Real financial planning must include more than just investment advice or retirement projections. It must encompass a personal assessment that incorporates every financial aspect of your life. With this information, Personal Money Planning can help you reach your financial goals and ensure it all works together to meet individual needs.
When conducting a financial plan, Personal Money Planning generally looks into the following areas:
Current Financial Position
Income Tax Analysis
Education Funding Planning
Investments and Asset Allocation
Risk Planning (Insurance)
The total process entails several appointments. The following descriptions may represent multiple meetings or be combined depending on the client's circumstances: In the Data Gathering Interview(s), a detailed questionnaire is completed. Three basic types of information are obtained: quantitative information about income, expenses, assets, and liabilities; goals and objectives; and, qualitative information about personal needs, risk tolerance, and other concerns.
A vital aspect is the careful consideration of the client's unique needs, investment temperament, and time horizon. We determine their current financial condition and progress toward goals and the formation of strategies to achieve those goals. The projected future values of current resources are compared to future resources needed. The appropriateness of securities and other investments are evaluated, although we may not be able to analyze some individual securities. An investment allocation strategy compatible with the client's risk tolerance is developed. A well-diversified, long-term investment approach is emphasized.
In the Plan Presentation(s) we present our analyses and recommendations. Specific recommendations are made to help prepare for different contingencies.
An Implementation Meeting(s) is held to guide the client through the Plan and help them choose between alternative solutions. They are encouraged to take action, reposition assets as necessary, and consult with other advisors.
Follow-up Meetings are usually held to work on recommendations in various stages of implementation.
Investment Allocation is part of this Comprehensive Financial Plan. This is the recommendation of what kinds of assets to purchase for the client's various goals (Stocks, Bonds, International, etc.). Specific security or mutual fund recommendations are not included in this service. Security recommendations can be made as part of our Investment Advisory Services or as an additional hourly charge.