What is Comprehensive Financial Planning?
Comprehensive Financial Planning has been defined as "the careful and orderly analysis of the family, financial and business affairs of a property owner, while he lives, and the adoption and carrying out of an individual plan for the use of his property and earnings according to his wishes, both during his life and after his death."
While financial planning may seem complicated to some, it need not remain a mystery when presented in a simplified concise manner.
Our company and its staffs are dedicated to a precise study of your present situation, a presentation of facts and recommendations that should be implemented beginning now in order of their priority. Each year it is our practice to review your financial goals and objectives with you and to continually update your program commensurate with changing situations.
We sincerely look forward to the development of a growing client / advisor relationship, which will help you and your family achieve their most important goals and objectives.
Our fundamental steps in financial planning are:
1. Identifying - The process of financial planning begins with identifying your goals & objectives. We suggest that these be defined annually. We will work with you over the ensuing months to help you obtain these goals.
2. Data Accumulation - We accumulate financial data including your personal balance sheet, income & expense statements, tax return, wills & trusts documents, and anything pertaining to your financial programs.
3. Preparing reports - We start with you net worth and income & expense statements. From these two basic financial statement we are able to produce several proprietary reports that assist us in advising you. These include our Retirement Income Analysis (our twenty-five year projection of growth of assets, income and expenses), Income Tax Projections, Estate Inheritance Tax Projections, Investment Analysis or others depending on your needs.
4. Analysis & recommendation - We analyze your reports in light of your stated goals & objectives and make specific recommendations.
5. Implementation & Follow-up - We determine who will implement our recommendations, implement and periodically review your progress toward your objectives and redirect your financial plans as necessary.
This process is comprehensive because we coordinate your present and future financial goals with your assets, income & expenses, tax situation, estate plan, employee benefits, retirement plans, gifting programs, etc. This process should be repeated no less than once every five years. We work with you to undertake annually when feasible.