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Financial success doesn’t come from chance, luck, or coincidence, but from developing and implementing a disciplined, coordinated financial plan. The best approach is developing a comprehensive holistic plan which integrates cash flow, risk management (insurance), retirement planning, tax planning, education funding, charitable gifting, employee benefits, and estate planning.
For retirement planning, we use the power of sophisticated technology to do real-time analysis simulating various outcomes 10, 20, 30 years into the future. We determine the potential outcomes and the probability of successfully maintaining your lifestyle in retirement. With that information we will create long and short term strategies to optimize your success.
Many clients have goals that require the advice of attorneys, accountants, tax code specialists, estate planning attorneys, or insurance agents for health or home and automobile insurance. Rather than trying to provide all those experts in-house, we have taken the approach of working with outside professionals. We believe the best attorney for a business owner is probably not the best choice for a widow. The accountant needed for a business executive’s tax questions is probably not the best match for a family steward. Rather than trying to employ one-size-fits-all professionals in house, we have assembled a network of many qualified professionals we have worked with in the past. We do not pay or receive any referral fees. We are more than happy to work with specialists with whom you already have a good working relationship.
We may work with your attorney to avoid unnecessary administrative burdens for the Power of Attorney and to maximize the value distributed to loved ones and/or charities. We may work with your accountant or tax specialist. There may be opportunities to implement tax saving strategies such as restructuring your investment portfolio, shifting income to dependents in lower tax brackets, and claiming appropriate office in home deductions. Other opportunities for saving may include maximizing retirement plan contributions, identifying deductions that apply to small businesses, and using charitable gifting strategies more effectively.
Whether you are just starting to build your wealth or you’ve accumulated significant multi-generational wealth, we can help. We can save you the time you spend on business and financial news by letting us decide what is newsworthy and what is just noise. We will sift through the deluge of rules, regulations, and financial products and identify what is relevant. We know that building your wealth through a combination of sophisticated planning, investment management, and integrated tax strategies is a priority for you.
The Financial Planning Process:
1. Complimentary Introductory Consultation
We will answer any questions you have, and together we can decide if our services will be of value to you. We will send you our Firm Brochure (Form ADV 2A and 2B). This brochure gives full disclosure and transparency as legally required of Registered Investment Advisory firms. If you decide to proceed, you will be asked to complete a confidential questionnaire.
2. Initial Meeting
The initial meeting is the discovery phase where we get to know you in two aspects: the first aspect is getting to know you in terms of what motivates you, what you love to do, your values, ambitions and what money means to you. We’ll discuss some of the challenges and opportunities you are facing. We’ll talk about what you want to accomplish and in what order. We’ll get to know your goals, objectives, risk tolerance and time horizon.
The second aspect is getting to know the quantitative aspects of your current financial status. Depending on the extent of the assignment, whether it is a comprehensive review or addressing particular topics, we will review various documents such as your investment statements, estate planning documents, insurance declaration pages or tax documents.
3. Plan Development
- Balance Sheet – Your balance sheet will give you an accurate picture of your current financial position including assets, liabilities and net worth.
- Cash Flow Statement – Examine your annual income and expenses.
- Tax Planning – Review your tax liability for the calendar year.
- Capital Needs Analysis – Using a variety of assumptions and technical software, we will test different scenarios to determine what you need to do to save for retirement, education, or home purchase.
- Investment Review – Review your existing investments and evaluate the design and asset allocation of your portfolio. We will evaluate your investment strategy and risk profile.
- Employee Benefits Review – Review your employee benefits plan, deferred compensation, or stock options.
- Estate Planning – Review your estate planning documents.
- Risk Management – Review your insurance policies.
4. Presentation Meeting
This phase is dedicated to presenting and explaining your current financial status, and giving you a road map or action plan in order to accomplish your goals and objectives. We present and fully discuss your customized plan. The documents generally include:
- Net Worth Statement
- Retirement Capital Needs Analysis
- Retirement Recommendations
- Investment Recommendations
- Monte Carlo Simulation Report that analyzes the plan's probability of success
- Steps for implementing the plan
Of course, a plan will not work if you do not follow through. Thus, we help implement your plan in a focused, effective, and accountable manner.
6. Monitor Your Progress
Financial planning is a process, not an event. For Wealth Management clients, we will meet quarterly. For Financial Planning clients, we usually meet annually. We continually review and measure your progress to ensure your plan remains aligned and updated to leverage all available strategies. Your plan will be adjusted to reflect your changing goals and circumstances. In the meantime, you can focus on what is most important to you. We’ll focus on providing you peace of mind and confidence knowing that we are continuously monitoring your financial health.