FINANCIAL PLANNING Planning starts with your goals

Financial planning is the process of evaluating your current financial situation, setting clear financial goals, and building a strategy to achieve them. It can help you think through savings, protection, retirement planning, and long-term wealth goals so that every financial decision you make is working toward the same priorities. 

The process typically starts with first assessing your current financial situation including your income, assets, debts, and protection gaps. From there, a financial professional helps you set clear goals and build a personalized strategy that focuses on saving, protection, and long-term growth.



At New York Life, we work 1-on-1 with you to bring insurance and investments together into one integrated strategy, helping you achieve your short- and long-term goals. Discover more about our unique approach. 

Protection-Powered Growth™ is what clients experience when they work with a New York Life financial professional—bringing financial protection and growth together into one integrated financial strategy. We’ll help you understand your needs and goals, assess your risks, build your personalized strategy, and get periodic check-ins.

According to our 2025 New Year Outlook Wealth Watch survey³, adults who work with a financial professional are more likely to feel confident in their ability to reach their goals (84% vs. 58%).

By giving you a clear picture of where you stand and how your goals, savings, protection, and long-term plans fit together, conversations with a financial professional makes it easier to understand your options and make informed decisions. When you have a strategy in place, it’s easier to feel in control of your financial life. 

The best time to start thinking about financial planning is now, regardless of your age or financial situation. Many people begin exploring their options when they experience a major life change, such as starting a new job, buying a home, getting married, growing their family, or planning for retirement. Starting early could give you more time to build toward your goals and prepare for the unexpected.

The cost of financial planning depends on the type of support you receive.  For general conversations with a New York Life financial professional regarding your needs and goals, there is no separate fee. New York Life financial professionals are generally compensated in connection with the products they sell.  If your needs involve dedicated fee-based financial planning or investment advisory services, those services are offered through Eagle Strategies LLC, a Registered Investment Adviser and subsidiary of New York Life, by its investment adviser representatives. Connect with one of our financial professionals to understand your options. Not all New York Life financial professionals are investment adviser representatives of Eagle Strategies LLC. For additional information regarding fees, costs, and compensation, please review our Customer Relationship Summary.

There is no minimum amount of money required to start financial planning. The financial planning process is designed to help people at every stage of life and every income level, whether you’re just getting started or managing a more complex financial picture. The focus is on your goals, your priorities, and your overall financial situation, not how much you currently have. 

A financial professional can help guide a financial planning conversation by exploring your goals and priorities, understanding your financial picture, and helping you make informed decisions. Working with a financial professional gives you access to 1-on-1 guidance tailored to your specific needs. 


And the difference is measurable: adults who work with a financial professional are more likely to have retirement savings (71% vs 28%) as well as a retirement strategy (41% vs 15%) compared to those that don’t.³

At New York Life, our integrated approach brings together protection and growth into one clear strategy built around your goals. The process begins with understanding your priorities. Next, your financial professional identifies the risks that could affect your progress. Together, you'll design a personalized strategy that addresses your coverage, savings, and long-term financial needs. Over time, you'll get ongoing check-ins to review your strategy and make adjustments as life and circumstances change.

You should review your financial strategy at least once a year—and any time you experience a major life or financial change. Key moments to revisit your financial strategy include getting married, having a child, buying a home, changing jobs, receiving an inheritance, or approaching retirement. Regular check-ins help ensure your strategy stays aligned with your goals and reflects your current financial situation. 

Insurance plays a foundational role in financial planning by protecting your income, assets, and financial stability from unexpected risks. Without adequate protection, a single unexpected event—like a serious illness, disability, or loss of income—can disrupt years of financial progress. By addressing these risks, insurance helps keep your financial strategy on track so you can continue building toward your long-term goals.