Our parents were able to be successful, financially, by using the same approach as their parents, but times have changed. In our rapidly changing world of corporate downsizing, pension benefits reductions and our government's refusal to acknowledge that changes need to be made in our tax code, social security benefit's structure and health care systems, clearly the traditional approach is no longer possible.
With the cost of education increasing at two to three times the rate of inflation and the ever escalating costs of everything from weddings to health insurance and frequent job changes, we face many issues our parents never had to consider. We are also living longer which forces many of us to consider long term care issues, for ourselves, our parents, our families and even our family's family. This creates a very real risk of not being able to retire comfortably, if at all.
Because of this, financial planning is even more critical today than ever before. And with the changing times, a new approach to your finances if you are to achieve your life goals. Our financial planning services are structured to accommodate these rapid changes in your life and enable you to make informed decisions about these ever changing, ever more complex issues.
A Menu of Financial Planning Services to Fit Your Needs
Our services like our planning process are modular, enabling you to purchase as little or as much help as you need. There are three service activities that we use for all our clients and consist of:
Financial Assessment: This activity analyzes and evaluates the aspects of your finances needed to identify both the strong points and weak points of your present approach and how it fits your financial and life goals. Depending on your needs, a limited set or full range of your finances can be evaluated to determine the best course of action to get you back on track. A formal report is then created from this work that identifies an approach or plan to enable you to reach your goals. Once this initial work is completed, you can, at your option implement the plan yourself or elect to continue working with us in the implementation phase
Implementation: Under your direction, we will take the necessary action to assist you in implementing the course of action identified in the Financial Assessment. These actions may consist of purchasing a specific mutual fund, creating a revocable living trust with health care documents or perhaps creating a complete investment portfolio design tailored to your financial goals and risk tolerance.
Monitoring: Although this is the last phase of our process, in many ways it is the most important. We monitor your situation throughout the year and create an annual report that reviews your progress toward achieving your financial goals. This report includes investment performance information, and progress reports on meeting your financial goals such as retirement at age 55, college funding, or charitable giving from your estate.
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