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Comprehensive Financial Plan. This covers many of the advice topics
listed below and is the normal starting point in the financial planning
process. See Steps to Success for
details.
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Personal CFO (Chief Financial Officer) Services. To some degree, we
provide personal CFO services to all our clients. However, some clients
require help at a higher level; you might think of it as concierge services.
This might be for the widow who was used to her husband doing all of the
finances before he died or it might be for the busy executive who just wants
someone else to "take care of things." Normally, this requires monthly
meetings to stay on top of issues.
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Retirement Planning.
In-depth analysis and planning concerning retirement issues. Takes into
account assets available for retirement, retirement lifestyle requirements,
income during retirement, income taxes, expected return on retirement
investments, social security, expected inflation, life expectancy, etc. We do
retirement planning for for the accumulation phase (pre-retirement)
and the distribution phase (post-retirement).
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Asset Management, Wealth Management,
Investment Management. We determine the client’s risk tolerance, tax bracket,
investment horizon, preferred types of investments, etc. Then, we recommend
and manage a
mix of specific assets to meet the client’s requirements.
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Rollover of Retirement Funds Analysis &
Advice.
Oftentimes, when an employee terminates from a job, there are retirement funds
to be considered. We provide advice on investment vehicles and rollover
strategies. It is important to get good advice on how to handle the funds
because there can be tax consequences and/or penalties.
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Social Security Security Strategies. Determine the best strategy for
the client to use in taking Social Security benefits.
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Roth Conversion Advice. A Roth conversion entails converting an IRA to
a Roth IRA, which means transferring assets from a tax-deferred account to a
tax-free account. We review client's situation and determine if a Roth
conversion makes sense, and if so, how much and when.
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College Funding Analysis & Advice for Children/Grandchildren.
We determine the time horizon, investment preferences, tax bracket,
preferred types of investments and cost of college education. Then, we recommend various investment
strategies and investment vehicles and manage the investments.
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Retirement Plan for a Small Business. We evaluate the needs of a small
business and make recommendations and assist with setup and management of a
retirement plan such as: SEP, SIMPLE, 401k, 403b.
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Cash Flow & Net Worth Review & Analysis. We
work with the client to determine cash flow needs, which summarizes the client’s income and expenses, and
a statement of net worth, which shows the client’s assets and liabilities.
These reports are used to plan for cash flow needs for the future (which
allows the client to plan for future investments or future borrowing) and to
determine Emergency Fund requirements.
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Employer-Sponsored Retirement Plan Analysis & Advice. We review the client's
employer-sponsored retirement plan, such as a 401(k), 403(b) or KPERS and
make recommendations based upon the client's risk tolerance, time horizon
and personal preferences.
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Debt Management.
In today's consumer culture
it is easy to get in over one's head
with consumer debt. We start with a statement of
cash flow (income and expenses) and a statement of net worth (assets and
liabilities) and then help
the client develop a plan to manage and reduce his/her debt.
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Distribution of Retirement Funds. When
an employee retires and/or terminates from a job, it is important to get good
advice on how to handle distributions from a retirement plan because there can
be tax consequences and/or penalties. We provided advice on investment
vehicles and distribution strategies.
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Career Change. More and more people are changing careers in mid-life. We help the client determine the feasibility of changing
careers and help develop a strategy to implement the client's plan.
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Life Insurance Needs Analysis & Advice. Most people do not have
enough life insurance. We do an in-depth analysis of the client's needs.
If additional insurance or changes in
current insurance are needed, we make
specific recommendations of insurance carrier and type and amount of
insurance.
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Long-Term
Care Insurance Needs Analysis & Advice. We do an in-depth analysis of
the client's needs. If additional insurance or changes in current insurance
are needed, we make specific
recommendations of insurance carrier and type and amount of insurance.
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Long-Term Disability Insurance Needs
Analysis & Advice. Research shows
that more people are likely to need disability insurance than life insurance
during their working careers. Oftentimes, employers offer disability insurance
to their employees. For those clients whose employer does not offer (or
provides inadequate) disability insurance or for the self-employed, we provide
help determining the level and type of insurance required.
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Auto, Home and Umbrella Liability
Insurance. We review these policies and insure that they adequately cover
the client’s needs and requirements.
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Estate Planning. We
review a client’s estate-planning documents such as: will, living will,
estate plan, trust, etc. Funeral expenses can be estimated and included in the financial plan.
We then make recommendations based upon our findings. We help the client
determine whether he/she could benefit from a trust versus a will. We
do not give legal advice and cannot draft legal documents.
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Annuity
Management and Evaluation.
For certain situations, an annuity can be a valuable tool. We look at the
client's situation and make recommendations based upon stage of life, risk
tolerance, net worth, investment horizon, etc. We also evaluate existing annuities at
the client's request.
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Minimizing Income Tax. Many financial
decisions affect income taxes. In all the various planning we do, our goal is
to help the client make decisions that minimize income tax. We do not do tax
returns nor do we give tax advice.
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Managing
Trust Funds. We assist client in managing the assets in a trust.
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Funding a
New Business. We help the client plan for funding a new business. As part
of the plan we assist in developing a budget and projected cash flow statement.
Based upon the client's situation, we then recommend various investment
strategies and vehicles.
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Spouse
Quits Work. There are many reasons that one spouse may decide to quit
working (e.g. new baby, caring for an aging parent). We review the client's cash flow, budget, retirement
funding, life insurance, etc. and recommend adjustments that are needed to
implement the new plan.
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Credit History/Report Review. Credit reports
are very important. They are used for many decisions made by lenders,
insurance companies and other businesses. We assist the client in reviewing
his/her credit report to insure that is is accurate and make recommendations
on how to improve the credit score.
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Financial
Issues Relating to Divorce.
We help the client plan for life as a single person.
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Funding
Child's Wedding. We review the client's financial picture, expectations
for wedding plans, time horizon, risk tolerance and devise a strategy for
funding the wedding.
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Home
Mortgage. Advice on home mortgages and refinancing. We assist the client
in shopping the market for
the best rates and service.
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Budgeting. Some clients find it helpful
to have a budget. We provide help developing a budget that is consistent with
the client’s goals, income and expenses.
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Health Insurance. We give advice to
clients who find they need to purchase health insurance to cover the years
between when they retire and when they begin Medicare.
For clients still employed, some employers offer more than one health
insurance option, and sometimes married clients have employers that both
offer insurance. Based upon the
financial situation of the client, we review the insurance options available
and make recommendations as to which option is best.
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Charitable Options. We assist the
client in planning for charitable gifts.
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Hedging Against Inflation. We work with
the client to develop investments that will keep pace with inflation.
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Maximizing Employee Benefits. We
evaluate the benefits offered by the client’s employer and help determine the
best strategy.
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Personal Financial Planning. Generic
phrase which can include any or all of the above topics.