OUR PLANNING PROCESS

For a vast majority of our clients, the most important goal is achieving financial independence. We believe the only way to answer the retirement question is to approach it from a comprehensive planning stand­point. Too often financial decisions are made on a piece-by-piece basis. The result is a host of financial products, purchased over time, that are not part of a coordinated effort. The key to effective planning is to evaluate each decision-point on an interconnected basis, so that each area of the plan works together to achieve your financial goals.

At Summit, we leverage the expertise of our team and the horsepower of technology to provide you with a comprehensive analysis of your situation as well as a series of action steps you can confidently implement.

The first step is determining your financial needs and long-term goals. We sit down and discuss your story. What are your passions? Tell us about your family. If money were not on your mind, what would we be talking about? Those questions help us understand your values and attitudes toward money, and how we can craft a financial plan that fuels your dreams.

Then, our work begins. We assess your risk comfort and then create a roadmap that takes into account all aspects of your financial life – your assets, investments, retirement plans, insurance, inheritance, charitable giving, family values and more. We sort through the investment options, screening out those that do not match your objectives and develop a strategy that does.

Finally, your plan continually updates, so as your life changes, your plan moves with you. Your advisors are always available to guide you through the rough spots to ensure that your money and goals are aligned, even when the markets are volatile or life events happen. Your goals and how you are tracking towards them will always be the guiding force in our recommendations and our relationship.

The following are the types of questions that comprehensive planning seeks to answer:

Cash Flow and Retirement Planning

·         What are your current lifestyle expenses?

·         How will your expenses change in the future?  Will you travel more? Own a second home? Support parents or children financially?

·         What if we… sell our home and buy a smaller one? Start a new business? Fund our grandchildren’s education?

·         How will inflation impact these different cash flow items?  For example medical costs tend to increase faster than the normal inflation rate.

·         How will you begin to distribute income from the resources you have amassed for retirement? 

·         Which accounts should I draw on first for my retirement?  Have the tax consequences been considered?

Risk Management

·         How much life insurance should you retain (if any)?  What types should it be? How should it be owned, and who should the beneficiaries be?

·         Are you protected from a disability causing you to lose your income?

·         What is your plan for health insurance beyond your working years?

·         How are you impacted financially if you need Long Term Care in your later years?

Investment Planning and Asset Allocation

·         What level of return (and therefore risk) is required to make your goals a reality?

·         What is your current asset mix and does it match your goals?

·         How diversified is your current portfolio?

·         Are you aware of the possible downside risk in the portfolio?  Are you comfortable with it?

·         What types of investment products are suitable for you, and in what combination?

·         Have the tax ramifications of the portfolio been evaluated?

Estate Planning

·         Does your estate plan reflect your current wishes?

·         Whom do you want to inherit your wealth? Do you plan on leaving a multi-generational legacy?

·         Are you charitably inclined with any of your wealth?

·         Is your wealth exposed to an estate tax liability given the current laws?  Is it important to mitigate that liability?

·         What strategies should be suggested to minimize tax, expedite your wishes, and be congruent with your goals?

CLICK HERE TO TAKE A TOUR OF OUR WEALTH MANAGEMENT SYSTEM

Neither diversification nor asset allocation guarantee against loss, they are methods used to manage risk.  Investments will fluctuate and when redeemed may be worth more or less than when originally invested.  Summit Financial Group does not offer specific tax or legal advice.  Consult a qualified tax/legal advisor regarding your specific tax/legal situation.

Separate from the financial plan and our role as financial planner, we may recommend the purchase of specific investment or insurance products or accounts.  These product recommendations are not part of the financial plan and you are under no obligation to follow them.