Comprehensive Financial Planning
We don’t think that a financial plan should end with us handing you over a three inch thick binder of numbers and recommendations. We’ve found that rarely do clients go back and reference those plans (who likes binders anyways?) often the numbers are outdated the minute they hit the printer. Instead, as part of our services, we’ll assist you with your own financial website. This website does several things:
- Organizes and aggregates all your existing accounts with values that update automatically every night. Tracks your net worth by updating the value of your assets, and can easily generate a balance sheet for banks or lending institutions if needed.
- Creates a vault that stores copies all of your important documents: passports, business agreements, deeds to property, insurance cards, wills, trusts, etc. – all you need is an internet connection anywhere in the world to be able to access them and print them out as needed.
- Holds you accountable. Is the budget you gave us in line with reality? Each day, you can log in and see where you are with each spending category relative to your ideal budget number.
- The backbone of your financial plan – this is where all of your planning data lies, so it integrates with your updated account values over time. Financial planning isn’t something you do once, it’s an ongoing process. We can manipulate “what if” scenarios and visually illustrate how those choices might affect you in the future to help make the best decisions for your money.
The outcome of our planning process is a detailed financial plan addressing all areas of your financial situation. The goal of the plan is to gain clarity and organization of your financial world.
First, we will help identify and define the key financial goals that are important to you and your family. Next, we organize your finances with our planning software in order to benchmark progress relative to your goals. Finally, we present your plan and explore the strengths and weaknesses of your current financial situation and the costs and benefits of alternatives to ensure your plan fundamentally aligns with your goals.
There are four major stages of our financial planning process; goal setting, financial coordination, financial modeling and plan implementation.
* Financial plan recommendations can be implemented with the advisor of your choosing. Implementation of specific products or services may result in commissions or fees outside of the financial plan fee. Periodic reviews of your financial plan may require a new planning agreement and result in additional fees.
Questions We Address
Do I have the right amount and type of insurance?
Life, Disability Income? Are they coordinated with my other assets and legal documents?
Long-term Care Planning – the cost of living a long life, should I self-insure or purchase insurance? When is the best time to do so?
Do I have the appropriate auto/home insurance coverage?
How do I determine the proper deductibles?
How much Umbrella Liability coverage should I own, with my level of assets and potential liabilities?
How can I reduce the level of risk in my portfolio?
How are my various investments performing relative to their respective benchmarks?
Should I allocate my IRA’s, 401(k) and deferred compensation accounts differently than my taxable accounts?
How should investment properties be titled? LLC, Partnership, etc?
Should I diversify using alternative investments or Real Estate Investment Trusts?
Can I reduce the tax bill on my investments, given the current higher tax rate environment?
Are my estate planning documents appropriate, up to date and consistent with current tax codes? Wills, trusts, durable power of attorney, medical directive, etc.
Should I establish more complex estate planning techniques like GRATs, FLPs, QPRTs, etc.
Who can make sure I am sending out the appropriate Crummey notices each year for my life insurance trust?
Where are all my important documents? (Deed to house, tax returns, wills, login passwords, etc.)
Are there trusts I should be using?
Revocable Trusts, Special Needs Trusts, Irrevocable Trusts, Generation Skipping Trusts, etc.
How do the new tax law changes affect me? Are there ways to mitigate those taxes?
How should I actively manage capital gains and losses throughout the year?
Is there an optimal time to be exercising ISO’s, NQO’s?
What investment programs might be appropriate that give me tax savings against current income, such as oil/gas partnerships, federal housing projects and conservation easements?
Is our company retirement plan appropriate? How can I best maximize benefits?
Is my shareholder agreement properly funded in the event of a premature death, disability or retirement?
Are there any other group benefits that we should put in place that can provide additional tax savings and/or benefits to my family?
What are ways to reward, but also retain, some of my key-employees through “golden handcuffs” type arrangements?
* Estate Planning services are provided working in conjunction with your Estate Planning Attorney, Tax Attorney and/or CPA. Consult them for specific advice on legal and tax matters. Any discussion of taxes is for general information purposes only, does not purport to be complete or cover every situation, and should not be construed as legal, tax or accounting advice. Clients should confer with their qualified legal, tax and accounting advisors as appropriate.
• Fee Based Financial Planning
• Asset Allocation Analysis
• Retirement Income Needs Analysis
• Education Planning
• Budgeting and Cash Flow Analysis
• Life, Disability Income and Long Term Care
Insurance Needs Analysis
• Estate Tax Projections
• Tax Minimization Strategies
• Advanced Gifting Techniques
• Family Business Integration
• Philanthropic Planning
• Trustee Services
• Securities Brokerage Services
• Institutional Managed Accounts
• Passive Investments
• Alternative Assets
• Tax Efficient Strategies
• Socially Conscious Investments
• Variable Annuities
• Retirement Income Strategies
• College Funding
• Life Insurance
• Disability Income Insurance
• Long Term Care Insurance