Broker Check

Financial Planning

What is financial planning?

What is financial planning?

Financial planning can mean as much or as little as you want it to be.  It can be as small as balancing a budget or it can be as comprehensive as Life centered financial planning as the core of our conversations.  It drives how we think about all of your different goals, no matter what stage of life you are in.  

Our first priority is helping you take care of yourself and your family. We want to learn more about your personal situation, identify your dreams and goals, and understand your tolerance for risk. Long-term relationships that encourage open and honest communication have been the cornerstone of our foundation of success.

As you see below, there are multiple disciplines to financial planning.  They often overlap and strategies can change from year to year.

Income Planning

Understanding your current income and expenses are key starting points for financial planning.

If you are in your accumulation years, understanding where your money is spent and how much is saved are important factors that will help you achieve short term financial goals and also give yourself more room to adjust so you can succeed in longer term goals as well.  Most clients understand that they want to set aside money for a home, college education or anything else but they need help understanding how to do it.  This is where we work together to understand cash flow and how we can set aside money for different goals without sacrificing a long term vision of retirement.

If you are close or in retirement, income planning becomes even more critical.  If you have lived on a salary your whole career, suddenly stepping away can feel disruptive and having a game plan on how you get income in retirement can alleviate some of that fear.  We will do a deep dive together to understand current assets, pensions, and social security strategies that keep money flowing to your bank account for monthly use.

To determine cash flow, we utilize technology and applications like eMoney to gather data and then present it in a clear and understanding.

 Investment Planning

Simply put, we invest for your goals with the type of risk allocation you are comfortable with over the time horizon you need to accomplish those goals.  

The first part is to understand the location of your money.  Is money in a taxable brokerage account where you might need these funds for a short term goal, or is this part of your retirement money where you have a longer time horizon?  Does tax planning need to be a part of the investment conversation or is it all deferred money in an IRA?  

The second part is understanding the type of risk you are willing to take.  Everyone has different risk profiles and we will work together to determine what yours is so you can feel comfortable investing with the right strategy.

The third is the actual investing.  We utilize an endowment style approach for investing assets.  This means we utilize low cost ETFs along with high quality investment managers to create a diversified portfolio of stocks and bonds.  We create investment sleeves that fill in areas of your portfolio which include large and small companies, domestic or emerging markets.  We will seek to utilize investment themes for a changing world such as robotics, artificial intelligence and socially aware ideas.

Tax Planning

Tax planning is a very important aspect of an overall plan and a strategy for your specific situation should be reviewed.  You may have heard the phrase "It's not what you make but what you keep that counts."  We will incorporate multiple strategies to reduce taxable income whether it is something as simple as looking at putting more money into retirement accounts or utilizing tax free income opportunities.  

Insurance planning

Insurance can do a lot at different stages of your life.  As you are in the asset accumulation phase, you may need insurance for asset protection.  This can mean life insurance to pay off a mortgage or put a child through college, or it might be disability insurance to pay bills should you be unable to work.  As you get older, your needs change and so do the types of insurance you might be thinking about.  You may be thinking about long term care planning and what elder care starts to look like.

Estate Planning

The principals of estate planning come down to having a written executable plan in place.  How you want your assets to move upon your death determine what kind of plan you will want or need to have.  It may be as simple as making sure the beneficiaries on your retirement assets are correct, to having a will or trust.  We will make sure that your core values are represented as we work with your lawyer