What is the Financial Life Planning Process?

Most successful people have one thing in common: they want to get more out of their lives, and they don't want to spend their time doing things they aren't interested in or good at. Our firm specializes in taking care of the mundane, routine chores that arise from your chosen path. We also specialize in helping people make small changes that can contribute to significant changes in the future.

Once your preferred future is clearly understood we begin an in-depth assessment of your financial affairs. The specific reason or reasons that brought you here will be addressed first. As a part of that solution process, we will take a broader look at other aspects of your financial life. When we see potential issues, we will discuss them with you. We will discuss options, timelines and ways to proceed with whatever option you choose.

The assessment is broken down into several well-defined areas:

Financial assessment - where we create a cash flow and net worth statement.

Are you satisfied with your ability to meet financial obligations?
Are you satisfied with your spending habits?

Retirement planning - where we will create a projection of the future at-retirement value of your taxable investments, pensions, IRAs, and expected Social Security benefits.

When would you like to "retire"?
Are you on track to build a sufficient financial-freedom nest-egg?
What steps should you be taking now to ensure that the future is as meaningful as possible?

Education funding - where we will project the cost of your children's education and look for appropriate ways to pay for it.

Are you comfortable with the amount you are presently saving for college?
How will the cost of college impact your financial-freedom savings?

Portfolio building and investment analysis - where we review all of your investments and provide recommendations among different types of assets with a view toward fulfilling your financial planning objectives.

Are you satisfied with your current investment choices?
Are your investments adequately diversified? Do they match your risk tolerence?
Are you satisfied that your present investment choices are going to enable you to reach your goals?

Insurance planning - including a review of your life and disability insurance coverage, property and casualty insurance, and long-term care insurance where appropriate.

Are you satisfied with the level and quality of insurance protection you currently have?
Is your family protected in the event of a premature death?
What if you become disabled? Is your family protected?
Are there any gaps in your coverages?

Tax Planning - including a review of income taxes.

Are you satisfied that you are paying the least amount of taxes required by law?
Are you controlling the timing of your income and deductions to your advantage?

Estate planning - including a review of estate taxes and an assessment of the need for an updated will, trusts and trust services, and advice on charitable gifting

Do you know how your present estate would be distributed in the event of your death?
Have you done everything possible to minimize estate taxes and maximize the amount going to your heirs?
Are you satisfied with your level of charitable giving?

The end result is a financial plan that is specific to your needs and addresses both intangible and tangible goals. It tries to strike a balance between the financial choices you make that consume capital and the value based goals you wish to activate that are intangible in nature but have everything to do with creating a satisfying life.