Financial Planning

Our financial planners are experts in the actions you, personally, can take today to see financial security in your golden years. Working with a financial advisor allows you to feel secure in the knowledge that your finances are appropriately managed and in line with your retirement goals.

Evaluating Your Finances and Planning for the Future

The phrase “financial plan” refers broadly to an individual’s strategy for managing her assets in a way that integrates risk management, opportunities for growth, and stability in both the short and long term. It’s a part of life planning; no matter where you go, you need to make sure that you have a solid plan to be able to get you there or to fall back on if you hit a bump in the road.

That’s why having a skilled and experienced financial advisor on your side is so important. You will receive much financial advice in your life - most of it probably unsolicited. People will tell you conflicting things, or will disagree with your own ideas of what’s right.

Why not cut out this confusing back-and-forth and instead go straight to a clear and personalized source of good financial advice? Our financial advisors will take everything about your financial situation into account, including your current assets, expected growth, tax issues, financial needs now and in the future, retirement needs, and estate plan.

Here, we go over some of the core building blocks of your financial plan and how we can help you structure these components.

Retirement Planning

You can count on cash and income flow while you are working, but it’s important to start thinking at an early stage how you will fund your retirement. Structures like trusts and IRAs can help provide you with future funds so that you can live comfortably.

Ideally, we want to help you create a plan that independently assures your retirement will be adequately funded, so that you aren’t relying on unsure assets. For more information on retirement planning, please visit our detailed Retirement Planning page.

Tax Planning

Your financial advisor can also help you figure out ways to keep from falling into extensively taxed areas with your financial plan. An entire area of law stems from the US tax code, and no layperson should try to structure their own strategy for tax reduction.

Without careful planning, your income, investments, accounts, and other assets may be subject to taxes that could have been much lower with a careful financial plan. Certain types of investments are considered “tax-favored,” and you want to take advantage of them to the fullest extent possible.

401 (k) Planning

If you aren’t already familiar with the basics of a 401(k) plan, it is an employer-created entity to which employees can make salary-reducing contributions. Employers must then make either matching or “non-elective” contributions. Earnings within a 401(k) are tax-deferred.

401(k) plans are popular as they afford a number of different investment options and are relatively low-cost to maintain. Contribution limits can also grow over time.

403 (b) Planning

This specific type of retirement plan is only available to certain people, including some public school workers as well as tax-exempt entities and organizations. The positive is that investment returns, as well as growth, in 403(b) plans will not be taxed until the funds are drawn.

College Plans

If you have any young members of your family who will someday be college-bound, the time to start planning financially for their education is now. Careful planning will help ensure that students will have the best options possible when it comes time to start paying tuition bills.

Setting up accounts and structures now like educational IRAs or trusts is only part of this planning process. If students are planning to seek financial aid, their award amounts could be impacted by familial funds. Talking through all of the possibilities now with a financial advisor will make sure that you are on the right track to make the process as smooth as possible.

Estate Plans

Estate planning is a huge part of financial planning. It refers to how your assets will be dealt with after you pass and includes legal documents like wills, trusts, and life insurance. These are complex and technical documents, and you should not attempt to draft them without professional legal help.

Since you won’t be around to make certain that your wishes are carried out in the manner you would have wanted, it is very important to ensure that your estate plan reflects your wishes. If you would like more information about estate plans, please visit our partner firm, Perkins & Zayed.

Profit Sharing

A “profit-sharing plan” is a retirement plan that allows employees to share in company profits. Depending on annual or quarterly company earnings, employees receive a portion of the company’s profits. Discretionary employer contributions are also allowed, meaning that employers get to choose how much (if any) they want to contribute, subject to certain rules.

All businesses can use this type of plan, and it can be a great option to help employees feel dedicated and well-served by the company, since increased profits means greater contributions to their accounts.