Your Plan Components
AVAILABLE BASED ON YOUR SPECIFIC NEEDS AND CONCERNS:
Net Worth Summary
The financial planning process begins with us asking you a broad array of questions and gathering all of your current financial information. We develop a Statement of Net Worth that we use as the foundation for your financial planning process, along with the goals and concerns you have identified.
Cash Flow Analysis and Debt Management
A review of your income and expenses will be conducted to determine your current surplus or deficit. Based upon the results, we will provide advice on prioritizing how any surplus should be used, or how to reduce expenses if they exceed your income. In addition, advice on the prioritization of which debts to repay may be provided, based upon such factors as the debt’s interest rate and any income tax ramifications. Recommendations may be made regarding the appropriate level of cash reserves for emergencies and other financial goals. These recommendations are based upon a review of cash accounts (such as money market funds) for such reserves and may include strategies to save desired reserve amounts.
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 the benefits and costs of purchasing insurance versus depending on "self insurance'.
Employee Benefits Review
A review is conducted and analysis is made as to whether you, as an employee, are taking maximum advantage of your employee benefits. We will also offer advice on your employer-sponsored retirement plan and/or stock options, along with other benefits that may be available to you.
Retirement Accumulation or Distribution Planning
Retirement planning services typically include projections of your likelihood of achieving your financial goals, with financial independence usually the primary objective. The Monte Carlo simulation allows us to stress test your currently projected financial position throughout your projected lifetime. By fully integrating your full financial picture, including growth rates, asset mix, and cash flow into a thousand simulations, this analysis calculates their probability of successfully achieving your financial goals. For situations where projections show less than the desired results, a recommendation may include showing you the impact on those projections by making changes in certain variables (i.e., working longer, saving more, spending less, taking more risk with investments among other strategies). If you are near retirement or already retired, retirement income advice may be given on appropriate distribution strategies to minimize the likelihood of running out of money or having to alter spending during your retirement years.
Tax Planning Strategies
Advice may include ways to minimize current and future income taxes as a part of your overall financial picture. Recommendations may be offered as to which type of account(s) or specific investments should be owned based in part on their “tax efficiency,” with consideration that there is the possibility of future changes to federal, state or local tax laws and rates that may impact your situation.
Our review typically includes an analysis of your exposure to estate taxes and your current estate plan, which may include whether you have a will, powers of attorney, trusts and other related documents. We may assess ways to minimize or avoid future estate taxes by implementing appropriate estate planning strategies such as the use of applicable trusts. We generally recommend that you consult with a qualified attorney when you initiate, update, or complete estate planning activities. We may provide you with contact information for attorneys who specialize in estate planning when you wish to hire an attorney for such purposes. We will participate in meetings or phone calls between you and your attorney with your approval or request.
Advice involving funding a postsecondary education may include projecting the amount that will be needed to achieve savings goals, along with strategies and the “pros and cons” of various vehicles that are available.
The investment consultation services component often involves providing information on the types of investment vehicles available, employee retirement plans and/or stock options, investment analysis and strategies, asset selection and portfolio design, as well as assisting you with your investment account if it is maintained at another broker/dealer or custodian.
Separation or divorce can have a major impact on your goals and plans. We will work with you to help you gain an understanding of your unique situation and provide you with a realistic financial picture so that you are in a better situation to communicate with legal counsel, a mediator or soon to be ex-spouse. We can assist in the completion of cash flow and net worth projections, budgetary analysis, as well as help you to understand what the consequences and/or benefits involved in a proposed settlement.
We are available to assist businesses in a variety of ways including business strategy, practice management, general financial advice, taxation and debt management, as well as assisting you with matters involving coordination with your financial institution, attorney or accounting firm.