This couldn’t be more true, as we see this continuously in the work that we do for clients. At RGF Integrated Wealth Management, we provide our clients with a personalized written financial plan. Strategizing on how to best meet their goals is at the core of how we help clients, from a home purchase, to planning for retirement, to deciding on how to leave intergenerational wealth transfers to beneficiaries. Planning involves thought, choice, open conversation, and most importantly, listening to what exactly your underlying objectives are. It involves asking detailed questions to get to the root of what our clients really need. So why do we plan?
We plan because it gives our clients a clear roadmap on how to navigate through their finances, and a glimpse into their financial future. It is said that most accountants look into the “rear-view mirror” when helping their clients. As financial advisors, we look through the windshield and plan for the near-term and the future. Planning also gives clients peace of mind knowing that their financial lives are solidly in place.
Starting this undertaking can be overwhelming and gathering data is the first step. We ask our clients to provide as much financial information as possible, such as tax returns, investment and insurance policy statements, details of cash flow, and their financial goals. We can then help organize all these items into a clearer financial picture. It is important to get every financial detail, but just as key or even more important to qualifying and quantifying our clients’ goals and dreams. We take the time to have in-depth conversations and listen carefully. We encourage clients to have measurable and specific goals, so that we can help keep them on track. Asking the right questions is also key, as this helps drill down to the core of what clients truly want to achieve.
After learning more about who our clients are, we then set out to construct a comprehensive financial plan. But what exactly is a plan? A written financial plan incorporates the six disciplines of financial planning, which are cash flow and debt, investment, risk management, tax, retirement, and estate planning. Each of these topics is presented and discussed in our clients’ financial plans and are all built around our clients’ goals.
What should I be looking for in my financial plan?
Investment
Does it incorporate investment recommendations that are tailored to your goals and comfort with risk.
Net Worth / Cash flow
Does it review my net worth including assets and debt, as well cash inflows and outflows and make recommendations for debt management and efficient use of free cash after expenses
Risk Management
Does it review my situation to determine any specific risks that could derail my financial plan, such as death, critical illness, and disability and recommending solutions to safeguard against these risks.
Tax
Does it ensure that you are taking advantage of the various tax planning vehicles to save money on taxes? Did it include working together with your accountant to ensure they are as tax efficient as possible?
Retirement
Does it contemplate when you want to retire, and if you will have enough money to live comfortably throughout your retirement?
Estate
Does it ensure your hard-earned money and wealth are passed on as efficiently as possible to family, friends, or charitable organizations using strategic approaches and working with lawyers to ensure your estate documents reflect your wishes?
Once we have an initial plan in place, we can then move forward with helping you implement it, often in partnership with other specialists such as accountants or lawyers. Planning is dynamic, not static, meaning financial plans will change over time, particularly if unknown circumstances arise. Monitoring helps us identify any changes that occur in our clients’ financial lives and adjust what we’re doing to accommodate it. The only constant is change, and we believe ongoing communication will help our clients keep on top of any changes that do occur. We are here to support them throughout this journey. During the monitoring process, we can often compare multiple scenarios, which can help ensure the highest probability of success.