2. PLANNING FOR THE
ROAD AHEAD ///
• Focus on your specific needs and goals
• Use those to shape decisions on your investment, retirement,
education, taxes, insurance and estate planning
• The path to financial security can be challenging
3. WHAT TO EXPECT IN
A FINANCIAL PLAN ///
• A customized, unbiased proposal based on your unique needs,
resources and goals
• Practical strategies to navigate the complexities of your
financial life, building on strengths and addressing weaknesses
• Flexibility to handle the good, bad and unexpected in personal
and professional lives
• Help monitoring and revising to meet your goals as well as
your lifestyle
4. • The AICPA Statement on Standards in Personal Financial
Planning Services and CPA Professional Code of Conduct –
“in the client’s best interest”
• Apply all of the objectivity, integrity and diligence you expect
from a CPA
• Integrate tax considerations within the entire financial plan
• Consider how decisions affect other areas of the plan
• Identify and address areas of risk in the plan
A CPA FINANCIAL
PLANNER’S APPROACH ///
5. A clear understanding of where you are and where you
want to be
WHAT ARE YOUR NEEDS? ///
Income tax planning
and preparation
Estate planning
Retirement planning
Investment planning
Education planning
Strategic business
planning and consulting
Risk management planning
6. INCOME TAX PLANNING
AND PREPARATION
• Impact of tax-law changes
• Short- and long-term planning
• Reducing future liability
• Dealing with the IRS
7. ESTATE PLANNING
• Review wills, trusts and
retirement plans
• Keep all documents up to date
• Preserve assets for the next
generation and reduce tax
liability
• Honor your wishes
8. RETIREMENT PLANNING
• What does your retirement
dream look like?
• How much is needed to
get there?
• Primary sources of retirement
income and distribution models
• Tax-efficient financial choices
can be considered
9. INVESTMENT PLANNING
• Risk tolerance
• Asset allocation and cash flow
• Investment options
• Tax implications
• Strategies for financial
setbacks or windfalls
10. EDUCATION PLANNING
• Strategies for consideration
• Tax credits and deductions
• Involving your children
• Updating your plan to reflect
life-event changes
11. BUSINESS PLANNING
• A realistic business plan
• Organizational structure
• Financing
• Employee benefits, executive
compensation, retirement
plans, insurance and other
considerations
• Integration with personal
financial goals and plan
12. RISK MANAGEMENT
PLANNING
• Protection of assets
• Understanding liability in
business ventures
• Affect of loss on income or
assets
• World events, both natural and
man-made
13. SELECTING A
FINANCIAL PLANNER ///
• Relationship and trust
• Adherence to a professional code of ethics
• Education, qualifications and credentials
• Complex tax knowledge
• Year-round availability
Thank you for the opportunity to speak with you, today.
My name is [name] and I am with [name of firm].
The question we’re going to look at today is a big one: How can you get personal financial planning advice that’s as solid and reliable as you need it to be?
When you think about the road ahead for your family or your business, it’s important to keep in mind what financial planning is truly about. A good financial plan focuses on your individual needs and goals – and builds on those central considerations to shape decisions on everything from retirement funding and education savings to asset protection and growing your estate and investments, all while considering the tax implications therein.
The other important thing to keep in mind is something that will come as no surprise to anyone in this room: The path to financial security is rarely smooth or easy. Creating and following long-term financial and tax planning strategies can be daunting, even during stable and prosperous times. In a political, economic and tax environment that is in constant flux, staying on top of your complex financial life is even more challenging – and more important.
So where do you start? As I said, you’ll want the details of a plan to reflect your specific situation, so the nuts and bolts may vary considerably. But there are some “rules of thumb” that can give you a better idea of what you should expect in general terms.
A solid plan will include things like practical savings and investment strategies that help you navigate the complexities of your financial life, capitalize on your fiscal strengths and address your financial weaknesses. And it will have safeguards to ensure that your cash flow is flexible enough to accommodate the good, the bad and the unexpected in your personal and professional lives.
In addition, the planner you work with should be able to help you monitor and revise your plan as necessary, so you can manage wealth and create a fluid action plan that meets your goals and fits your lifestyle.
CPAs are the only regulated financial planners. One of the founding principles of the CPA code of conduct is acting in the best interest of the client. That means we’ll apply all the integrity and objectivity you expect from your CPA to your financial plan.
A CPA financial planner brings a comprehensive approach to a client’s financial situation. As one myself, we’re in a unique position to advise and help our clients understand the tax considerations within their entire financial plan. What is the loss to your investment portfolio when you do not consider the after tax return on investments? What is your additional estate tax liability when you don’t consider current and future tax implications in your planning decisions?
We’ll identify and address areas of risk in your plan from an unbiased point of view. How are your other advisors compensated? Are your best interests at the forefront of the advice they have provided? Do your planning strategies make sense for the long-term? Are there any potential catastrophic outcomes that need attention sooner rather than later?
Again, a few “rules of thumb” and pieces of common-sense advice are in order. You want to work with someone you trust. So do your homework – get references. Above all, ask lots of questions. Find out what kind of training they have. Are they credentialed? Do they have a license? Do they adhere to a strict code of ethics? Can they offer objective, unbiased advice, and do they encourage you to make informed decisions? Do they seem like someone who will be there for you today, and tomorrow?
Everyone has different needs and personalities. You’ll want to find a financial planner you’re comfortable with, and you may go through several meetings to find that person. The key thing is to understand all of your options – so you can make sure you’re standing on a solid foundation as you prepare for your financial future.
