WHY DEVELOP A FINANCIAL PLAN?

Can you imagine going on a cross-country road trip and not first planning your route? A financial plan acts in the same way for a successful retirement. Whether planning to take a long distance trip or planning for retirement, there are basic questions to address:

  • Where are you going?
  • When are you going to get there?
  • Where are you now?

We view the Financial Planning process as our road map to financial success. The financial plan is just that: a process, which needs to be updated periodically. Just as course corrections can occur on a trip, they can occur in a financial plan, as well. Changes in marital status, employment or perhaps the need to assist a parent or child can all contribute to the need to change the direction and goals of your financial plan. 

The key is to have a clear idea of where you are going, what progress is being made in reaching your goals, and what, if any, course corrections need to be made. Frequent updates to your financial plan are critical to long term success, in our opinion. 

We believe firmly in the financial planning process and for that reason we provide comprehensive financial planning for our clients. The majority of our financial planning services are offered as part of an investment advisory relationship. Occasionally, we may offer one or more of these as a single topic analysis as part of a brokerage relationship. 

We offer assistance in the following areas:

  • Cash Flow Analysis
  • Net Worth Projections
  • Estate Tax Projections
  • Retirement Income Analysis
  • Probability Analysis
  • Education Funding Analysis
  • Insurance Analysis
  • Life
  • Disability
  • Long Term Care Asset Allocation

“If you don’t know where you are going, you will wind up somewhere else.” 

–  Yogi Berra

The objective of Financial Planning is to get a clear understanding of where you are in respect to your goals, quantify your objectives and create a road map to help you reach them. 

Prior to making specific investment recommendations, we have to know where you are and where you are going in the future. Therefore, we view the financial plan as our road map to get you to your desired destination. The following is a description of the Financial Planning Process:

Establish Financial Goals 
We assist you in defining your short term needs and long term goals in a comprehensive, yet easy to understand manner.

Gather Relevant Data 
We ask that you provide relevant supporting documents such as account statements, wills, trusts, and tax returns along with your completed Financial Planning Questionnaire to give us a better understanding of your family situation and your major anticipated financial obligations.

Analyze the Data 
After an in-depth review of the information you provide, we organize the information and conduct our quantitative analysis to determine your net worth, cash flow, risk management, potential estate tax issues, and probability analysis for retirement.

Develop the Plan
Based upon our assessment of the information you provide, we prepare a thorough financial plan outlining alternative courses of action to meet both your short- and long-range goals and objectives and mitigate any problems that may have been uncovered during the process of our analysis.

Implement the Plan
Upon completion of your plan, we meet with you to discuss our projections and recommendations. Working together, we select appropriate financial products and services to execute your customized plan and consult with your legal and tax advisers, if needed.

Monitor the Plan 
The financial plan is monitored and updated on an ongoing basis.