Financial planning is a personalized process of determining a client’s goals and needs, developing strategies for achieving those, and protecting against threats to their accomplishment. A client might have different goals and needs at various points in their life. Security, income, liquidity and growth might be predominant at one point. Diversification, succession planning and legacy questions might be the crucial question later in life. Other clients are focused on making elections under stock option plans and executive benefit plans. Income taxes almost always are a factor in financial planning. We like to think of financial planning as planning for the rest of one’s life, perhaps for the next thirty years, in contrast to estate planning, which can involve planning for the next several generations after one’s death.

As a registered investment advisor, our core business is investment management. Investment management, however, is most effective when it is conducted in coordination with a comprehensive financial plan. The plan helps to determine the objectives of investment management. How much risk is appropriate? How much income should be created? How much taxable income is acceptable? Additionally, when multiple family members or trust beneficiaries will be affected by the investments, planning becomes even more crucial and complex.