A successful financial planning engagement is as much about knowing you and your needs as it is about dollars and cents. Here are some topics for you to think about as it relates to your financial planning.
Are there particular financial topics you consider most urgent for your life right now?
When we capture and write down specific and measurable goals for ourselves and our family, we believe the likelihood of achieving those goals dramatically increases. Together we’ll work with you and have conversations that go deeper than the dollars and cents to uncover what’s most important to you. As the famous French writer and poet, Antoine de Saint Exupery famously said, “A goal without a plan is just a wish.” Once you’ve identified the goals that are important to you, we’ll collaborate and develop a financial game plan that is built around those goals and your own unique situation.
One of the first steps we’ll take in working together is helping you see where you’re currently at by determining your personal financial net worth. From there, we can identify strengths, weaknesses and areas that may need attention. Each year, we will update this working document to track progress and make sure you are on the right path to meet the goals you and your family have put in place.
A major concern for most clients nearing or entering retirement is identifying how much income they are actually living on each year. What we earn, compared to what we spend are typically two very different figures. When the time is right, we’ll work with you to dial in on your retirement spending goal, determine if it’s realistic and formulate a detailed game plan on how to efficiently re-create a paycheck for you and your family upon retirement.
Proactive tax planning not only means helping to reduce your current tax liability; it also involves striving to pay the least amount of tax over your lifetime, as well as for future generations inheriting wealth. Although we do not prepare tax returns, part of our comprehensive approach with clients includes analyzing their tax situation each year and coordinating with other experts and professionals to ensure the best long-term decisions are being made for you and your family.
The options you have to fund college expenses are far more robust than years past and it’s important to have someone help you with everything that goes into college planning. Some of the areas we provide guidance on for clients when planning for college include:
Determining which savings vehicle makes the most sense to utilize
How much to contribute
Tax advantages and disadvantages
Financial aid impact and completing the FAFSA
Over the course of three decades of working with individuals and families, we’ve found that a disciplined, long-term investment strategy typically yields the best results. At The Center, we firmly believe in creating diversified portfolios for clients that are tailored to their own unique situation. We’ll work together in determining what your investment mix will look and feel like, monitor your portfolio daily and make any necessary changes along the way.
Estate planning will mean something different for each individual and family; however, working with you to help clearly define not only your legacy goals but your values surrounding philanthropy is part of our holistic approach to financial planning. Although we do not prepare legal documents for clients, we work as a team and collaborate with other experts and professionals (link to “coordinating with other experts and professionals” case) to ensure you have a solid plan in place and track it annually with you to determine if changes are warranted as life events occur.
A vital component of a well-rounded financial plan is maintaining the proper insurance coverages to protect against a potential devastating financial loss. As life changes, so should the various forms of insurance you own – something we’ll review with you throughout your journey towards financial independence and beyond.
We want our clients to have the option to retire, not feel as if they have to continue working for financial reasons. Turning this goal into a reality is what we refer to as financial independence. Helping you achieve a state of financial independence is an ongoing process – it doesn’t occur overnight. We work together with you along the way to help you make smart choices surrounding money that can ultimately lead you down the path to becoming financially independent.
In our opinion, financial planning done right requires a team. When working with you, we’ll want to have a quality working relationship with the other professionals you have hired to help you with all aspects of your financial life. In our opinion, when each team member is working together to serve you and your family, the best long-term results typically occur.
These case studies are for illustrative purposes only. Individual cases will vary. Any information is not a complete summary or statement of all available data necessary for making an investment decision and does not constitute a recommendation. Prior to making any investment decision, you should consult with your financial advisor about your individual situation.
Raymond James Financial Advisors do not offer tax advice. Please consult your tax advisor for questions regarding your tax situation. Income from municipal bonds is not subject to federal income taxation; however, it may be subject to state and local taxes and, for certain investors, to the alternative minimum tax. Income from taxable municipal bonds is subject to federal income taxation, and it may be subject to state and local taxes.
Investors should carefully consider the investment objectives, risks, charges and expenses associated with 529 college savings plans before investing. More information about 529 college savings plans is available in the issuer’s official statement, and should be read carefully before investing. Investors should consider before investing, whether their home states offer state tax or other benefits only available for investments in their home state's 529 plans. 529 plans offered outside their resident state may not provide the same tax benefits as those offered within their state.
Diversification and asset allocation do not ensure a profit or protect against a loss. Raymond James financial advisors do not render advice on tax or legal matters. You should discuss any tax or legal matters with the appropriate professional.
Raymond James financial advisors do not render advice on tax or legal matters. You should discuss any tax or legal matters with the appropriate professional.