Financial Planning
The pace and complexity of managing modern finances may leave some people unprepared to pursue a successful financial future. If you’re feeling less than confident about your future, having a well-prepared financial plan will help provide more confidence.
Financial planning assembles all your finances together, organizing your financial position and makes ongoing management easy and effective.
The more you understand and better manage your wealth, the more prepared you are to pursue your goals and dreams.
Take Control of Your Financial Future
The following are some common areas to consider when planning your financial future:
Monthly Budget
Addressing your monthly budget is an important first step in successfully managing your overall finances. Failing to have a clear picture of your regular recurring bills and expenses can dramatically reduce your ability to meet your financial objectives.
Savings
Fundamental to building a secure, manageable future is saving for the unexpected as well as the expected. Saving is easier if you “pay yourself first” and build in automatic savings into your budget.
Risk Management
Risk can take many forms: illness, accident, liability, and natural disasters, to name a few. Failing to manage risk properly can jeopardize your financial future. That’s why smart financial planning evaluates the various levels and types of insurance you carry to make sure they’re aligned with your overall goals and needs. Life insurance policies contain exclusions, limitations, reductions of benefits, and terms for keeping them in force.
Your financial professional can provide you with costs and complete details.
Education Funding
The costs of education for children and grandchildren can be staggering and are seemingly always on the rise. Education is often one of the largest expenses you’ll incur. Arm yourself with current information about the variety of proactive education savings vehicles that can help you plan your funding goals while manage exposure to big surprises or long-term debt.
Retirement Planning
Social Security benefits, employer-sponsored plans, and personal retirement savings including investments, IRAs, and annuities typically combine to comprise the retirement income for most Americans. Deciding which retirement choices will serve you best can be daunting, but your financial professional can guide you to the options that will support and personalize your overall investment and tax strategies.
Estate Planning
Your legacy is in your hands. Only through diligent monitoring can you be assured that your assets will be transferred effectively and according to your wishes to the people and charities you care about most. Establishing trusts, regularly reviewing your legal documents and beneficiary designations, and examining tax implications for survivors are vital to establishing a plan that provides you and your loved ones with greater confidence.
Your Financial Advisor, Your Partner in Planning
Creating an effective financial plan takes time, know-how, and experience. Even if you’re using popular consumer financial tools, planning on your own can be overwhelming and frustrating. Consulting with your financial advisor not only reduces your workload, but also helps ensure that your plan is comprehensive and based on current trends and data.
What To Expect By Partnering With Phillips Financial
Knowledge of options and alternatives tailored to your specific financial situation.
Connections to a network of professionals (accounting, legal, real estate, insurance, trusts) when additional consultation is needed
Objective advice and support from experienced professionals committed to guiding you toward long-term financial well-being
What Your Financial Plan Should Include
The key to creating a successful financial plan is ensuring that it covers your current and future financial needs. The best way to determine your particular needs is by spending time with your financial advisor considering your options, defining your goals, and evaluating your resources.
Where to Begin
Let us know that you want the benefits of financial planning for you and your loved ones and schedule an appointment to begin the process. The more information you provide our office the better. Even if you drop off a box filled with your essential financial records, that’s often enough to allow us to start creating your customized financial plan.
Please visit our Registration and Appointments Center within the Client Center to access the Appointment Prep-Records request for checklist of documents that are beneficial for gathering data for input into your plan. Provide the documents that are easily accessible to you at this time. We can add additional data as we progress.
Once your plan has been created, you and your advisor will review it regularly to help you stay on track towards your goals. As life changes, so does your financial situation. Your financial advisor will strategize with you to help you address these changes and keep you on the path to pursuing financial success.
Click here to create an investment plan to achieve your goals
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