Are You Stress Testing Your Family’s Financial Plan?

If you want to know if something will work the way it should under the most challenging circumstances, what do you do? You test it. That’s why automakers send their cars crashing into walls. They want to know how all the components will hold up. That’s also why your doctor might have you run on a treadmill at your yearly appointment. They want to see how your body holds up under stress.

Well, the same goes for your financial plan. If you want to be certain your plan will hold up in the event something bad happens, you need to test it. This is something extremely wealthy people (think those worth $500 million or more) do on a regular basis. Even if you don’t come close to making it into that club, you can still benefit from stress testing your financial plan.

What does it mean to stress test your financial plan? It essentially means poking a series of holes in your plan to see if it causes the entire plan to burst. You do this by asking a series “what if” questions about different areas of your financial plan, and following the path of what would happen in each scenario. If a path leads your plan to places you do not want or expect, that means it fails the test.

Some aspects of your financial plan you might want to stress test include:

  • Estate planning
  • Asset Protection
  • Income Tax Plan

The overall idea is to make sure your financial goals are achieved no matter what should occur. If you find out your plan doesn’t achieve those goals in any specific scenario, then you might need to change your plan.

The resource you can download below includes tips for assessing the financial services and products you are currently using—along with some potential courses of action you can take based on the results of your financial stress test.

Need help stress testing your financial plan? Talk to Wealth Impact Partners today and we’ll help you determine if your plan holds up under pressure.


The material contained herein is for informational purposes only and is not intended to provide specific advice or recommendations for any individual nor does it take into account the particular investment objectives, financial situation or needs of individual investors. Any tax advice contained herein is of a general nature and is not intended for public dissemination. Further, you should seek specific tax advice from your tax professional before pursuing any idea contemplated herein. This advice is being provided solely as an incidental service to our business as insurance professionals and investment advisors.

Neither Wealth Impact Partners, Valmark Securities nor its affiliates and/or its employees/agents/registered representatives offer legal or tax advice. Please seek independent advice, specific to your situation, from a qualified legal/tax professional.

Securities offered through Valmark Securities, Inc. Member FINRA/SIPC. Investment advisory services offered through Valmark Advisers, Inc., a SEC Registered Investment Advisor. 130 Springside Drive, Suite 300 Akron, Ohio 44333. (800) 765-5201. Wealth Impact Partners is a separate entity from Valmark Securities, Inc. and Valmark Advisers, Inc. BSW Inner Circle and AES Nation LLC are separate entities from Valmark Securities and Valmark Advisors.

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