Fi­nan­cial plan­ning in­cludes more than just in­vest­ments

The Oklahoman - - RETAIL - PAULA BURKES, BUSI­NESS WRITER

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.

Kyle Brown­lee is chief ex­ec­u­tive of­fi­cer of Wymer Brown­lee Wealth Strate­gies.

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