The 6 Areas of Financial Planning

 

Financial Position

  • Cash flow analysis
  • Net worth analysis
  • Cash reserve assesment 
  • Discretionary deployement strategies 
  • Debt management
  • Affects of large cash inflows or outflows 
  • Getting married or divorced
  • Adding a family member
  • Changing jobs
  • Moving 

Risk Management

  • Balance between Employer-Sponsored (Group) and individual coverages
  • Risk Assessment and Planning: Retain, Avoid, Transfer
  • Disability Income Insurance
  • Long-Term Care
  • Life Insurance
  • Medical/Health
  • Property & Casualty
  • Considerations for deductibles
  • Policy loans
  • Beneficiary designations

Wealth Accumulation

  • Risk Tolerance Assessment
  • Time Horizon
  • Asset allocation
  • Diversification Strategies: Investment Type, Risk Profile, Time, Tax Status, Fees
  • Education Planning
  • Options/Restricted Stock/Non-Qualified Deferred Compensation
  • Tax management strategies 
  • Cost basis
  • Dollar-Cost Averaging

Tax Management*

  • Strategies for: Reduction, Deferral, Future changes
  • Filing Status
  • Withholding
  • Investments: Qualified & Non-Qualified
  • Effects of liquidation
  • Exit Strategies
  • Business Owners: Balancing business and personal tax considerations
  • Business Succession Planning
  • Business ownership transition: Buy-Sell, Addressing Risks, Estate issues

Retirement Planning

  • Funding analysis
  • Distribution planning
  • Social security strategies 
  • Business owner retirement plans
  • Retirement income strategies 
  • Required Minimum Distributions (RMDs)
  • Pre-59 ½ strategies
  • 401Ks / Roth 401ks
  • IRAs / Roth IRAs
  • Catchup provisions
  • Medicare/ Medigap
  • Roth Conversions

Estate Planning*

  • Federal and State estate considerations: transfers and taxation
  • Liquidity
  • Legacy planning: charitable bequests, gifting, generation skipping transfer tax
  • Inheritance
  • Will & Trust considerations
  • Succession planning
  • Minor children


 

*Seek guidance from your professional tax and/or legal advisor before making any decisions.