Financial planning in its simplest form is obtaining an understanding of personal goals, framing these goals in the context of current reality and then devising a strategy or plan of action to work towards the goals. Through LPL Financial, we deliver this core service over a series of meetings where we ask questions, gather financial information, review documents, make projections, share recommendations and continually adjust to changing circumstances. Comprehensive personal financial planning is the foundation of all our client services.
Savings & Investment Strategy
Saving and responsibly investing the financial rewards earned over a lifetime are the most critical elements to achieving financial goals. Choosing a systematic savings and investing strategy that can be consistently followed through good times and bad may greatly improve your chances of financial success. We strongly encourage a strategy that seeks to protect what you have saved and looks to invest and grow your savings when market conditions present opportunities that indicate more upside potential than downside risk.
Investment management is the execution of your investment strategy. It focuses on the management of risk taken with the assets you have saved over your life. Investment returns become the results of proper execution of your investment strategy and the rewards for the risks assumed from investing.
Retirement Planning and Cash Flow Review
Retirement planning compares the estimated cash available from the assets accumulated to date plus future earnings, to the expected cash needed to cover living expenses. A comprehensive retirement plan considers income from employment, bonuses, stock awards, pensions, annuities, Social Security, retirement accounts, inheritance, gifts, sale or rental of assets, distributed investment returns and other sources identified in the financial planning process. A comprehensive retirement plan must also consider future anticipated living expenses, income taxes, gifts, and irregular cash outflows for weddings, home purchases, adult living facilities, medical events, and other expenses common to retired adults.
Income Tax Consultation
Taxes on your income and assets can be the largest expense you incur over your lifetime. Planning the timing, source and type of taxable income can make critical differences in how large your life savings will grow, and how long it will last. We understand how to manage this aspect of your future cash flow and how to involve tax professionals where needed to consider and review various tax planning strategies before implementation.
Estates, Wills, and Trusts
What happens to your assets when you die is worth a thorough examination, because the effects of their distribution are often life changing for your heirs, regardless of your intentions. You have an opportunity to thoughtfully distribute your remaining estate, and we are prepared to assist you in developing a distribution plan that meets your goals. We work closely with attorneys to convey your wishes and efficiently develop an estate plan.
A business owner’s primary asset is usually the stock they own in their business. They need a succession plan to transfer the ownership of this stock and the control/management of the business in the event of their death, disability, departure, or divorce. We have been involved in assisting business owners develop these succession plans, and carry out their implementation. We can recommend both simple buy-out plans and complicated insurance funded management continuation plans. Our past experience helps us identify the right structure necessary to meet your goals.
Retaining key executives and tax efficiently compensating business owners and their key employees can be an effective way to protect the value of a business. We have worked with both business owners to create these programs and with key executives to understand their current compensation plan, annual elections, and how the compensation plan is intended to payout in the future.
Life & Disability Insurance Analysis
Insurance should be purchased primarily for one of the following reasons. We work with many clients to help them understand when insurance is necessary, the objective they are seeking to meet, and the viable options they have available:
- To replace future earnings or the lost opportunity to earn – if your family loses your ability to produce income in the future, insurance can provide a replacement of lost earnings, so your family can cover its living expenses, savings for retirement, college cost funding and expenses to maintain a certain lifestyle.
- To repay debt obligations on assets currently owned without being forced to sell the asset to pay the debt – this can cover things like a home mortgage, business debt, and estate taxes due on inherited assets.
- To fund a future activity – usually involves a trust that holds and invests insurance proceeds for the future benefit of the trust beneficiaries to cover health, maintenance, support, taxes or specific event funding.
College Education Funding
Establishing an account that can grow tax free and disburse the funds for the education expenses of a named beneficiary is a common goal of our clients. There are several options to choose from and several ways to fund and manage the college savings funds set aside for future use. We are very familiar with the various options and can explain them to our clients in a way that allows them to make a clear choice that meets their objectives.