Financial planning includes more than just investments
Q: How does an investment portfolio differ from a financial plan?
A: Investments are an important vehicle, but they are only one component of a financial strategy. Traditional money managers will ensure you’re invested in the appropriate places, that you don’t own too much of the same thing and, hopefully, that your portfolio is rebalanced when necessary to maintain proper allocation. However, a financial plan works toward a specific goal and is built around what matters most to you. It assesses all influencing factors — from cash flow and debt management to estate planning, insurance strategies and aspirations for continued education, retirement or your family’s legacy.
Q: Why is it beneficial to have wealth management and tax preparation under one roof?
A: It allows for seamless collaboration on your behalf, and often, more financial advantages. Our tax and financial services teams stay in constant communication, so if one element of your financial plan changes, we can quickly adapt and optimize other components. As tax laws or your circumstances evolve, we proactively recommend strategies that maximize tax benefits — and your portfolio.
Q: Isn’t “business consulting” outside the scope of personal finances?
A: Personal financial success goes hand-in-hand with professional achievement. While some of our business services relate to finances — such as identifying ways to increase profitability or assisting with forecasting — others like human resources, information technology and legal issues can all impact your business’ success. Even business entity selection and succession planning play an important role in your ability to reach your personal goals — financial or otherwise.