Redefining the Financial Plan: Why Having a Process Is More Important

An Industry Veteran is Rethinking How the Industry Works With Clients

MINNEAPOLIS & ST. PAUL, Minn.--(BUSINESS WIRE)--As Americans mark Financial Literacy Month in April, an investment expert is urging individuals and families to rethink one of the most commonly accepted ideas in personal finance: the “financial plan.”

While the financial industry often promotes having a plan as the key to achieving long-term goals, veteran portfolio manager Fred Martin says that approach can be misleading — and in some cases, limiting.

“The industry has trained people to believe that once they have a plan, they’re set,” said Fred Martin, CFA, Lead Portfolio Manager and Founder of a leading investment firm in Minneapolis. “But a plan is only a moment in time and doesn’t always have flexibility. Life changes, markets change, and goals change. What people actually need is a process that can guide decisions through all of it.”

The distinction is especially important at a time when fewer than half of Americans report having a financial plan. So Martin is taking on a bit of a disruptor role as he argues that the statistic misses the larger issue: even those with a plan may not have a clear, repeatable process for managing their investments. In short, you may think you have a plan, but it’s not what you think it is.

“A plan can create a false sense of certainty, and confidence,” Martin said. “A process creates adaptability, and a constant sense of evaluation and adjustment. It allows you to evaluate change without losing direction.”

Martin intentionally avoids using the term “financial plan,” noting that it reflects how the industry often frames investing — as a fixed solution rather than an evolving discipline.

“People are sold the idea that they need a plan to succeed,” Martin said. “But when that plan inevitably changes, and it’s going to, they’re left without a foundation. A process is what keeps you grounded so you can adjust your plan without drifting away from your long-term objectives.”

With more than 50 years of investment experience — including nearly two decades on Wall Street — Martin says his perspective has been shaped by watching how investors are often positioned within the broader system.

“Too often, investors are given terminology and tools that make things feel complete, when in reality they’re just getting started,” he said. “Investing should not be reduced to a document. It should be an ongoing process of understanding what you own, why you own it, what it costs, and whether it still aligns with your goals.”

That philosophy is central to Objective Measure, the nonprofit Martin founded to help individuals better understand how investing works, identify blind spots, and approach financial decisions with greater clarity and confidence — independent of traditional industry narratives.

“Financial literacy isn’t about having a plan written down,” Martin added. “It’s about understanding your money well enough to engage with it. It’s about asking the right questions and having a process you can rely on over time.”

Questions Everyone Should Ask Their Financial Advisor

Martin encourages individuals to meet with their financial advisor — or evaluate one — and ask three essential questions:

1. How am I doing? How did my investments perform last year, and what are your expectations over the next five to seven years?
2. What do I own? What specifically am I invested in, and does that align with my objectives?
3. What is it costing me? What are the total costs of my investments, including advisory fees?

“People should never feel uncomfortable asking these questions,” Martin said. “A strong advisor will welcome them — because the relationship should be a partnership, with the client as the senior partner.”

He added that too many investors assume their role ends once they hire an advisor.

“That’s where the real work begins,” Martin said. “Money management should be an ongoing conversation. Investors deserve to understand their goals, their investments, and the costs involved — and they need a process they can trust, because a plan alone is never enough.”

A Mission to Improve Financial Literacy

Objective Measure is a nonprofit organization dedicated to improving financial literacy and empowering individuals to make better financial decisions – especially when it comes to their investments. The organization focuses on helping people understand investing fundamentals, evaluate financial advice, and avoid costly mistakes that can derail long-term wealth building. The stated goal is to empower 20 million people to change their investment behavior through financial education so they can make more confident and informed decisions about money.

And that includes programming like the Investment Essentials course, which helps everyday people start seeing themselves as investors, without the jargon, hype, or hidden agenda.

Martin founded Objective Measure after years of seeing investors struggle with confusing financial advice and complex industry jargon. Its goal is to make financial education more accessible and transparent so people can make informed decisions about their money.

“Many people assume investment planning is only for the wealthy,” Martin said. “But everyone deserves access to the knowledge needed to build a secure financial future.”

Stronger education and communication should lead to full-circle success, he notes. And it’s important to establish your personal process.

“Financial advisors become the focus sometimes, and they can benefit first and foremost, but it really all starts and ends with the client, so we are pushing for a pivot when it comes to standard protocols in the financial services industry.”

Martin said it’s important to have that reference point, but also to understand that life happens, and when the unexpected occurs, we need to embrace flexibility and originality.

“A plan isn’t one size fits all, and it needs to be built to flex and adjust, yet the industry tends to imply that’s not the case,” he said. “It’s not set it and forget it.”

Why Financial Literacy Matters Now

In today’s financial landscape — shaped by rising living costs, market volatility, and the growing popularity of online investing platforms — understanding the basics of investing is more important than ever. Yet many Americans never ask the questions that would help them understand whether their financial trajectory is tracking toward their goals or if it’s even in their best interest. If something made sense yesterday, it doesn’t mean it makes sense today or will make sense tomorrow.

Engagement Is the Key to Better Outcomes

Martin notes the most successful investors are not necessarily the most sophisticated—they are the most purposeful. Regularly reviewing their investment goals, understanding investment strategy, and asking questions can help investors avoid costly mistakes and stay focused on long-term goals.

“Creating investment goals and building a personal investing process works best when it is collaborative,” he said. “The more investors understand about their goals and process, the more likely they are to stick with it and reach their financial milestones."

A Call to Action During Financial Literacy Month

Financial Literacy Month offers a timely opportunity for Americans to evaluate their investment process — or begin building one if they don’t yet have one. There’s no better time to shine a light on the topic than Financial Literacy Month.

“Building wealth doesn’t happen overnight; it requires discipline, dedication, and patience,” Martin said. “But understanding your process, asking the right questions, and staying engaged can make a powerful difference over time. And of course, staying grounded when it comes to your vision and goals.”

About Objective Measure

Objective Measure is a nonprofit organization dedicated to improving financial literacy and helping individuals make informed investment decisions. Through education and outreach, the organization works to demystify investing and empower people to better understand how their money is invested. https://objectivemeasure.org/about/