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Understanding Comprehensive Planning Services
Linda Patchett
Planning for financial security is about making informed choices. Comprehensive planning assesses all of your financial resources to guide you to the best solutions for you.
We take the time to thoroughly understand your goals and your current circumstances. Comprehensive planning encourages clients to become specific about personal goals, to establish priorities, and to monitor progress against an action plan.
We may also challenge you to examine inconsistencies between your expressed values and your actions. We may want to know what you are passionate about, and what you are opposed to doing. Only then will we make specific recommendations to you about such factors as cash flow, tax planning, savings or investment.
We will connect your personal goals to a financial plan that will provide a guide for years to come. When circumstances change, you may want to amend your plan, or re-assess your goals. We can assist you with any changes at that time, but the fundamental work will already be complete.
Sound financial planning puts you in control of your finances. We can help you make the right choices for your financial peace of mind.
Comprehensive Financial Review
A comprehensive personal financial plan is presented in a series of meeting that may take place over six to ten weeks. The initial meetings involve an exchange of drafts and exhibits. Clients have ample opportunity to review and challenge the analysis. The final meeting reviews all of the concepts and recommendations. Implementation of recommendations is at the discretion of the client, with or without additional assistance from Woodward Financial Advisors. Once completed, the initial plan may be updated at the request of the client.
Goals
Clarify personal goals and quantify those that are financial in nature so the Plan can be oriented toward their attainment.
Cash Flow Analysis
Analyze expenses versus current income. Analyze potential changes in expenses at future stages of life. Prepare projections of future living expenses, taxes and all potential sources of income to provide a decision-making framework that can be updated from time to time as a continuing reality check.
Investment Plan
Determine the likely return on investment that will be generated by your current portfolio. Analyze current portfolio for appropriateness in light of the current investment and interest rates environment. Analyze current investments and current asset allocation by class. Propose revisions to asset allocations that match personal financial goals. Consider income tax aspects of recommended changes. Consider best sources of income in retirement.
Retirement Planning
Coordinate retirement goals with long-term cash flow projections and the investment plan.
Examine employment benefits, qualified plans, social security, healthcare and long-term care issues. Discuss IRA or qualified plan beneficiary designations and their coordination with estate planning.
Insurance Needs Analysis
Review adequacy of coverage including life insurance, disability, property and casualty, health and major medical, excess liability, and long-term care.
Tax Planning
Make practical recommendations for minimizing federal and state taxes. Consider tax avoidance or deferral strategies such as tax-free bonds, use of IRA and qualified retirement plans, tax loss swaps, optimal exercise of stock options and emphasis on taxmanaged, low turnover, low expense mutual funds.
Estate Planning
Review current wills and trusts, powers of attorney and related documents. Suggest any changes or amendments that more closely reflect family goals. Minimize potential estate taxes. Analyze beneficiary designations and allocation of assets by title. Consider both testamentary and lifetime gifting strategies consistent with personal goals and cash flow.
What is a Comprehensive Financial Review
Financial and Family Information
· Financial Goals and Issues
· Assessment of Current Financial Condition
· Projected Future Financial Condition
· Cash Flow Analysis
Insurance Planning and Risk Management
· Health and Dental Insurance
· Disability Income Analysis
· Long Term Care Insurance
· Life Insurance and Survivor Needs Analysis
· Homeowners (or Renters) Insurance and Personal Articles Insurance
· Auto Insurance
· Personal Liability Insurance and Umbrella Insurance
· General Liability and Professional Liability Insurance (if self-employed)
Income Tax Analysis
· Effective and Marginal Tax Rates
· Tax Planning
Investment Planning
· Asset Allocation Analysis and Portfolio Diversification
· Investment Performance Expectations
Employer Benefits
College Funding Analysis
Retirement Planning
· Retirement Goals
· Saving and Investing for Retirement
· Selecting Retirement Income Options
· Managing Retirement Assets
Estate Analysis and Planning
· Estate and Gift Tax Planning
· Legal Document Preparation (working with your attorney)
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