Financial planning is a comprehensive evaluation of an individual’s current financial state, and the projected future state as it relates to one’s goals. This includes gathering all current financial information such as: income, debt, savings, investments and real property that can contribute to one’s net worth as well as current or future goals. As important, the process entails evaluating each individual’s or family’s goals and values. This allows us to prioritize goal setting into needs, wants and wishes while practicing goal based financial planning.
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Understanding the Financial Plan
The first step in the creation of a financial plan involves clearly seeing your full financial picture. This is most accurately accomplished by aggregating all of your account and holding information into a secure place where it can be clearly viewed. This allows for an accurate net worth evaluation as well as proper risk insight across multiple accounts. In addition, this allows us at Coastal Wealth Planners to monitor your situation over time in partnership with you to evaluate both your financial health and your progress to your goals.
Considering Your Priorities
The foundation of a financial plan rests on clearly defining one’s goals. These goals may include funding a college education, buying a larger home, starting a business, retirement, or leaving a legacy. No one can tell you how to prioritize these goals, but a financial planner can assist you in discovering your goals, evaluating your preparedness for them and creating a plan with specific action steps to pursue these goals.
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Additional Considerations for Financial Planning
Financial planning is a very personalized process based off the core values of each set of investors that we work with. In addition to differences in goal priorities from one plan to the next life events as well as market conditions can often alter our planning over time. For these reasons as well as many others the close partnership of our professional approach at Coastal Wealth Planners will help to continually navigate these considerations now and into the future.
As such, the following elements of financial plans should be addressed and revised as necessary:
- Retirement Strategy: One of the most common planning goals, the plan should include a strategy for accumulating the amount of retirement savings and income you need for multiple market conditions. In addition, the plan should account for inflation as well as after tax withdrawal needs.
- Risk Management: The financial plan should include a review of applicable insurance coverages, portfolio allocation, withdrawal rate risks and inflationary risks. Risk assessment will also be aligned to each individual’s comfort levels with volatility and/or loss as well as probability of success for your goals.
- Long-term approach: The financial plan should be customized based on specific investment objectives, as well as a personal risk tolerance profile.
- Tax Efficiency: The financial plan should include a strategy for minimizing tax impacts to each investor and/or household.
- Estate (Legacy) Planning: The financial plan should include arrangements for the benefit and protection of all assets being inherited by heirs of the estate. A continued evaluation of proper account titling, beneficiary designation and appropriate legal documentation can help ensure any changes in the legal or tax landscape as well as any personal changes are properly taken into account.
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Why Financial Planning Is Important
“A goal without a plan is just a wish”
No single quote better defines the importance of planning, because without one in place there is no evaluation of our preparedness for what we aspire to. Not only will your planning evaluate the current measures that you are taking as an investor but they will more vividly depict the future state of these actions for you as well. During this process, additional considerations can be discovered and reviewed along the way with the partnership of your professionals at Coastal Wealth Planners. Our planning software not only allows us to look at hundreds of potential outcomes based off of your situation but it also allows us to present specific stress tests such as recession losses, concentrated position risks, inflation, social security cuts, low returns, longevity, pension cuts and healthcare/long term care risks.
The team at Coastal Wealth Planners is ready to assist you in your need for Financial Planning. Our team will help you build a customized financial plan to ensure your goals are being pursued and you are being as efficient as possible.
How to Begin Financial Planning?
Our process will start with a complimentary 30 minute call to evaluate your needs and ensure that we can add value to what your are looking to achieve. This will allow you to ask any questions you may have and evaluate if we are a good fit. From there we schedule a one-hour discovery meeting to review all documents that you have submitted and have an in-depth discussion about your goals.
The professional team at Coastal Wealth Planners realizes that everyone has different goals and desires for their life, and financial planning is an integral part of being able to meet those goals. That’s why it’s crucial to seek the help of a leading professional because there is no one size fits all plan that works for everyone. Each family’s financial situation is different and needs to be dealt with on an individual basis.
Let us provide you with a Complimentary Financial Planning Assessment, so that you can maximize and protect your investments. We will answer all of your questions during the call. For additional information please visit our Financial Planning Page.
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