Personal Financial Planning Process

Phase I - Initial Analysis:

 
  1. Help you define your goals and objectives in writing.
     
  2. Review your current income needs and estimate the funds needed to provide future income during retirement.
     
  3. We will explain current wills/trust arrangements and help to determine whether to:
  • Obtain the advantages of a marital property agreement.
  • How to take advantage of the estate tax credit exclusion available to individual.
  • Implement probate avoidance technique.
  • Utilize an irrevocable life insurance trust.
  • Adopt advance health care directives (in event of your incapacity). 
     

We will also review your designations for guardian, personal representatives and trustee. In addition, ownership and beneficiaries for life insurance, IRAs and retirement plans will be determined.

***Financial Solutions, LLC Tip - This review is an important part of estate planning, as beneficiaries must be coordinated to make your plan work as desired.


  1. Review current investment holdings to determine:
  • Are holdings based upon your needs and risk tolerance?
  • What are your unrealized gains/losses?
  • Will overall income from investments cover current and future needs?
  • Will investments grow enough to provide higher income to offset future inflation?
  • Is there sufficient diversification?
  • What are the hidden costs and other expenses associated with your investments?
  • How are investments classified for ownership purposes?
     
  1. Help you coordinate income tax planning.
     
  2. Make written recommendations.
This information is not intended to be a substitute for specific individualized tax, legal or investment planning advice.
 
 
*These hidden costs can cost you plenty. If you pay an extra 1% on an initial $100,000 investment for 20 years, it costs you $94,000 - almost as much as your original investment. ($100,000 invested for 20 years at 8% per year versus hypothetically, the same amount for 20 years at 9% per year.
 
***DISCLAIMER: 
    
Figures quoted are for illustrative purposes only and are not necessarily indicative of past or future results of any specific investment. They do not include consideration of the time value of money, inflation, fluctuation in the principal, or in many instances taxes.
 
Phase II - Financial Solutions, LLC Becomes Your Financial Manager

  1. Review recommendations and create a timeline for implementing changes.

  2. Financial Solutions, LLC will monitor investment managers based upon: 
     
  • Performance compared to other investments with similar objectives.
  • Investment management personnel depth. 
  • Continuity of performance. 
  • Expense ratios. 
  • Diversification. 

     
  1. Reporting: 
     
  • You will continue to receive statements from the companies that hold your  investments. In addition, Financial Solutions, LLC will provide a detailed statement that combines all your investments in one consolidated report.
  • Financial Solutions, LLC will also provide performance evaluations to determine whether changes or updates are needed in your investment portfolio. 

     
  1. Educational Seminars: 
  • Financial Solutions, LLC offers seminars to help you better understand investments that allow you to make intelligent decisions regarding your investment portfolio. 

     
  1. Coordination with other Advisors: 
     
  • Financial Solutions, LLC will work with your other advisors, such as attorneys and tax accountants, to coordinate your finances and estate planning.