Designing a Well-Rounded Financial Plan

When it comes to investing for your future, the best place to start is by creating a plan. A well-rounded financial plan is so much more than just saving money for retirement. It allows you to identify and mitigate possible vulnerabilities to your overall success. Developing such a plan begins with examining your Total Financial Picture. These are the main areas that you and your advisor should be focusing on. The components of your Total Financial Picture include:

Current Financial Position

Protection Planning

Retirement Planning

Estate Planning

Tax Strategies

Investment Planning

Current income & expenses
Debt, net worth & emergency cash

Protecting against life events such as:
- Job-loss, divorce, disability, unexpected medical expenses and death
- Protecting against market down-turns, inflation & potential tax increases

Evaluating income and expenses in retirement
Coordinating with Social Security and other pensions
Growing and protecting retirement assets
Planning for inflation, potential tax increases & medical expenses

Minimizing estate taxes
Transferring assets efficiently to beneficiaries
Avoiding Probate to minimize costs and headaches

Minimizing Federal, State & Municipal taxes
Implementing tax-favored investments

Determine comfort levels with risk
Designing a well-diversified portfolio with added layers of safety
Monitoring investments daily to mitigate losses and maintain proper allocations