A personal financial plan can have a number of objectives from estimating the time of retirement to calculating the cash flow required to meet family and lifestyle needs. Personal financial plans are often integrated with tax plans to minimize the family’s tax burden and with insurance plans to minimize risk. Our financial plans may also include advice on possible risk-reducing strategies such as the regular rebalancing of investments or an assessment of the asset mix needed to retire. Each financial plan is a custom, detailed guide to achieving long-term financial health.
There are six steps to our financial planning process.
1. Clarifying our client’s current situation
2. Understanding the family’s or individual’s goals
3. Identifying financial issues and opportunities
4. Providing written recommendations and options
5. Implementing the plan
6. Reviewing results on a regular basis
Our plans emphasize a number of significant considerations including:
- Cash flow management that includes both corporate and personal sources of funds and expenses
- Retirement goals
- Major asset purchases
- Tax minimization strategies that take into account differences in corporate and personal taxation
- Debt repayment factors
- Education funding
- Estate planning objectives
- Risk management, and
- Tax efficient approaches to building portfolios and locating assets.