corporation (MAMC) is a SEC registered investment adviser. The content of this publication reflects the views of McLean Asset Management Corporation (MAMC) and sources deemed by MAMC to be reliable. There are many different interpretations of investment statistics and many different ideas about how to best use them. Past performance is not indicative of future performance. The information provided is for educational purposes only and does not constitute an offer to sell or a solicitation of an offer to buy or sell securities. There are no warranties, expressed or implied, as to accuracy, completeness, or results obtained from any information on this presentation. Indexes are not available for direct investment. All investments involve risk.

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