The process of financial planning is meant to go much deeper than simply managing your investments. Depending on your specific financial circumstances, personal goals, and the service model chosen, your financial plan may cover some or all of the following:
CASH FLOW PLANNING
Cash flow planning involves periodically reviewing your income and expenses, then developing strategies that most effectively utilize your household cash flow for the achievement of your personal goals.
Debt repayment strategies may be based on factors such as projected interest expense savings, potential cash flow improvements upon payoff, as well as any income tax considerations associated with your debt.
Retirement planning involves coordinated efforts to achieve your personal goals through a combination of retirement savings and income strategies, as well as the timing and selection of benefits for which you may be eligible, including Social Security, pension benefits, etc.
Estate planning may involve making a will, naming a guardian for minor children, establishing powers of attorney and medical directives, or other end-of-life considerations, such as minimizing estate taxes or determining when a trust may be appropriate.
Develop a plan to best utilize your workplace benefits, including various insurance coverage choices, retirement plans, equity compensation plans, and other fringe benefits which may be available to you.
RISK MANAGEMENT & INSURANCE
Analyze your exposure to potential risks that could have a significant adverse impact on your finances, then ensure proper management of such risks through a combination of personal savings and insurance coverage.
Project the amount that will be needed to fund the college goals of your children or grandchildren, along with strategies for saving the desired amount, and plans for alternative funding if required.
Take proactive steps to minimize current and future income taxes through the use of strategies such as tax-advantaged investment accounts, tax-efficient asset withdrawal strategies, and tax-conscious investment location.