What is a financial plan?
A financial plan is a strategy to help you reach your goals. Through data gathering, analysis, and guidance, an advisor creates a roadmap that leads you to financial comfort during your life, while allowing for the efficient transfer of assets to your heirs. Financial planning is an ongoing process driven by your changing needs and goals.
A financial plan includes macro considerations, such as:
- Asset allocation planning: A series of asset classes and allocation strategies that seek to help meet your needs, based on your risk tolerance and investment objectives
- Education planning: College savings and education planning topics, such as student loans and financial aid
- Retirement income planning: The development and refinement of a distribution plan for your nonworking years
- Estate planning: Practical guidance necessary to coordinate your estate planning/wealth transfer needs
- Tax planning: Coordination with you and your tax professional to minimize your tax liability
- Trust planning: Choosing from a range of trust strategies to help meet asset protection and wealth transfer goals
Financial planning is the umbrella under which investment management functions.
What is investment management?
The financial plan is one piece of the puzzle—the roadmap that outlines your goals—that opens the door to the investment opportunities that help you pursue those goals.
Investment management is typically carved out as a separate service due to its distinct and complex nature. How we ultimately shape your investment portfolio is based on a collaborative effort, and the result is something we monitor regularly.