We often see clients who want to review just one part of their financial life. Usually the focus is on investments, but sometimes a client wants to examine just insurance, just estate planning, or just something else.
The challenge with a piecemeal approach to financial planning is that most elements of personal finance are interconnected. Decisions made in one area usually influence the outcomes elsewhere. For example, fully funding a college education for your children will likely impact your retirement plans. A complete overhaul of your investment portfolio could dramatically increase your taxes. And while aggressive use of tax-deferred retirement accounts is generally a good thing, for some people it can result in dramatically higher Medicare costs down the road.
A well-designed and comprehensive financial plan attempts to cover a lot of ground, taking special care to prevent these and other unintended consequences. Major financial decisions should not be made in a vacuum, and part of our job is to help you identify how choices made in one part of your life can ripple through many others. A plan that focuses on your goals is a good thing, but the journey to those goals should not be fraught with pitfalls and unexpected surprises.
The following topics are of interest to many clients we serve:
1
Cash Flow Management
Budgeting and saving are painful topics for some, and it’s not our job to pile on. But nothing will ever get better until household income is greater than household expenses. If you need help figuring out where your money goes, we can help.2
Risk Management
Insurance plays a vital role in your financial security. In its simplest form, an insurance policy is an exchange of premium payments for protection against a loss you cannot afford. But like a lot of financial products, insurance has gotten increasingly complex – and not all types of insurance are necessary. We’ll review your policies to make sure you have the protection you need – and that you aren't paying for unnecessary or redundant coverages you don't.3
Investment Planning
Everyone loves the stock market when it’s going up, which is about 70% of the time. But it’s that other 30% of the time when good people can do bad things. In our view, clients are best served by developing an investment strategy they can stick with in both good times and bad – but especially when markets are at their ugliest. That means developing a broadly diversified portfolio that aligns with a client’s long-term goals, but also honors their individual appetite for risk.4
Tax Planning
No one likes paying taxes, but it’s worse when you pay more than necessary. We’ll help you maximize the tax-advantaged accounts available to you (retirement, college funding, health savings, etc.), and make sure you’re benefitting from all the tax deductions and credits for which you’re eligible. (Note: at this time, we do not offer tax preparation services.)5
College Planning
We help our clients develop a healthy approach to saving for their children’s college education. This is frequently a challenge, as many couples don’t generate enough income to save for college AND save for retirement. So we work to find the right balance, allowing parents to support their children while not putting their own futures in jeopardy.6
Estate Planning
We are not attorneys and cannot draft legal documents. However, we can advise on available estate planning tools (wills, trusts, powers-of-attorney, healthcare directives) and help a client determine what might work best for them. For clients facing possible estate taxes, especially at the state level, we will advise on strategies to minimize or eliminate those taxes. And estate planning is not just for older adults. If you’re a young couple with small children, we would argue an estate plan addressing the care and financial support of your children is one of the most important things you can do.
