A financial advisor plan is put together by a licensed financial advisor. Commonly referred to as a financial plan, or life plan, it takes into account the age of the portfolio owner, his or her tolerance to risk, and any withdrawal or liquidity requirements. It is important to have a financial plan in place as we age, due to the fact that very few employers still offer retirement plans and social security is greatly under strain lacking resources. A financial advisor plan can help ensure that as people get older, they will have the financial means to meet health, housing and lifestyle needs.