1. Goal Setting
- Develop, implement, and monitor financial goals
- Calculate net worth and review cash flow
- Conduct annual planning evaluations and tracking of goals
- Provide proactive follow-up on action items
- Offer advice on healthy financial behavior (for example wants vs. needs)
2. Retirement Planning
- Evaluate pension plan structures, IRAs, Roth IRAs, or qualified plans
- Provide Social Security analysis and benefit optimization
- Analyze distribution options for pensions
- Calculate IRS Required Minimum Distributions (RMD’s)
- Provide Roth IRA conversion calculations and advice
- Review and update goals, objectives, and priorities to analyze the impact of changes on overall financial situation
- Update financial projections to monitor the effect of stock and bond markets, changes to cash flow needs, risk tolerance and other variables
- Analyze the effects of inflation on financial goals
- Provide stress test analysis of portfolio
3. Educational Planning
- Evaluate and recommend educational funding strategies
- Provide access to education investment accounts, e.g., 529 plans, custodial accounts, Education Savings Accounts, IRAs, and Savings bonds
- Monitor age of student(s) to ensure proper allocation based on risk tolerance and time horizon
- Provide guidance and advice on financial aid and scholarship funding
- Monitor state and federal tax laws for changes to education benefits, contributions, credits, and deductions
- Establish and monitor financial education programs for your children or grandchildren
4. Balance Sheet and Net Worth
- Gather and analyze information to create household balance sheet
- Calculate and monitor net worth
- Analyze debt structure and organization; assess lending opportunities
- Evaluate mortgage financing, the economic benefits of refinancing, semi-monthly payment programs, accelerated payment programs and PMI reduction strategies
- Help prioritize spending and prepare for potential pitfalls
- Look for opportunities for additional savings
5. Tax Strategies
- Provide information about tax-planning strategies
- Coordinate with your accountant to enhance tax efficiencies in financial plan
- Discuss tax benefits of optimizing 401(k), 403(b), or other retirement plan options
- Provide information on the benefits of section 125 plans and health-savings accounts
- Offer guidance to reduce taxation of Social Security benefits
- Provide advice on benefits of Roth conversions
- Establish and track cost basis on taxable accounts
- Provide advice on retirement plan distributions prior to age 59½
- Make recommendations on Required Minimum Distributions (RMD’s)
- Monitor tax law changes and the impact on overall situation
6. Estate and Legacy Planning
- Advise on the implementation and proper use of estate planning tools: wills, trusts or powers-of-attorney (financial and healthcare)
- Provide education and guidance on charitable giving alternatives
- Review ownership and beneficiary designations on accounts
- Review estate planning documents to verify they are up-to-date and coordinate with the financial plan
- Assist and coordinate with your estate planning attorney
- Recommend gifting strategies
- Monitor changes of ownership of assets during an acquisition or after a marriage, divorce, inheritance, or other significant life event