A plan that only exists in conversation changes every time the conversation does. Six months later, neither of you remembers what was actually agreed — the target reserve, the tax assumptions, the year you said you’d revisit the equity mix. A written plan doesn’t get quieter with time.

We put four things on the first page of every plan: the reserve number, the fee, the adviser’s name, and the date it was last reviewed. If a plan can’t answer those four questions in writing, it isn’t a plan yet — it’s a preference.