Personal Financial Planning

The function of personal financial planning is to organize a client’s financial elements into a coordinated whole based on the client’s personal financial objectives such as children’s education, home ownership, care of aging parents, and retirement. These financial elements generally include, but are not limited to, personal income and expenses, assets and related debt including closely held businesses, management of investments, identification of client financial risks and related insurance needs, retirement, estate planning, and income, gift, and estate taxation.

In addition to clearly defining the services desired by the client, the financial planning process includes the following steps:

1. Determining client objectives and risk tolerance;
2. Gathering client financial data;
3. Analyzing and evaluating the data;
4. Developing the financial plan;
5. Presenting the plan to the client and adjusting it as requested by the client;
6. Assisting the client to implement the plan; and
7. Monitoring progress and adjusting the plan as necessary for changes in the client’s objectives, risk tolerance, and financial circumstances.

In conjunction with providing comprehensive personal financial planning and assisting with the client’s implementation of the plan, the Firm will:

1. Prepare and/or manage investment portfolio plans;
2. Prepare tax returns;
3. Assist in the formation of retirement plans such as 401(k) profit sharing plans and Simplified Employee Pension (SEP) plans;
4. Facilitate the placement of insurance through appropriate insurance agents; and
5. Facilitate the writing of wills and the formation of trusts and other estate planning requirements through attorneys.

Personal Financial Planning