Review your present portfolio and make recommendations for the allocation of your assets based on your investment objectives and time horizon.
• Plan to accumulate funds for your retirement. Or, if you are already retired, determine whether you have adequate income. We can also develop a plan for investing lump sums received from a retirement plan and review the tax impact of different options.
• Analyze your life insurance needs to protect your family and your estate.
• Establish a program to help meet the cost of educating your children or grandchildren.
• Provide planning for your estate and strategies to efficiently pass assets to heirs and other beneficiaries.
A new client relationship usually begins by developing a comprehensive financial plan.
It provides the basis for making informed financial decisions that best address the unique situations of the client.
There are six steps that establish a base line for financial well being for years to come:
1. We review your overall personal financial situation, past and present to discover your financial objectives.
2. We help you set your priorities for the future — education costs, retirement, or wise investments.
3. We help you determine the degree of risk you are comfortable with when it comes to your money. Risk is balanced against your desire to make your money grow over time.
4. We identify the resources you will need to meet your goals and outline a systematic program designed to enable you to meet tomorrow’s objectives.
5. We offer solutions for reaching your goals by making recommendations of the types of financial investments suitable to your needs.
6. We help you monitor and update plan recommendations as needed.
When it comes to investing, there are plenty of good reasons to start with a plan, still many neglect to take action. Why the lack of follow-through? For some, it may be the lack of specific knowledge, confusion about where to begin, or the perception that a substantial amount of money is needed in order to invest. With all of life’s little emergencies, putting money aside to meet future goals may present quite a challenge.
Consider these facts from the Employee Benefits Security Administration:
• Fewer than half of Americans have calculated how much they need to save for retirement.
• The average American will spend 20 years in retirement.
• Based on current savings habits, only two percent of the population will achieve financial independence by the time they reach age 65.
Most of us have experienced saving up for some big-ticket item that we really wanted or needed. Saving for retirement may require the same discipline, as it will likely be the most costly expenditure of your lifetime.