MD Preferred Blog

*The views expressed by the authors below do not represent the views or opinions of MD Preferred Services.

Why is Financial Wellness Important?

Thursday, June 28, 2018

Dougherty & Associates

What does financial wellness mean and why is it important?

We know from experience that people who feel “well” financially are able to make better financial decisions. They feel more confident and optimistic about where they are now and where they are headed. They are therefore less apprehensive, stressed and fearful. They feel empowered to build healthy habits for pursuing and sustaining living life as they envision it. As a consequence, they are less prone to making mistakes that are costly, including procrastination and avoidance, not to mention things like selling out of their investment strategy at the worst possible time (market timing), or incurring significant credit card debt.

They are also more likely to address critical planning areas such as having a savings and investing strategy, understanding their cash flow position, planning for near term and longer term expense outlays such as buying a home, educating a child, planning for retirement. They will generally seek to address protection issues for themselves and family involving life, health, liability and disability insurance planning as part of comprehensive risk management.

They feel empowered and fulfilled in achieving a sense of well- being not just financially but in sync with the core values they hold dear. In this way they are better able to cope with the rapidly changing world in which we live. Life happens and strong financial health can help all of us to better cope with life’s sometimes sudden changes.

How do you deliver financial wellness to your clients?

Our mission is to help our clients make the most of their opportunities, aspirations and money.

Delivering financial wellness to our clients entails bringing together and reviewing all the essential components of our clients’ financial lives to identity opportunities and gaps for them and set the course for enhancing their possibilities and their success. I would say that we have the life experience to know, to understand and to identify with the hopes, joys, dreams, triumphs, struggles, failures, challenges, losses, and celebrations of life our clients experience. We have genuine empathy for our clients. We know them. We understand them and we appreciate them for the work they have done and the lives they have led. We understand the values they have and how their financial wellness contributes to and supports those values and the people they are and love. We deliver unbiased advice where the focus is on what is best for our clients. We serve our clients first, last and always.

How do we do this?

Using technology with human support we…

  • Provide a holistic, personal and comprehensive analysis of their transactional life – a plan that is actionable
  • Helping them appropriately invest their money to meet their goals with a longer term understanding of the fundamentals of investing such as the time value of money, reasonable expectations as to the behavior of financial assets which can be best understood with education and perspective
  • Understanding that debt is a hurdle and a barrier to wealth creation and the achievement of financial freedom
  • Empowering them to see the reinforcing value of a growing net worth by reviewing progress regularly
  • Seeing the value of capturing free cash flow and putting it to work for a purpose.
  • Protecting family and futures through prudent risk management
  • Monitoring your progress towards your goals and adjusting advice and recommendations as your life changes

Achieving financial security is an ongoing journey that requires more than simply managing your investments.

Our process helps to identify what is important by quantifying and prioritizing goals. We create a plan through extensive analysis and design, based on each client’s unique circumstances future plans and goals. We work to implement the plan, make adjustments, change the course when necessary, and to address all the detours that life may bring. Please visit our website at



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