Don’t leave your financial future to chance. Building and following a sound financial plan is the cornerstone of achieving your life goals. In fact, it can be one of the most important and impactful decisions you’ll ever make.
We are well-equipped to address all of your Financial Planning needs including:
Financial planning isn’t just about numbers; it’s about turning your aspirations into reality. Whether it’s a comfortable retirement, your children’s education, a dream home, supporting loved ones, or charitable endeavors, a financial plan is your roadmap to achieving your life goals.
The first step is to envision your future. What do you want to accomplish? Consider your risk tolerance – how comfortable are you with potential market fluctuations? Defining both your goals and risk tolerance will shape your investment strategy and establish your time horizons for achieving them.
Your current circumstances will have a significant impact on the plan that’s best for you. Start by gathering all your bank and brokerage statements, insurance policies, estate documents, and even your most recent tax returns. Compile a list of your assets (what you own) and liabilities (what you owe). You’ll also need to gather records of all your sources of income and expenses, as well as any other financial-related documents you can think of.
This is where you begin to paint a clear picture of your financial standing. By examining your brokerage and retirement account statements, you’ll uncover your portfolio’s current asset allocation. At this stage, you’ll craft a personal net worth statement and a statement of annual cash flows. You’ll also evaluate the sufficiency of your estate plan, account titling, beneficiary designations, and insurance coverage. As this picture develops, specific deficiencies or surpluses will become evident, highlighting areas where adjustments are needed.
Now, you’re ready to chart the roadmap that will guide you toward achieving your goals, taking into account your risk tolerance and time frames. Your plan may call for immediate changes, such as diversifying your investments, adjusting your asset allocation, consolidating accounts, optimizing your insurance coverage, or creating wills and other estate planning documents. Your plan may require longer-term actions, such as modifying your spending and saving habits over time.
Here’s where the rubber meets the road. Financial planning isn’t just about creating a document; it’s about putting your goals into action. Just like with creating a trust but never funding it, a plan without action is meaningless.
Executing your plan might involve opening specific accounts or investing in different financial products. When making these decisions, consider suitability and performance, but also remember that keeping costs low can significantly improve your returns in the long run.
Also, take advantage of available tax-free and/or tax-deferred accounts, in addition to your regular taxable brokerage account.
If the future always went according to plan, financial planning would be a one-time exercise. But life throws a few curves now and then. So, when you monitor your plan, revisit the goals you set in Step 1 as well, for two reasons:
Of course, this means gathering your most recent data, analyzing it, deciding if you need to alter your existing plan or create a new one, and ÷ well, you get the picture. For the most part, the financial planning process is circular.
If the future always went according to plan, financial planning would be a one-time exercise. But life throws a few curves now and then. So, when you monitor your plan, revisit the goals you set in Step 1 as well, for two reasons:
1. You want to measure your progress toward your goals and objectives to make sure you’re on track.
2. Once in a great while, you may find that your goals need to be modified.
Of course, this means gathering your most recent data, analyzing it, deciding if you need to alter your existing plan or create a new one, and ÷ well, you get the picture. For the most part, the financial planning process is circular.
The financial planning process isn’t exactly rocket science. However, given the specialty areas of income tax, estate tax, retirement planning, insurance, compensation and benefits, and saving for college – not to mention how each of these areas can impact the others – it might pay to enlist some professional assistance, at least to get started. Either way, the road to financial independence begins with taking the first step.
Decision Investments can help you manage any retirement account including 401Ks and 403B, 457, SEP-IRAs, and many more. We customize a solution for you with the investment options available in your plan. We then actively manage these for you on an ongoing basis and give you real-time advice. Many employees are surprised to learn that they can receive all of these benefits with no after-tax or out-of-pocket costs.
While brokerage firms where your current plan is held may be restricted from providing advice on these accounts, most retirement plans allow you to appoint an independent advisor. That’s where Decision Investments comes in. As a fiduciary, we can provide you the same level of service we provide to all of our clients, regardless of the account platform.
4445 Eastgate Mall #200
San Diego, CA 92121
P. 858-812-3026
F. 858-812-3319
info@decisioninvestments.com
