What type of information do I have to provide?
We need to understand your entire situation to give you the best advice. Anything related to your financial situation is important; basic personal information, investments, debts, real estate, number of dependents, income, expenses, savings, life, disability, and long term care insurance coverages, and estate planning documents.
What should a financial plan include?
A financial plan covers every aspect of your financial life. It includes an inventory of what you have, what you owe, your insurance coverages, and recommendations to improve and better align your resources to your plan. Your goals are the driving force behind the planning. Understanding that life and goals change it must be flexible and adaptable to accommodate your needs. The plan is your roadmap to attaining your life’s goals.
Why is there an evaluation of my insurance needs?
Evaluating your insurance needs is the foundation of your plan. It is what gives you and your family peace of mind to assure that you have thought about contingencies. Losing income, dying, or requiring care can devastate a financial plan. It’s important to evaluate those risks and reasonably insure them, if possible.
What about taxes?
It is important to have tax-efficient financial plans. Your financial plan should help you in minimizing your tax liability and maximizing your after-tax returns from your investments.
How often should I update the plan?
Everyone uses a financial planner differently. Most find it beneficial to have reviews to gauge their progress and review their whole situation periodically. Life events such as marriage, birth, death, divorce, or change in employment status typically require a review. It is important for your planner to stay updated on your life so your plan can adapt to those changes.