Many of our clients have the same initial questions: Am I on the right track? Do I have enough? Is there anything missing?
Often, new clients have some savings – maybe a 401(k) or two, an IRA or 529 for kids or grandkids, some investment accounts – but it’s all in different places and they have no idea if it’s going to be enough for what they want to do in the future … especially in retirement.
You’re not alone. We work with many clients who need guidance on how to put their financial life together in an efficient and effective way. Before we can evaluate how to do that, we assess your current situation.
Most people think of triage in a hospital setting, but we take a similar approach to a new client’s financial situation.
First, we assess the reason you’re seeking financial advice – why are you here, what problem do you have, what are your goals? – and identify your short- and long-term priorities. Sometimes this process reveals an immediate issue with your investments – maybe they aren’t appropriate for your risk tolerance or time horizon, are too high in expenses or aren’t properly diversified. If that’s the case, we address the initial problem quickly to get you stabilized and able to move into the next part of the financial planning process.
After we’ve identified your current situation and priorities, we provide recommendations that we believe will help you get closer to your goals. Together, we’ll talk through all the options, so you can decide what you’re willing and able to implement.
What’s the risk?
While we’re talking long-term planning, we discuss your risk tolerance – this depends on how much risk you are willing, able and need to take to get to your goal. Sometimes this means changing your plans, like adjusting how much you’re saving, decreasing your spending or revising the goal instead of taking on more risk. It’s a detailed conversation about your priorities and what you’re willing to adjust to get closer to your goals.
Covering your family
No one really wants to talk about insurance, but it’s so important for your family. We’ve helped many clients through the loss of a loved one, and we know firsthand the difference that being properly insured can make. We can help determine if you already have enough life insurance in place or whether you need to increase coverage for your family to be comfortable.
Together, we’ll talk about your estate plan and coordinate closely with your attorney and accountant, so what you want to happen after you’re gone happens – with the correct beneficiaries in place and an eye on minimizing taxes.
No matter how much we plan for a future that we want, sometimes life throws us surprises. Whether that’s divorce, a new career in mid-life, the loss of a spouse or child, we’ll help you add positives through life’s transitions. In fact, our goal is to make your financial plan adjustable, so we can easily pivot your plans when life throws you a curve ball. We’ll always be there to celebrate your accomplishments and support you in times of need.