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Financial Planning
The old adage says, "People don't plan to fail. They fail to plan." All clients can benefit from a deep-dive review of their overall financial holdings and situation, in light of their goals, objectives and resources.
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Financial Planning: What It Is
Financial Planning is a comprehensive review of your overall financial situation, with an eye toward maximizing your resources towards your goals and objectives. It heavily involves the coordination of various financial areas, such as income taxes, cash flows, education funding, investment planning, company benefits available, insurance needs, business continuation planning (where applicable), financial independence analysis and estate planning. What steps you take in one of these areas can either negatively impact, or optimize, another area. Certified Financial Planners are trained in the discipline of knowing these interactions, and optimizing your situation accordingly. It is different from being a tax accountant, or an attorney, or an insurance or investment broker. The designation requires passing six comprehensive exams plus having years of experience in the field. Mr. Smith first achieved his CFP(R) designation in 1989.
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The Process
The Financial Planning process is very similar to the Investment and Estate Planning processes. Information is gathered and analyzed; potential changes are developed; a plan of action is presented, and you can implement those changes you are comfortable with. Periodic review is recommended.
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Costs
Due to its extensive nature, financial planning services may involve a flat-fee charge beyond our investment advisory fees.
