The Value of Financial Planning

Written By: Daniel A. Cesta, CPA, CFP, MST

 

As wealth managers to high-net-worth individuals and their families, we are frequently asked by prospective clients about our role in the financial planning/investment process.  Since we answer this question often, we thought we would take this opportunity to explain to you what we do.

Above all, our role as wealth managers is to listen, understand, and help you.  Wealth management requires a client-oriented focus that brings together a broad array of services.  While the foundation of these capabilities is investment management, wealth management also entails financial, estate, retirement and tax planning.  To that end, we will be reviewing some of the essential wealth management areas and what information we typically review with our clients. 

 

Wealth Management Topic #1:  Financial Planning

One of the first steps we take with new clients is to review their current Financial Plan (if any) to see what is in place and what is not.  For the plan components that are in place, we evaluate them for appropriateness and effectiveness.  If necessary, we recommend changes which we believe will help our clients reach their goals more efficiently.  For areas where no plan exists, we recommend and help implement new strategies.  Once all the necessary plans are in place it is just as important to periodically monitor and review the plans to ensure that they are progressing toward their stated goals.

Below is a Financial Planning Checklist for you to review.  It is important to remember that maintaining an ongoing conversation about upcoming or recent life events allows us to evaluate and recommend solutions to help ensure that your financial strategies remain aligned with your current situation and long-term goals.

 

 

Life Events:

• Job loss
• Changing jobs
• Serious illness
• Buying/selling/refinancing a house
• Relocation
• Career change
• Unexpected large expense
• Facing a lawsuit
• Unexpected wealth/inheritance

Retirement:

• Selling your business
• Change in retirement timeline
• Increase in healthcare costs
• Second career in retirement
• Managing medical expenses
• Change in retirement income

Family Transitions:

• Getting married
• New baby, including grandchild
• Divorce
• Child leaving home
• Child starting college
• Death of a loved one
• Empty nester
• Caring for a grandchild
• Helping finance grandchild's education

Caring for Aging Parents:

• Parent's illness
• Elder care options
• Financing elder care
• Parent passing away

Evaluation:

• Life insurance
• Retirement savings
• Social security at 62 or delay?
• Estate plan
• Portfolio performance
• Investment strategies and objectives
• Risk evaluation
• Current financial plan

 

 

 

Just as with your doctor, we recommend a “financial check-up” at least once a year.  With recent economic uncertainty, we would like to offer you the opportunity to come in for a comprehensive financial review.  If you are currently working with a financial advisor, we recommend you take advantage of our offer as a second opinion.  Again, this is at no cost to you, and at no obligation.

 

 

 

 

 

 

To schedule your complimentary financial review, please call (734) 667-5581 or, if you prefer, email daniel.cesta@pwmgi.com.   We look forward to the opportunity to apply our knowledge and experience to help meet the long-term financial goals of you and your family.

 

To learn more, call our office or CLICK HERE to request a meeting today!

(734) 667-5581

Pinnacle Wealth Management Group, Inc.

www.pwmgi.com

849 Penniman Ave, Suite 201, Plymouth, MI 48170

 

_{Securities offered through Private Client Services, Member FINRA/SIPC. Advisory products and services offered through Pinnacle Wealth Management Group, Inc., a Registered Investment Advisor. Private Client Services and Pinnacle Wealth Management Group, Inc., are unaffiliated entities.}