Financial Planning is an evaluation of a person's current and future financial status by using known variables to predict future cash flows, asset values, and withdrawal plans. A Financial Plan can address many areas of concern. The client and advisor work together to select the specific areas to cover. These areas may include, but are not limited to, the following:
- Cash Flow and Debt Management: A review of income and expenses to determine a current surplus or deficit along with advice on prioritizing how any surplus should be used or how to reduce expenses if they exceed income. Advice may include which debts to pay off first based on factors such as the interest rate of the debt and any income tax effects.
- Education Funding: Includes projecting the amount that will be needed to achieve college or other post-secondary education funding goals, along with advice on ways for you to save the desired amount.
- Employee Benefits Optimization: For employees, a review and analysis to maximize employee benefits. For a business owner, evaluate and/or recommend various benefit programs to meet both business and personal retirement goals.
- Estate Planning: An analysis of your exposure to estate taxes and discussion of your current estate plan, which may include whether you have a will, powers of attorney, trusts, and other related documents. We always recommend that you consult with a qualified attorney when you initiate or update estate planning activities.
- Investment Analysis: The development of an asset diversification strategy to meet financial goals based on your risk tolerance and timeframe. We may also provide information on types of investment accounts and various investment strategies.
- Retirement Planning: Projecting the likelihood of acquiring the resources to live peacefully when your work life ends. If you are near retirement or already retired, we may provide advice on appropriate distribution strategies to minimize the likelihood of running out of money or having to reduce your spending during retirement years.
- Risk Management: Includes an analysis of your exposure to major risks such as premature death, disability, property and casualty losses, or the need for long-term care.
- Tax Planning Strategies: Advice may include ways to minimize current and future income taxes as a part of the overall financial planning picture. We recommend that you consult with a qualified tax professional before implementing any tax planning strategy.