Aligning Wealth Management with ESG Values
EP Wealth’s Carrie Sax, CFA, CFP® shares insights on ESG investing, explaining how it adds a layer of due diligence while helping clients align...
EP Wealth Advisors
Balancing multiple financial priorities can be challenging. Learn how to set clear goals, manage competing demands, and create a structured plan for long-term success.
A complex financial life often means juggling multiple income streams, managing investments, planning for taxes, handling debt, covering everyday expenses, and preparing for major life events—all while balancing personal and family responsibilities. With so many moving parts, it’s easy to feel the stress of being pulled in different directions, making it difficult to decide what should come first.
A clear plan is needed to manage a situation where saving for retirement, paying off debt, funding a child’s education, and investing in a business can all feel like conflicting goals. Setting up a structured framework for prioritization helps bring clarity, helping you see how each financial decision impacts your larger plan and ensures alignment with your long-term goals.
This guide outlines strategies for evaluating your financial position and building a plan that balances short- and long-term needs.
Before setting financial priorities, it’s essential to get a clear picture of where things stand. A thorough financial assessment includes:
By analyzing the above factors, financial advisors can conduct a cash flow analysis to determine whether there is surplus income or if adjustments are needed. If cash flow is negative, identifying areas for improvement can help create a sustainable financial foundation.
Another key consideration is risk exposure—understanding how potential financial losses could impact overall wealth. This includes reviewing insurance policies and tax strategies to potentially help minimize unnecessary financial drains.
Equally important is assessing your investment risk tolerance, or how comfortable you are with potential market fluctuations. Your time horizon—the length of time before you need to access funds—also impacts your risk tolerance. Generally, a longer time horizon allows for taking on more risk, as there’s more time to recover from short-term losses. Balancing both factors helps align your investments with your financial goals.
Life circumstances also play a critical role. Major life transitions, such as getting married, having children, changing careers, or moving to a new state, can significantly impact financial priorities. Factoring in these shifts helps create a more adaptable plan.
While financial plans should be tailored to individual circumstances, certain guiding principles apply to most complex financial situations:
Once financial priorities are identified, the next step is developing a structured plan. This includes:
Setting Clear Goals – Defining short-, medium-, and long-term financial targets.
Budgeting and Saving Strategies – Allocating income toward key priorities while maintaining flexibility for unexpected expenses.
Investment Planning – Structuring an investment portfolio to support financial goals while balancing risk and liquidity needs.
Debt Reduction Plans – Creating a structured approach to paying down debt efficiently.
Risk vs. Return Considerations – Weighing potential rewards against financial risks to make informed decisions.
Balancing liquidity with long-term growth is another critical aspect. Some goals require easy access to cash, while others benefit from longer investment horizons. By evaluating tradeoffs between flexibility and commitment, a financial plan can be structured to support both immediate needs and future aspirations.
Financial plans should be actionable and adaptable. A strong plan includes:
Defined Action Steps – Clear, measurable tasks for achieving financial milestones.
Regular Progress Tracking – Monitoring progress to determine if adjustments are needed.
Adaptability – Adjusting strategies based on life changes, market shifts, or unexpected expenses.
At EP Wealth, advisors review financial plans regularly, helping clients stay aligned with their evolving priorities. By reassessing financial strategies in response to changes in income, career shifts, or family needs, financial stability remains a continuous focus.
Managing a complex financial life requires a structured approach. Without a plan, financial goals can compete for attention, leading to missed opportunities or unnecessary stress.
EP Wealth financial advisors help simplify the process by offering personalized guidance that aligns with both current needs and future aspirations.
Take control of your financial priorities—connect with an EP Wealth fiduciary services advisor today.
DISCLOSURES:
EP Wealth’s Carrie Sax, CFA, CFP® shares insights on ESG investing, explaining how it adds a layer of due diligence while helping clients align...
If you work in tech, there’s a good chance a meaningful portion of your net worth is tied up in company stock—often through RSUs, ISOs, or...
Talking finances with your parents can be difficult for everyone. Learn how to have an honest conversation about money with your aging parents today.
Our breadth of coverage across the U.S. means we’re local—here to serve your needs at your convenience.