Wealth Advisory Services
"Financial planning is the long-term process of wisely managing your finances so you can achieve your goals and dreams, while at the same time negotiating the financial issues that inevitably arise in every stage of life. Financial planning is a process, not a product." - Financial Planning Association
Our Wealth Advisory Service combines the benefits of both comprehensive financial planning with ongoing professional investment management. In year 1 we complete your initial comprehensive financial plan to help you identify and implement meaningful solutions in all areas of your financial life. We then construct a portfolio to support your plan. A comprehensive plan generally includes the following components; however, individual financial plans may vary based on specific needs. (Click on the headings below to learn more.)
Setting goals provides a framework for decision making, and is fundamental to planning and preparing for the future. Our tools guide you through a systematic goal-setting process that gracefully moves you from a simple values-clarification exercise, through visualizing your future, to identifying specific goals with priorities, timelines, and dollars attached. As life changes, we ask you to update your goals so our advice is aligned with what you want.
Detailed Cash Flow Planning
Understanding where the money goes is fundamental to financial planning. We work with you to compile an accurate accounting of your current spending, and then develop a spending plan that directs more of your dollars toward your highest priority goals.
Income Tax Planning
Tax consequences shouldn’t drive your financial decisions, but decisions should be reviewed for the optimum tax treatment as taxes are a major expense for most of our clients. We advise you on tax planning opportunities available given your specific circumstances with the goal of minimizing your taxes paid.
If you’re saving for your childrens’, grandchildrens’, or your own education, we quantify the savings required, and identify the education funding vehicle that best meets your needs for tax efficiency, control, or flexibility.
There are numerous risks that can wreak havoc with the best-laid plans. Our job is to help you identify these exposures and discuss if you want to accept, reduce, or transfer these risks. We help you determine the right type and amount of insurance, if appropriate, and refer you to licensed insurance agents.
Funding retirement is usually the largest financial challenge our clients face. If you’re years away, we define how much you should be saving each year for retirement. If you’re within 10 years or less, we run scenarios to help you understand the actions that might be needed to get you to your retirement goals: working longer, delaying Social Security, saving more while working, spending less while retired, for example. If you’re in retirement, we monitor whether you’re spending at a level that is sustainable, or running the risk of depleting your savings. Running multiple scenarios and using a Monte Carlo probability analysis tool are key parts of our retirement planning process.
Estate planning is done to ensure that during life, and at death, your assets go to the people and organizations you want in a tax-efficient manner. It’s also done to ensure your wishes for end-of-life care are clear, and to transfer responsibilities in the event of your incapacity. We educate you on estate planning issues, and refer you to competent estate attorneys to have the necessary documents drafted.