October is National Financial Planning Month.
I know, I know, it’s not on your calendar, but it’s on mine! This month I want to get back to basics and explain some things that I think are as clear as mud. Everyone in the industry assumes you know what a financial plan is. Fortunately, I know from experience that most of my clients had no idea exactly what a financial plan was or could be. Some of that uncertainty is keeping you from saying “yes” to advice and expertise that could make a profound impact on your peace of mind.
In the financial services industry, the term ‘financial advisor’ could mean you are a licensed advisor, a sales representative, or a Certified Financial Planner® professional. You could be fresh out of high school or hold a PhD. Further, what’s the difference between a financial advisor, a financial planner, a wealth manager, etc.? Guess what? They can all do ‘financial planning’, but is it all the same thing?
At BayView Financial Planning, we are focused on financial planning first. We think it makes the most sense to get a strategic overall view of your financial landscape before making recommendations. Over the course of several meetings over the first few months of our engagement, we will walk you through, step-by-step, the questions and answers for all aspects of your financial life.
We use RightCapital as the central hub for your plan. It’s a secure financial planning software tool that allows us to upload data securely, and change and update your financial plan as often as things change with you.
We always start with your burning questions; the reasons you engaged with us in the first place. Then, we move through this list in whatever order makes sense for you. Every client is a little bit different. Here’s some of what we will cover, step-by-step during the planning process:
- Cash Flow and Budgeting
- Income
- Expenses
- Debt Management
- Student Loans
- Credit Cards
- Other
- One-Time and Large Expense Planning
- Emergency Fund/Savings/Cash Management
- Lines of Credit
- Risk Management and Insurance
- Review Existing Policies and Benefits
- Employee Benefits Review
- Life Insurance
- Long-Term Care Insurance
- Disability Insurance
- Health (Dental & Vision) Insurance
- Property and Casualty Insurance
- Investment Planning
- Review Portfolio
- Stock Options/Restricted Stock Analysis
- Real Estate
- Asset Allocation
- Risk Assessment
- Withdrawal Strategies
- Diversification
- Rebalancing
- Retirement Planning
- Social Security and Medicare
- IRA/Roth IRA Contributions
- Employer Sponsored Plans
- Annuities and Pensions
- RMDs and Withdrawal Strategies
- Income Tax Planning (done in partnership with your accountant)
- Tax-Loss Harvesting
- Tax-Gain Harvesting
- Carry Forward Losses
- Deductions and Credits
- Roth Conversions
- Estate Planning and Philanthropy (done in partnership with your attorney)
- Will
- Power of Attorney (POA)
- Living Will
- Health Care Proxy
- Trusts
- Estate Taxes
- Charitable Giving
- Gifting
- Titling
- Family Matters
- Education Planning
- Caring for Elderly
- Career/Salary Benchmarking
- Business Consulting
At the end of the initial planning process, you will have a financial plan that should give you peace of mind, and which will ebb and flow with you as you move through the tides of life.
Ready to learn more about how BayView Financial Planning can help you build your own financial plan? Schedule a complimentary call.