Financial Planning
Wealth planning for your future
Our clients often have busy personal and professional lives that get in the way of spending the time it takes to plan for the future and mitigate any risks along the wayside. At any point in your personal or business lifecycle, if you wish to reach your goals and protect yourself and loved ones, a viable plan is essential.
Our process makes it easy to make the commitment to your need for financial planning and to stay on track to get it done and then implement.
Planning Cycle
- Complementary personal strategic planning session to define goals and planning engagement.
- Review written proposal and fee for engagement.
- Collect data and engage in additional extensive goal setting.
- Develop plan including financial modeling and recommendations.
- Implement the plan through coordination with your attorney, accountant and other advisors. In addition, we can represent you, at your request, in the market place for any financial products integral to the plan.
- Monitor the financial plan and make adjustments for the life of the plan – typically one year.
The key areas to your wealth plan will include
- Investment Planning
- Estate and Asset Protection Planning
- Retirement or Financial Independence Planning
- Contingency Planning
- Integrated with your Business Succession or Transition Plan
The Wealth Plan addresses issues around
- implementing a wealth accumulation plan
- ensuring liquidity for taxes
- keeping the business operational
- creating a plan on how to settle the estate
Accumulation of wealth can be a key to being able to confidently pass on the reins to the next generation. There should be recognition of what will be best for the ownership of the business and a plan to ensure that the children are treated equitably. This is fair, not equal. There will be a need for some form of permanent insurance to support either a payment of income taxes or a buyout of the non-participating family members in the event of Mom and Dad’s death. The Estate Plan can also deal with passing the future growth on to those family members who are participating in the business. This area should include the shareholder or partnership agreements and the Wills. This plan, after consultation with Mom, Dad and ideally, competent adult children to find out what is important for them and the results they want to achieve, should be funded by the business and supported by the family.