Plan. Protect. Prosper.
The Financial Planning Process
We have a financial planning process that helps us provide customized services for each client. The process is ongoing to help ensure the plan stays on track and can adjust when circumstances change.
1. Knowing the Client: The first step is gathering data so we understand your situation. The more information you provide, the better we can tailor our initial meeting to your situation. We typically send a Confidential Data Form prior to meeting with you so we can hit the ground running.
2. Establishing Goals and Objectives: We will determine what your short and long-term goals are and what is important to you and your family.
3. Analyzing Your Information: We analyze your financial information and make recommendations on what changes should be made to work toward your goals and objectives.
4. Establishing a Plan: Once we have analyzed your financial situation and considered your goals and objectives, we establish a plan to accomplish those goals and objectives, and make appropriate recommendations.
5. Implementing the Plan: After agreeing on strategies, we will move forward with implementing the plan.
6. Monitoring the Plan: Monitoring your financial situation is an ongoing process that involves input from both parties. We meet with clients as often as needed in an effort make sure that their plan remains on track.
Financial Planning - The Core of What We Do
We provide advice in seven disciplines of financial planning: retirement planning, goal funding, investment allocation, cash flow management, tax planning, risk management, and estate planning.
Retirement Planning— No matter what retirement trajectory you are on, we are here to assist you. We will discuss plan assumptions and evaluate different scenarios that can occur.
Goal Funding— This includes every financial goal that is important to you. Examples include: education of children and grandchildren, lifestyle goals, and housing decisions. With your goals in mind we will determine appropriate investments and strategies to help you meet your goals.
Investment Allocation—Proper allocation is one of the tools we use to manage risk while targeting an acceptable return. Risk comes in many forms including loss of principal, loss of earning power (inflation), and liquidity risk. Economic studies have shown that around 90% of risk and return is determined by asset class, so allocating your investments appropriately is crucial. Asset Allocation does not guarantee a profit or protect against a loss in a declining market.
Cash Flow Management— A proper financial plan in place may help you be ready when life throws you a curveball. Spectrum has tools to help you make more educated decisions to maximize your cash flow and efficiently utilize pretax or after tax monies. Additionally, we can help identify the appropriate liquid assets to be held in your emergency fund.
Tax Planning—We are tax planners, but we do not prepare tax returns. We not only focus on your tax bill this year, but we look to manage your tax situation in the future. With ever changing tax laws, we discuss and plan for how these changes impact your tax situation.
Risk Management— There are many unknowns that make up a financial plan and we consider these risks. These possible areas of risk include inflation, health care, investment returns, longevity, and premature death or disability. We are here to help you determine how much risk can be absorbed and how to manage risk through insurance or investment allocation.
Estate Planning—Spectrum advisors do not practice law, and we do not prepare legal documents for clients. We serve as sounding boards when you are considering the structure of your estate and how it may impact the financial situation for you or your heirs.