What does "detailed" financial planning mean at EFP?

“Detailed” financial planning means that we look at all areas of your financial situation when preparing your financial plan. Our #1 priority is to make sure you are comfortable with all aspects of your financial picture and confident that you are actively pursuing financial success.

By taking the time needed to truly understand who you are — your goals, dreams, worries, plans — we can formulate a plan specific to your individual needs and goals. 

How much of your overall financial situation do you feel comfortable with right now?

Not Comfortable?

The Elements of Detailed Financial Planning

“What do I really need to start saving for now? How much should I save? What type of accounts should I open for each savings goal? What should I invest in? Will I save enough for retirement if I keep doing what I’m doing?”

If you’ve asked yourself any of these types of questions, you may benefit from this element of a comprehensive financial plan. Our process involves analyzing your current cashflow, your predicted cashflow in retirement, and your current savings, and providing specific, goal-oriented action steps designed to keep you on track to meet your retirement goals.

We’ll advise you on what types of accounts are appropriate for your specific needs and goals, as well as provide recommendations to improve the tax efficiency of your investments.

You might have an image in your head of what you want to do, where you want to be, or how you want to live in retirement. If you do, you are probably saving to reach those goals you’ve set for yourself. But what if what you’re doing right now isn’t going to get you where you want to be? Have you truly sat down and taken into consideration all aspects of inflation, investment returns, and future cash flow needs? It’s scary to think that you could end up in a position where you outlive your wealth.

That’s where we come in…

Utilizing various simulations, including Monte Carlo Analysis, we will provide a comprehensive picture of your current situation and your desired retirement lifestyle. If what you’re doing now might not allow you to meet your retirement goals or needs, we will suggest changes to accomplish your goals. We can also provide various simulations of life expectancy, salary change, unexpected life events, or large purchases so that you have a complete picture of all of the possibilities.

Saving for future education expenses is a common priority among families with children. Often, we have a tendency to think that, when the time comes to pay for schooling, we’ll have a better job, better benefits, or … maybe college will be free!

Realistically, many of us feel the responsibility to provide for the educational expenses of our children or grandchildren, but we’re unsure of how much to save, where to save it, or what the tax implications of such savings really are.

We’ll help you break down your expected future education funding needs, the impact of rising costs, and the appropriate vehicles for education savings, specific to your personalized situation.

Whether it’s employee sponsored retirement plans, Employee stock purchase plans (ESPPs), life and disability insurance offerings, or health insurance options, every employer provides their own variation of benefits.

It can be overwhelming to try to determine which options are best for you based on your personal goals. One benefit of a financial planning relationship with EFP is the ability to present all of these options to your planner, who will provide you with thorough recommendations on which employee benefits make sense for you. 

Whether you’re just starting your career or you’re a “veteran” of life, no one quite knows what’s around the corner. When those unexpected life events happen, there is value to having an experienced financial planner in your corner. 

The right financial planner can lead to a lifelong relationship. Our priority is making sure that you and your family are taken care of through every event of life.

Whether it’s guidance through divorce, pregnancy, empty-nesting, or preparation for estate proceedings or death, we’re here to make sure that you’re financial priorities through this time are leading you and your family towards financial success.

Within the realm of detailed financial planning, EFP feels a responsibility to our clients to propose tax smart savings and investing plans. We prioritize tax-advantaged investment growth and withdrawal strategies, and strive to maximize tax-free wealth accumulation for our clients.

As your planner, here are some of the tax strategies that we may consider for you:
  • Pre-tax vs. Roth funding
  • Roth IRA conversion analysis
  • Health Savings Account funding
  • Tax-efficient withdrawal strategies
  • Gain or loss harvesting
  • Charitable gifting
  • Tax-efficiently transferring wealth to your family
  • Stock option planning

We are always happy to coordinate with your accountant to explore potential tax savings.

Also, within the realm of detailed financial planning, we assist our clients when needed in the following areas concerning insurance coverage and risk analysis:

  • Review current policies and annuity contracts in relation to need and provide options for old policies that may not be needed
  • Discuss appropriate type and amount of life, disability and long-term care insurance
  • Provide options for where to obtain economical coverage

Again, we do not receive commissions or compensation from any information or recommendations we may provide: our recommendations are based solely on your best interest.

Follow the links below to learn more about other essential elements of financial planning provided by EFP:

            Estate and Charitable Planning
            Investment Management

Curious about next steps?

Find out why our #1 source of new clients is personal referrals.

Let’s Schedule a time to visit. No strings attached.