What’s the Difference Between Financial Planning and Wealth Management?

This might sound obvious, but we believe every client is unique. But we don’t just say it; everything we do recognizes this as fact. A financial plan is simply a set of steps woven together and optimized to help you accomplish the objectives you have indicated are important to you. These integrated steps are based on insights derived from modeling various scenarios and stress tests that are unique to you at that time. Wealth management can be considered the outcome of a plan well executed, monitored, and adjusted as your needs change. 

Because if there is one thing experience has taught us, it’s that things change. No exceptions.

Ongoing Planning & Portfolio Management

Once your financial plan is in place, we use technology to monitor your progress on a nightly basis to make sure that what we are planning on…is actually occurring! We aren’t just focused on portfolio values; you aren’t a pie chart. This data updates the plan and various scenarios to identify opportunities and vulnerabilities with alerts and alarms to help keep you on track.

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Cash Flow Planning

Budgets sound so restrictive, yet it is important to define your cash flow needs and wants. Life is about choices and a good spending plan balances current needs with future needs – making your financial objectives attainable.

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Income Tax Planning

We analyze your tax situation each year to make proactive recommendations. We bring awareness to tax deductions and advise on income tax strategies such as tax loss harvesting, back door Roth IRAs and optimizing your employee benefits.

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Asset Allocation and Diversification

All too often, we find clients have accounts located in many places, and don’t realize that there is significant overlap, gaps, or both. Comprehensive financial planning helps to understand what it truly looks like and the potential impact of those decisions on goals and objectives. A well constructed portfolio is not only diverse in asset allocation but is also efficient and streamlined to create a realistic portfolio return that is consistent with your actual risk capacity. While risk tolerance is very important, your capacity to take risk is even more so. This needs to be measured.

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Retirement Income

Retirement can be an exhilarating time – the promise of freedom from early morning commutes, demanding schedules and tough bosses. It can also be scary when everything you have accumulated now has to be your income for the rest of your life.

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Asset Protection

Often loss is not all at once. Assets could be depleted slowly over time due to an illness, a disability, or even a long-term care need, leaving a healthy spouse without the funds they need to live. The first step is to see if there is exposure. Some have enough money set aside to cover life events, while others may prefer to transfer this risk to a company.

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Wills, Living Trusts, and Estate Planning

Thanks to a law passed several years ago, estate planning today is becoming less about avoiding estate taxes and more about distributing assets to your family. If the tax law sunsets as scheduled in 2025, this is about to change.

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Bucket List

Chances are you’ve worked your entire life to retire in comfort. To us, that is an example of a standard objective, and you also might have hopes and dreams that might seem like a stretch right now. Let’s talk about those too and see what is realistic and achievable.

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