The document outlines the six key areas of a comprehensive financial plan: current snapshot, manage risk, accumulate wealth, control taxes, plan for retirement, and leave a legacy. It provides details on what each area involves, such as creating a clear picture of goals, capturing current income and expenses, protecting against financial risks, leveraging investments to support goals, evaluating tax strategies, planning for how retirement will look, and distributing an estate effectively. The overall scope is to develop a plan that addresses all of these essential areas and fits an individual's unique financial situation and priorities.

1.
Scope of Work
What’s important to you?
The start of the financial planning process begins with
identifying and prioritizing your most important goals and
objectives. Any sound financial plan looks at all six areas of
comprehensive planning and how they fit with your
financial situation.
Current Snapshot
• Create a clear picture of
your goals and ambitions.
• Define a plan to
achieve your most
important goals.
• Capture your current income,
expenses and net worth.
• Optimize your workplace
benefits.
o 401(k), 403(b), 457
o Group Term
o Disability, LTC, etc.
Manage Risk
• Protect against unexpected
events that may impact your
life goals.
• Secure your dependents
against unforeseen
circumstances.
• Prepare your overall portfolio
for financial risks.
• Protect what’s important in
your overall portfolio.
• Right-size your insurance
coverage.
Accumulate Wealth
• Saving for retirement, buying a
home, education for children,
starting a business, or a cash
reserve?
• Leverage current investments and
your asset allocation to support
your short and long term goals.
• What is your overall strategy for
the following?
o Risk tolerance
o Market fluctuations
o Diversification
o Asset earmarking
Control your Taxes
• Evaluate advanced tax
reduction strategies.
• Mitigate the tax implications
of your current investment
strategy.
• Establish a tax-free bucket for
education expenses,
retirement income, or
discretionary spending.
• Implement dynamic strategies
to protect against tax
evolution.
Plan for Retirement
• How do you envision your
retirement?
o More leisure time,
volunteer work, start a
business, travel, other goals
• How confident are you that you
will be able to recreate your
paycheck?
• How are your current liabilities
impacting your ability to retire
when you want to?
• How well do you understand the
impact of inflation and taxes on
your retirement savings?
Leave a Legacy
• Distribute your estate in the most
effective manner.
• Define beneficiaries, designate
trusts, and assign powers of
attorney and health care proxies.
• Give purpose to your financial
legacy and install financial
security for your family.
• Maximize charitable
contributions.
• Achieve these goals without
undermining your desired
lifestyle.
Securities offered through Purshe Kaplan Sterling Investments, Member FINRA/SIPC
Headquartered at 18 Corporate Woods Blvd., Albany, NY 12211.
Purshe Kaplan Sterling Investments and McAdam LLC are not affiliated companies.
www.McAdamFA.com