Broad-Based Planning Services
Broad-based financial planning services will typically cover most, if not all, of the subjects below, depending on your needs.
Cash Flow Analysis and Debt Management
We will review your current income, expenses, assets and debts that may aid in discussions surrounding personal budgeting to meet your goals. Based upon the results, we may provide advice on prioritizing how any surplus could be used, or how to reduce expenses if they exceed your income. Advice on prioritization of debt repayment may be provided, based upon factors such as interest rates and any tax ramifications. Recommendations may also be made regarding the appropriate level of cash reserves for emergencies and other financial goals.
Investment Consultation
We focus on an analysis of your investments, as well as appropriate adjustments to existing investments based upon your investment concerns, needs, goals, time horizon, risk tolerance, and objectives. Discussions may involve descriptions and use of different types of investment vehicles including equities, fixed income, mutual funds, real estate, and portfolio management techniques and their applications to help you meet stated goals and objectives.
Risk Management and Insurance Planning
We analyze your exposure to major risks that could have a significant adverse impact on your financial plan, such as premature death, disability, property and casualty losses, and the need for long-term care. Advice may be provided on ways to minimize such risks and about the trade-offs of purchasing insurance vs the potential risk of not purchasing insurance (“self-insuring”). We may refer you to a licensed insurance agent for further consultation and purchase of insurance.
Retirement Planning
We provide projections of the likelihood of you achieving your financial goals, considering your assets and liabilities, projected social security and other pension benefits, planned savings, investment returns, and desired level of retirement income. For situations where projections show less than desired results, we may provide a recommendation showing the potential effect of changes in certain inputs (i.e., working longer, saving more, spending less, and changing investment allocations).
Tax Planning Strategies
We will conduct an analysis of your tax situation focused on identifying strategies to minimize current and future income taxes, based on a general understanding of current tax laws. We will also review tax-effective methods for charitable giving. We may recommend that you consult with a qualified tax professional before initiating any tax planning strategy, and we may provide you with contact information for accountants or attorneys who specialize in this area if you wish to hire someone for such purposes. We will participate in meetings or phone calls between you and your tax professional with your approval.
Estate Planning
We review your estate plan to ensure that the accumulation, conservation, and distribution of your estate accomplishes your tax and non-tax objectives. Our discussion may include gifts, trusts, power of attorneys, wills, medical directives, and estate planning. A recommendation is often made that you consult with a qualified attorney when you initiate, update, or complete estate planning activities, and you may be provided with contact information for attorneys who specialize in estate planning when you wish to hire someone for such purposes.
Education Planning
We review college funding needs including projecting the amount that will be required to fund college education, the amount to be saved on an annual basis to meet these needs, as well as the various college saving strategies and investment vehicles available.
Employee Benefits
We review and analyze your employer benefits to ensure you are taking maximum advantage of your benefits. This review may include health plans, disability coverage, life insurance coverage, stock purchase plans, deferred income considerations, and retirement and pension plans.