Comprehensive Financial Planning
What is Planning?
It is empowerment. It is living your life purposefully rather than as a spectator. Managing money with intent is challenging. Our lives are hectic. There are competing demands on our resources. Balancing the present with the future is hard. Planning is a process that periodically renews intention.
What is comprehensive? It means addressing everything that matters to your finances. Not just your investments. Not just taxes. Everything. What matters varies depending on your situation.
Financial planning takes work and time. It requires crunching numbers, tracking data, filling out forms, reading legalese, holding online for the next customer representative, and then doing it all again.
Money is an important tool in modern life. It isn’t what makes us happy or satisfied or fulfilled. But, it does help us along the path to finding those things. Smart management makes a difference in quality of life. That is why I am passionate about comprehensive financial planning.
What is comprehensive? It means addressing everything that matters to your finances. Not just your investments. Not just taxes. Everything. What matters varies depending on your situation.
Financial planning takes work and time. It requires crunching numbers, tracking data, filling out forms, reading legalese, holding online for the next customer representative, and then doing it all again.
Money is an important tool in modern life. It isn’t what makes us happy or satisfied or fulfilled. But, it does help us along the path to finding those things. Smart management makes a difference in quality of life. That is why I am passionate about comprehensive financial planning.
Let's Break It Down
Managing Cash Flow
- Planning starts here
- Analyze and understand where your money goes
- Create a savings plan
- Make sure you aren’t spending too much money
- Make sure you aren’t spending too little money
Investment Management
- Create an investment plan
- Balance risk and reward for your situation
- Make sure you aren’t spending too much money on your investments
- Update when your life changes
- Make trades
- Rebalance
- Account consolidation and simplification
Retirement Planning
- Are you ready?
- When will you be ready?
- What should you be concerned about?
- What will you do with your time?
Tax Planning
- Pay no more than you should
- Optimize tax efficiency of investment accounts
- Fully utilize tax deferred plans to reduce tax while working
- Create a plan to minimize total tax paid over a number of years
Social Security Planning
- When should you take benefits?
- Should you both start at the same time?
Goal Setting
- Create realistic goals
- Create stretch goals
- Quantify goals for retirement, education, and charity
- Focus behavior and realize goals faster
Risk Management
- Create a financial safety net
- Life Insurance analysis
- Disability Income Insurance analysis
- Personal Property and Liability Insurance analysis
- Analyze and get coverage for Life Insurance
- Implement plans with insurance products
Estate Planning
- Correctly apply drafted plans
- Periodically review and recommend updates when necessary
- Assist with planning process
Liability Management
- Mortgage analysis
- Review loan offers
- Create payoff plans
Other
- Employee benefits review and recommendations
Referrals
- CPAs
- Estate Attorneys
- Mortgage Brokers
- Real Estate Agents
- Investment Custodians
What It Costs
Ongoing Comprehensive Planning: Annual fee from $4000 to $25,000 depending on complexity and value created for the client. Complexity is determined by net worth, investable assets and income. This fee is all-inclusive.
Projects. Offered solely at Lodestar’s discretion when ongoing planning is not of value to prospective clients and discreet objectives are achievable.
Projects. Offered solely at Lodestar’s discretion when ongoing planning is not of value to prospective clients and discreet objectives are achievable.