Financial planning means something different to every advisor and to every client.
While some advisors focus on asset management, others focus on annuities and insurance products. Everyone is talking about something different. This creates confusion for the client, and a lack of confidence in the result.
At Raskin Planning Group, financial planning starts with the client’s objectives. We start with a plan - your plan. You need to know where you want to go before you can start the journey. While it is not essential to know every detail along the way, you should have a general idea about which direction you would like to take.
To us, financial planning is integrated and comprehensive. We believe you get the best results by taking a step back and capturing the whole picture. Viewing it piece by piece is inefficient, and only reveals the separated fragments of a plan.
For example, it's hard to consider investments without looking at:
- Tax reduction strategies;
- income needs;
- risk management;
- charitable planning;
- retirement planning;
- education funding;
- distributions to heirs.
Financial planning isn't a one-time event. It's an annual, ongoing process that should be adjusted as life unfolds.
Case Study 1: A client called to tell us his spouse had recently been diagnosed with a progressive disease that might impact their long-term financial and estate planning. While there are no immediate concerns, we are working with their estate planning attorney to make sure the clients understand their options.
Case Study 2: A client is one year away from full-retirement. In the meantime, the couple will need to supplement their income with distributions from their non-retirement savings and investment accounts. Next year, he will begin taking required minimum distributions from his retirement accounts, which will meet most of their annual income needs. We have recommended an investment allocation change for the IRAs, to a strategy that is focused on current income, with growth as a secondary objective. While the projected volatility or risk of the IRA account is similar, the focus will now be on current income to provide for the annual required minimum distributions and the annual income necessary to meet their objectives.
Peter Raskin is a registered representative of Lincoln Advisors Corp. Securities offered through Lincoln Financial Advisors Corp., a broker-dealer. Investment advisory services offered through Sagemark Consulting, a division of Lincoln Financial Advisors Corp., a registered investment advisor. Insurance offered through Lincoln affiliates and other fine companies. Raskin Planning Group is not an affiliate of Lincoln Financial Advisors Corp. CRN-165615-112816