Financial Planning
What is Financial Planning?
Financial planning involves looking at a client’s entire financial picture and advising them on how to achieve their short- and long-term financial goals. A client’s entire financial picture is much more than an investment or insurance policy, it needs to cover all aspects such as taxation and distribution strategies in retirement among many other considerations. Because of this, it is essential that your CPA and Financial Advisor are on the same page and work together. If not, there could be significant tax ramifications. Through a plan and partnership with your CPA and Financial Advisor, you will maximize your tax savings not only now but also in retirement.
What is the Financial Planning Process?
The Financial Planning Process starts with identifying what you have, what you want, and then what you need to reach those goals.
Every initial meeting starts with an Asset Map: essentially a family tree of your assets shown on one page. This helps clients organize their financial inventory (investments, pension, insurance, social security, liabilities, 401k IRA/Roth IRAs, stock purchase plans, etc.) in one easy to view place. An Asset-Map visually organizes all a household’s finances in a clear graphical layout, apply professional insight in real-time. From there, we can define a household’s most important financial priorities and track their progress with interactive Target-Maps. We can also identify other areas of risk from the Asset Map:
Longevity | Loss of life | Liquidity | Long-term care & disability | Legal liability
Through an evaluation of your overall financial picture, we can work together to create a plan to meet your goals that is tax-conscious, easy to understand, and adjusted as time dictates.
Investments
Your current investments will be evaluated, through the use of cutting-edge technology to assess an individual’s risk level and make sure that current investments are a match. Instead of categorizing your investment risk level as a broad range such as “moderate”, an actual risk score between 1-99 will help select investments according to your risk level. This allows for a precise matching of your specific risk level to an investment. Ask about a complimentary review of your current portfolio.
Retirement
Are you worried about outliving your savings or not being able to retire as you’d like? Retirement Planning is a key part of the financial planning process. Utilizing information from the Asset Map, gaps can be identified, goals can be defined and plans to achieve those goals created. Please reach out for a free consultation.
Insurance/Risk Management
What would happen to you and your loved ones if there was an unexpected
death? This is another area that we evaluate to see if there is a need for risk protection. This also applies to loss of income, long-term care, and long-term disability