Seasons of transition come with their own unique challenges. Not the least of which is change. And when it comes to a change in career – whether a new job or retirement – the most common actions are to panic or charge towards the next challenge with laser focus.
But if we desire to maximize the opportunity that may arise from change, we need to adjust our approach. In the words of Albert Einstien, “The world as we have created it is a process of our thinking. It cannot be changed without changing our thinking.”
As we’ve previously outlined in our SAIL series, we have to change our thinking to view transition as an inevitability to be planned for. Only then can we apply a new process to help us find the opportunities amidst the change.
4 PHASES OF planning for a transition:
S – Slow Down
A – Assess
I – Identify
L – Launch
Today, I’m just focus on the last: Launch. It is, without a doubt, the easiest phase to understand, but the most difficult for many to take the first step.
PUTTING THE PLAN TOGETHER
One of my favorite TV shows growing up was the “A Team”. And, to me, there’s no greater moment than the final reveal of Hannibal’s grand plan culminating in another victory followed by his famous line, “I love it when a plan comes together.”
In much the same way, the last phase of planning for transition involves putting the plan together. It’s not enough to just write it down. To quote another famous figure, “To be prepared is half the victory.” -- Cervantes
In short, it’s not enough to simply have the plan. There’s a time to act. And that time is now.
identifyING the path
If you’ve been following the SAIL process, by now you should have completed the following:
- Taken stock of your current financial picture.
- Assessed your financial plan (or built one for the first time), and consolidated assets.
- Identified the appropriate asset allocation to mitigate risk going forward.
If you’ve completed these objectives, then you’ve built a foundation to launch from. You’ve assessed areas to mitigate risk. And you’ve identified the path.
The last thing to do is to pull up the anchor and SAIL into the adventure that awaits. And, like our friend Hannibal from the “A Team”, you’ll love it when the plan comes together.
Ready to dig deeper? Get started today, by better understanding your risk tolerance level and how that fits with the investments you currently hold.
Cale Dowell serves as Chief Operating Officer for Archetype Wealth Partners and resides in Houston with his wife Lynne and their two kids. Cale is seeking to create a paradigm shift in the way the financial services industry serves and impacts people. Archetype exists to help families thrive across generations.
Disclaimer: Our intent in providing this material is purely for informational purposes, as of the date hereof, and may be subject to change without notice. This article does not intend to constitute accounting, legal, tax, or other professional advice. Visitors and readers should not act upon the content or information found here without first seeking appropriate advice from a trusted accountant, financial planner, lawyer or other professional.