Financial Planning

What is Financial Planning? Often it is a misnomer solely for investment planning, or maybe tax planning or simply estate planning?

It seems to be a catchall for just what a client is focused on at a particular time. So let's clear this up!

Susan describes financial planning with an acronym:  "TIIRED" which is short for Tax, Insurance, Investment, Retirement, Estate and Debt planning.  To her clients she asks, "Are you TIIRED of not having control over your own finances?" 

But why do you feel out of control ? What can you do about it?

Even if you are lucky enough to have the best advisors in all areas of your financial life, you may be missing one key player: A team leader.  Teams can't act in unison without a leader. 

Unfortunately most financial planning decisions are made in a vacuum. Of course, this is less than ideal, especially when it comes to your hard earned money.  Advisors typically stay in their comfort zones - which leads to myopic planning. 

Your accountant prepares your tax return and might even recommend a Roth IRA but does she know what your retirement goals are?   

Your attorney prepares your wills and trusts but your investment advisor doesn't know to change the title of your accounts to your revocable trust. 

Your insurance broker sells you a  life policy, but doesn't factor in that you have a life insurance trust and your trustee should be applying as the owner of the policy. 

Your banker handles your mortgage but doesn't explain that while a a traditional mortgage allows you to pay down principal, it does not change your monthly payment and you were counting on that for future retirement savings. 

You get the picture. This is what is causing you so much frustration, and possibly poor advice.  

Time for a game changer!

Ideally, you would like your entire team to see a comprehensive view of your financial situation and act in concert with each other.  Ideally, you would like all of your financial information on a team sharing platform so strategies are proposed and decisions are made with the coordinated advice of your entire team.  

The answer lies in selecting a financial planner who will not only design your plan and help you implement it, but will lead your team to provide a seamless, coordinated experience.  Susan and her team at BWC do just that using her unique approach that includes well-orchestrated family and team meetings, and the latest, secure, technology so you and your entire team will be one!