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.
- Job loss
- Changing jobs
- Serious illness
- Buying/selling/refinancing a house
- Career change
- Unexpected large expense
- Facing a lawsuit
- Unexpected wealth/inheritance
- Selling your business
- Change in retirement timeline
- Increase in healthcare costs
- Second career in retirement
- Managing medical expenses
- Change in retirement income
- Getting married
- New baby, including grandchild
- 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
- 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 email@example.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.
Pinnacle Wealth Management Group, Inc.
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.