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What is Financial Planning?

In general, financial planning takes an inventory of your current financial situation and circumstances, and helps to build strategies to meet any individual, family or business goals. Once the plan is developed, the advice provided will follow steps of implementation in order to achieve success to meet these life goals; dependent upon one's short or long term goals.

Playful Family

Do I Need A Financial Plan?

You just might. Depending on your experience or time to research solutions, a financial plan may be the tool you need to keep you and your family on track with goals for financial independence. As you transition from one life cycle to another, these changes could modify the needs of the immediate family as well as can alter the availability of assets or change the taxation of the estate. If you fall into one of these categories, a modification to your current plan or new plan may be necessary.

Young Doctor

In Training

As a medical professional in a residency or fellowship program, you often hear about financial planning but don’t feel that you have had time to build the assets up in order to warrant a financial plan. Often, those in training will self-manage since they feel that there is enough knowledge through books and blogs to guide them through training years. For those of you who are not confident in the self- management style of planning, then working with a financial advisor would be for you; especially if you need a trusted resource for information and don’t have time to handle the planning on your own. By making forward-thinking decisions during your training years, you should have more success with the transition into practice.


In Practice

As a medical professional going from years of training and transitioning into practice, many changes occur in this phase of life. With debt now being an active obligation to pay, among having a higher income, higher taxes and new employer benefits, a financial plan can help you navigate through all of these elements to give you a road map through this first few years on your new contract. Once established, you can continue to tweak your plan as you meet your goals and as life brings you new responsibilities. Some clients use their planning as a way to launch themselves into self-management, while those who are not experts in the finance arena can continue to work with their advisor over the years.

Man Fishing

In Transition

Whether you are at retirement age or are working now because you want to, not because you have to, having assets free and clear, no debt and a substantial income can be a lot to manage in this phase of life. You may have a larger tax burden, a practice to build a succession plan around and legacy now to protect. Working with our team during this phase can help you manage your estate in a tax efficient way, to allow for your hard work to last for years to come.

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Business Planning

Often medical professionals need assistance when obtaining a practice and require the need to transfer risk away from them or their partners. Whether you are looking to protect your Buy Sell Agreement or to insure a Key Employee, our team of advisors works alongside you to assist in transferring risk away from the business side of things. While your assets are protected, you can then focus on taking care of patients while growing revenues.

Business Planning
Cash Flow Planning

Building a financial plan around your personal cash flow or your businesses cash flow can be daunting at times. Using a team that can help you to understand the inflows of your cash and to arrange the output of the outflows to cover expenses, investments among other goals, can help to incorporate successful strategies and to help you meet your responsibility and to give you some direction.

Cash Flow Planning
Children's Future Planning

Parents planning for their children’s future, may include funding different vehicles for education among thinking about what to leave behind depending on who will be a beneficiary to the Estate. Whether it is college funding and/or providing instructions on the division of assets for their future, a financial plan to give a road map to outline your desires based upon your wishes and by utilizing tax efficient strategies to meet these goals is imperative.

Children's Future Planning
Estate Planning

If your estate passes without having your specific wish delegating through directive by state specific documents, your estate may end up in probate, allowing for legal representation to determine how to settle your affairs on your behalf for fees. Working with a team of advisors and an estate planning attorney will help you to align your goals to encompass the whole picture as it is more common for families and business to many moving parts than not. Estate Planning is important for not only those with high net worth but also for those who have family that depend on them. Producing an estate plan that aligns with your financial plan to give you peace of mind and will leave your heirs without the stress of managing affairs on their own.

Estate Planning
Executive Compensation Planning

In addition to protecting partners and executives of the business, business owners may need strategies implemented to retain key staff. By supporting owners with their corporate retirement plans and executive benefits, our team can help a business to build a plan around their core values while balancing the needs to keep the business profitable. Many of these strategies align with growth while also building in the succession plan for a future sale or internal buyout.

Insurance Planning

Transferring risk and managing your insurance strategies may be an important need as part of your financial plan. Our team of independent insurance advisors can support you buy offering different tools that are necessary for your individual needs; which could include Life Insurance, Disability Insurance, Long-Term Care Insurance and/or Annuities. By utilizing different insurance products, you can effectively manage the risk and minimize potential obstacles that may come from personal or governmental roadblocks.

Executive Compensation Planning
Insurance Planning

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What are you interested in?

These services can be provided ala carte or in one comprehensive package. To start, we recommend you talking with one of our trust advisors for a complimentary consultation first, to develop the strategy for how to achieve your first set of goals, after determining that this relationship is a good fit for both parties.

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