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Our Process

Our Financial Planning Process

Our approach to handling your finances is unique, based on your individual needs, goals, risk tolerance, time horizon, and other vital factors that influence your finances. We use a proven financial planning process to better understand what your needs are, and customize our services to help you reach your long-term goals.

Key Aspects of a Financial Plan

Though each financial plan is uniquely tailored to our clients, we strive to ensure every financial plan contains these key aspects:

Income Planning

  • Job
  • Investment income
  • Asset sales
  • Inheritance
  • Social Security/pension income

Asset Management

  • Cash flow plan
  • Tax planning
  • Purchases
  • Financing

Investment Planning

  • Goals (short-term, mid-term, long-term)
  • Equity vs. debt vs. alternatives
  • Individual stocks & bonds vs. mutual funds vs. ETFs

Protecting Assets

  • Risk minimization (diversification, investment, tax)
  • Emergency fund
  • Risk transfer (insurances, investment guarantees)

Income Distribution

  • Tax minimization
  • Required minimum distribution (RMD)
  • Monitoring principal depletion

Wealth Transfer

  • Asset transfer planning (heirs, charities, trusts, etc.)
  • Will, Power of Attorney, physician directives
  • Estate and gift taxes

Crafting Your Individual Financial Plan

We work to create your financial plan over the course of several meetings, then continue to provide the ongoing support and guidance to help you fulfill that financial plan. Here’s what you can expect in each of our meetings:

First Meeting

  • Discuss your goals (short-term, mid-term, and long-term)
  • Discuss basic financial planning concepts
  • Identify your primary goals and financial priorities (i.e., retirement at age 60)
  • Discuss information you have brought to the meeting as well as assumptions to be used for planning purposes
  • Schedule a second meeting (typically two weeks later)
  • First meeting typically takes 60 minutes 

Second Meeting

  • Review of your facts and assumptions
  • Review and analysis of each of your top three to five goals (i.e., if retirement at age 60 is one of your goals, then we would review your retirement projection)
  • Determine if goals have been understood and addressed properly
  • General recommendations will be presented
  • In-depth discussion of financial planning concepts and how they apply to your situation
  • Schedule a third meeting (typically one to two weeks later)
  • Second meeting typically takes 90 minutes

Third Meeting

  • Review of general recommendations
  • Identification of specific recommendations
  • Determine action plan to implement specific recommendations
  • Third meeting typically takes 60 to 90 minutes
  • We will present our invoice at the conclusion of this meeting

Implementation and Plan Monitoring

  • If you are a financial planning client, implementing your action plan, monitoring it, and managing your investments will become your responsibilities. We’ll help you create the plan needed to get you to your goals, but fulfilling that plan falls to you. Should your needs change, we can help you update your plan for an additional fee.
  • If you are an investment advisory client, we’ll provide ongoing support and guidance to ensure your initial financial plan stays on track over the years. We’ll partner with you to implement and monitor the action plan, as well as manage your investments. If your plans change, most updates to your financial plan are included in our quarterly advisory fee.

Contact LifePlan Financial today to schedule your initial consultation, and build a financial plan to keep your life plan on track.

Schedule Your First Meeting

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