Financial Planning
A financial plan serves as a road map for your financial life. To develop your plan, we work together to determine your financial needs, goals and legacy. I will take that information to develop a comprehensive financial plan that will include the following if applicable. Cash flow management, education planning, employee benefits, estate planning, risk management, investment analysis, retirement planning, and tax planning. These are discussed in more detail below. Once your plan is in place, our work has just begun. We will meet in person or virtually multiple times per year to review your progress and assess the need for any changes to your plan. I am always available if clients need assistance outside of scheduled meetings or if something changes that would affect their plan.
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Retirement Planning
Our retirement planning services typically include projections of your likelihood of achieving your financial goals, typically focusing on financial independence as the primary objective. For situations where projections show less than the desired results, we may make recommendations, including those that may impact the original projections by adjusting certain variables (e.g., working longer, saving more, spending less, taking more risk with investments). If you are near retirement or already retired, advice may be given on appropriate distribution strategies to minimize the likelihood of running out of money or having to adversely alter spending during your retirement years. |
Education Planning
Education Planning: Includes projecting the amount that will be needed to achieve college or other education goals, along with ways for you to save the desired amount. Recommendations as to savings strategies are included, and, if needed, we will review your financial picture as it relates to eligibility for financial aid. |
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Cash Flow & Budgeting
We will conduct a review of your income and expenses to determine your surplus or deficit along with advice on how any surplus should be used or how to reduce expenses if they exceed your income. Advice may be provided on which debts to pay off first based on factors such as the interest rate of the debt and any income tax ramifications. We will also recommend what we believe to be an appropriate cash reserve that should be considered for emergencies and other financial goals. |
Employee Benefits
We will provide review and analysis as to whether you, as an employee, are taking the maximum advantage possible of your employee benefits. If you are a business owner, we will consider and/or recommend the various benefit programs that can be structured to meet both business and personal retirement goals. |
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Estate Planning
Includes an analysis of your exposure to estate taxes and your current estate plan, which may include whether you necessary estate documents. Our advice also typically includes ways for you to minimize or avoid future estate taxes by implementing appropriate estate planning strategies such as the use of applicable trusts. We may provide you with contact information for attorneys who specialize in estate planning when you wish to hire an attorney for such purposes. |
Tax Planning
Advice may include ways to minimize current and future income taxes as a part of your overall financial planning picture. For example, we may make recommendations on which type of account(s) or specific investments should be owned based in part on their “tax efficiency,” with consideration that there is always a possibility of future changes to federal, state or local tax laws and rates that may impact your situation. |
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Risk & Insurance Planning
Review of existing policies to ensure proper coverage for life, health, disability, long-term care, liability, home and automobile. A risk management review includes an analysis of your exposure to major risks that could have a significant adverse impact on your financial picture, such as premature death, disability, property and casualty losses, or the need for long‐term care planning. Advice may be provided on ways to minimize such risks and about weighing the costs of purchasing insurance versus the benefits of doing so and, likewise, the potential cost of not purchasing insurance (“self‐insuring”). |
Investment Planning
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