Quar­ter

Accounting Today - - Financialplanning -

how much you care about them. This is where you can make up for three quar­ters, or even years, of un­der-ser­vic­ing be­yond the tax and in­vest­ment plan. Use this fourth-quar­ter op­por­tu­nity to cir­cle back to all of the re­views and ser­vices that any rea­son­able per­son may be­lieve should be in­clud­able in a per­sonal fi­nan­cial plan­ning en­gage­ment. These may in­clude a review of cash flow, risk man­age­ment, in­vest­ment plan­ning, re­tire­ment plan­ning, es­tate plan­ning, fam­ily gov­er­nance, ed­u­ca­tion plan­ning, or any other plan­ning is­sue that needs to be kept fresh and up­dated. Of course, one meet­ing where you are try­ing to make up for poor ser­vices in the past is not likely to change their feel­ings im­me­di­ately, but it is the start where you’ll iden­tify is­sues that need at­ten­tion and be­gin to col­lect the data and in­te­grate with other pro­fes­sion­als so that you can feel good about your com­pre­hen­sive review.

When it comes to cash flow, ev­ery fi­nan­cial life is driven by in­come and ex­penses. This alone can make or break any fi­nan­cial plan. I be­lieve it’s neg­li­gent to work with as­sump­tions when you start a plan­ning en­gage­ment that are never up­dated. Part of keep­ing a plan cur­rent

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