Comprehensive financial planning typically encompasses a number of critical areas including retirement planning, estate planning, insurance, tax planning, investment management, cash management, and income planning. Depending on client needs, it may also include education funding, charitable and planned giving, trust management, and planning for long-term care.
Planning for the future can sometimes seem overwhelming at times because there are so many options to consider. However, if the client answers some basic questions for us, they will create a foundation on which to base their financial planning decisions. Our job is to educate you on all those options while guiding you and working together to make sound financial decisions.
Our role is to sit down with our clients and go through these questions so that, together, we can understand where the client wants to be financially and how best to get there.
Financial planning helps the client reach those goals through the development and proper management of their financial resources.
Financial planning is not a product…..it is a process. With our assistance, a client may use a specific product, insurance, or equities as only an ends to meet the financial objectives that have been established.
The financial planning process is a series of steps taken to help clients meet their goals, values, and objectives. The first step is to gather data and analyze the data about a clients income and expenses, taxes, insurance coverage, retirement plans, wills, trusts, investments, and other important information pertaining to their overall financial information.
The next step is to help the client set realistic goals, identify key financial issues concerning these goals, and prepare a list of recommendations and alternative strategies to help in achieving these goals and objectives. Each strategy, from tax planning to investments, will be recommended in the context of other strategies to achieve optimum overall results.
Once the client has been educated on the recommendations given, we will help implement those decisions made by the client. The last step in the financial planning process is to review and, if necessary, revise the plan.