Comprehensive Financial Planning

Comprehensive Financial Planning

At SmartFin Wealth Management, we develop insights into the many interlocking components of your financial situation. Just as importantly, we offer comprehensive financial planning services that encompass all of those components — from cash flow to retirement plans, investments, legacy planning and others. At our premium service level, we create a comprehensive financial plan at the outset of our engagement, a detailed document (60-70 pages written report) based on our thorough review of your financial picture. This document functions like a roadmap for all of your financial decisions.

So, you need to ask yourself, “Is my financial advisor truly comprehensive?” This sounds easy enough, but very few consumers know the questions to ask to make this determination. That is why SmartFin Wealth Management bases our services on the CERTIFIED FINANCIAL PLANNERCM‘s definition of the financial planning process and Six–Steps Process.

The Comprehensive Financial Planning services analyses your financial health thoroughly and plans your investments goals through a road map for the future. It secures all financial needs like children’s education, children’s marriage, retirement, and re-structures loans and tax optimization. The steps taken are detailed out below: –

  • Financial prescription – Thorough analysis of your financial profile and risk appetite is done to chalk out short term and long term goals
  • Seven facets of financial planning are applied according to your portfolio which include investment planning and wealth creation, insurance recommendation, liability management, retirement planning, expenses analysis, contingency planning and tax advisory.
  • Thorough analysis of current cash flows and future projections are made based on the strategy recommended in the plan
  • Goal Driven Investing – Help you set long term milestones including retirement, earmarking your current portfolio to each of the milestones according to priority, development of a comprehensive investment strategy to achieve the milestones
  • Risk Management & Insurance Planning – Analyzing the current insurance situation on life and non-life front and recommending specific products if there is a need to increase cover

Based on the analysis and evaluation of the customer data and needs, the financial planner develops alternatives and recommendations to meet goals and objectives and presents them to the client. Client feedback is taken and reviewed. Concerns are addressed, and the plan is revised to the client’s satisfaction. The financial plan is developed by incorporating relevant recommendations and revisions.

These planning process:

  • We begin with 1 hour discussion on Data gathering and Goal Setting step.
  • It will take minimum 25-30 hours or more to prepare ‘Comprehensive Financial Plan’ (60-70 Pages written document).
  • Plan Presentation Day, It requires minimum 2-3 hours for discussion about the ‘Comprehensive Financial Plan’ to understand and implementation process.

We hold a series of regularly scheduled meetings to create a logical structure for your financial goal tracking and decision-making. The meetings build logically and incrementally on each other to provide a comprehensive view of your financial health, and deliver insights that allow for timely adjustments and course corrections when necessary.

Financial planning is an on-going process. To ensure your financial plan continues to meet your needs, your financial advisor will conduct periodic reviews, assess your financial progress and recommend any necessary adjustments.

It’s called “Financial Planning” for a reason: Plans evolve and change just like life. Once the plan is created, it’s essentially a piece of history. This is why the plan needs to be monitored and tweaked from time to time. Think of what can change in your life, such as marriage, the birth of children, career changes and more. These events all require new perspectives on life and finance. Now think of financial changes beyond your control, such as tax law changes, interest rates, inflation rates, stock market fluctuations, and economic recessions. Nothing remains constant except change!

Life changes, laws change and so will your plan. But, once again, this is why it’s not called financial plan, it’s financial planning!

  • We begin each year by reviewing your financial goals to assess progress on investments, cash flow, spending, and debt, as well as any changes that have occurred that could impact your financial picture.
  • We meet to discuss the allocation of your assets and to make any adjustments needed to rebalance the portfolio in response to risks that may have emerged.
  • We review your cash flow, legacy planning, and insurance coverage, addressing any gaps that may exist in such areas as life, disability, and personal property.
  • We review your financial information as it relates to taxes, and discuss specific actions to take in order to reduce or eliminate your tax exposure.

For more information about our comprehensive financial planning services, please contact us.