The Value of Financial Planning
A financial plan provides a comprehensive road map for managing your assets and meeting you long-term goals. Our approach is guided by our client centric philosophy of integrating wealth, steward, and values. We begin by evaluating your current financial position and helping you formulate your long-term objectives. Once your financial plan is in place, we monitor and revise on a regular basis to help you stay on track and to bolster your family’s financial security. When necessary, we also work with other professionals to bring together the necessary expertise for your financial team.
What Does a Financial Plan Include?
The process begins with budget planning. Along with determining living expenses, we review debt management, and long-term savings strategies. Taking into account priorities, needs, and dreams, we assist our clients in aligning their spending patterns with their life values. Prudent debt management involves making wise decisions. We assist individuals in determining what is good and reasonable debt for their financial position. A savings plan is essential for any financial plan. Once the goals are prioritized, we devise a plan to fund your financial objectives. We also help you establish an emergency reserve to meet unexpected expenses.
In investment planning, we determine your risk tolerance level so that you can make prudent investment choices. Investment returns must be weighed against investment risk. We construct portfolios in light of the investment objectives and time horizons. Monitoring your investments on a long-term basis is essential for financial success.
For families with children, education planning is critical. Understanding the various options can be challenging. We help you decide which education savings plan fit your financial position. Equally important is retirement planning. We review your retirement living expenses, social security retirement benefit options, and health care planning. As you move closer to retirement, creating current income becomes a more important investment objective. Working with a financial planner provides guidance throughout your entire retirement.
Tax planning seeks to minimize your tax liabilities. We assist you in determining an appropriate mix of tax-free investments, taxable accounts, and retirement investments that provide tax-deferred growth. Reviewing your over-all tax position helps determine if you are optimizing tax savings opportunities. The goal is to lessen your tax liabilities in order to increase the funding of your long-term objectives. If you are a small business owner, we can help you chose an appropriate retirement plan for you and your employees. Choosing the right plan enables you to lessen your taxes and build your long-term wealth.
Insurance planning ensures that you and your family can be taken care of in cases of unexpected catastrophic events. If not planned for properly, such events can easily derail the best financial plan. A sound risk management plan includes health insurance, life insurance, disability income protection, adequate coverage for your personal use assets, Medicare, and long-term care insurance. We make sure that families have adequate amounts of coverage as they progress through the various life cycles.
Financial planning involves the two major stages of wealth accumulation and wealth preservation. Estate planning articulates your wishes for passing your wealth to your heirs and beneficiaries. This also assures that your final expenses are taken care of and, if applicable, you have adequate means to cover your estate taxes. Maintaining an updated will is also essential. If necessary, we can introduce you to an experienced estate planning attorney and work with you closely throughout the process.
The foundation of Reid Financial Consulting is built upon the principle of providing objective and trusted advice. The slogan, “Integrating Wealth, Stewardship, and Values,” encapsulates our mission of assisting clients in meeting their financial objectives. Financial planning involves life planning, and we strive to assist our clients in making any and all of their financial decisions.
Feel free to contact us for an initial consultation with no obligation.