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Comprehensive Financial Planning

Comprehensive Financial Planning

Comprehensive Financial Planning is centered around your financial goals, such as your retirement, education planning, large purchases (i.e. vacation home, boat).  We will then start a goal-based planning which will include necessary savings and assumed return that is needed to meet your financial goal.  Your plan will include tax, inflation, and investment return assumptions.  

Risk Management should also play a major role in the process of creating your plan, because in the case of an unexpected event your income and your entire plan is put at risk.  So appropriate coverage will help to insure reduction or elimination of any risk that may occur.  Thus additional insurance is strongly suggested for the success of a sound comprehensive financial plan.

Lastly tax and estate planning are going to be addressed in your comprehensive financial plan.  Both of these elements are designed to minimize the tax impacts and ensure that a client and his or her heirs maximize after-tax wealth.

What Does A Comprehensive Financial Plan Contain?

  • Personal Data 
  • Your goals and objectives, including their priority and desired time frame for achievement.
  • Identification of issues and problems, including education costs, taxes, major illnesses, and other factors that are or may develop into a problem.
  • Assumptions used in plan preparation, such as inflation, investment growth, mortality rates, and all other material assumptions.
  • Balance sheet/ net worth
  • Cash flow management including statements and analysis of your sources and uses of funds for relevant years .
  • Income tax.
  • Risk Management, which is an analysis of your financial exposure relative to mortality, morbidity, liability, and property. This section will also list current risks and insurance policies such as life, disability, medical, property/casualty, liability, and business.
  • Investments
  • An analysis of the capital needed at some future time to provide for your specific needs. 
  • Estate Planning to identify assets to be included in your estate and an analysis of the control, disposition, and taxation of those assets.
  • All issues and problems identified in the plan, and actions needed to compensate for any shortfalls.
  • Implementation schedule to prioritize a list of actions required to implement the recommendations, indicating responsible parties, action required and timing.

What Is A Comprehensive Financial Review?

To complete the a comprehensive review and revision of your financial plan, the planner will review and analyze the data pertinent to your changing situation. The planner then will review the strategies to accomodate your current goals and objectives.  A written document should be prepared for you that complies with the 13 plan elements.  Those schedules which have not changed since the previous plan don't need to be duplicated.

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