What Is Financial Planning

Financial planning is a holistic perspective which considers at least all of the items below.

Cash Flow

Prepare balance sheets and annual income statements
Evaluate mortgages, loans and leases, and advise regarding financial implications
Establish cash management systems

Investment Planning

Offer on-going non-discretionary money management
Recommendations on the Buying or Selling of securities
Review your investment portfolio
Recommend appropriate asset allocation and investment products
Guide the design of an Investment Policy Statement
Monitor performance of money managers
Coordinate with stock brokers

Tax Planning

Analyze current tax situation
Project future tax liabilities and recommend tax minimization strategies
Advise regarding the proper business form, e.g., sole proprietorship or incorporation
Collaborate with tax professionals

Estate Planning

Discuss the appropriate use of wills, trusts, powers of attorney, pre-nuptial and relationship agreements, buy/sell agreements, the titling of property and property transfers
Project and reduce estate tax liabilities
Suggest strategies for simplifying settlement of estate, assist in settlements
Advise regarding financial implications of marriage, divorce or unmarried status
Coordinate with Estate Planning Attorneys

Risk Management

Evaluate life and disability insurance needs and existing policies
Review employee benefits, business and wage continuation plans
Evaluate auto and homeowner's insurance
Coordinate the implementation of life, health, disability and long term care insurance

Retirement Planning

Project retirement needs and propose strategies for achievement
Help select from investment alternatives within retirement plans
Advise concerning business/individual retirement plan types
Strategize to optimize lump-sum distributions
Advise and coordinate all retirement decisions: cash flow, tax planning, distribution options, rollovers, social security, and investment decisions