Continuous Financial Planning

While most of us would never go a year without performing annual maintenance on our homes or cars, neglecting annual reviews on our finances seems to be the norm.

That’s why we offer our clients Continuous Financial Planning. This service provides you continuous opportunity to hone your financial acumen, and to make proactive financial improvements that can set you up for maximum success.

A lot can happen in a year. You may have changed jobs. You may have received a raise. Benefit packages with your employer may have changed last year. What about taxes? Has the tax code changed since your last review?

Our opportunities change every year as well. While last year may not have allowed you to save as much as you would have wanted to, maybe this year brings a surplus of cash to your family’s bank account. Perhaps this is the year you contribute more to your Roth IRA or your employee sponsored 401(k). 

After your Initial Financial Plan with Inspire in year one, you may be well positioned for continued financial planning success in year two and beyond.

Inspire’s Continuous Financial Planning service starts with a comprehensive review of your financial plan beginning year two of your relationship with us. An Inspire annual review is not a portfolio review or a market update. It’s comprehensive in nature and typically involves exploration into the following areas:

• Cash flow management to include maximizing cash flow surplus and budgeting
  
• Retirement planning review to include social security, pension, part-time employment, IRA, business, and rental property income
  
• Income tax review which may include a review of previous years completed taxes
  
• Risk management to include personal insurance as well as employee benefits. Risk management is typically covered at a deeper level than in year one. Ancillary insurance protection like long-term care, disability income, life, umbrella, auto, and identity protection insurance are examined with renewed focus
  
• Risk tolerance analysis
  
• Portfolio performance annual review
  
• Portfolio strategy review
  
• Portfolio rebalancing & restructuring of employer sponsored plan
  
• Estate planning review

About a month before your second year with Inspire begins, we will reach out to schedule your annual review. Our goal is to engage you in the process of expanding on the success of the previous year.

We will remind you what documents you need to bring for your review. Since we should still have a lot of the data from your Initial Financial Plan, there is less legwork on your part beginning year two.

While we do not recommend the same three to four meeting process as your Initial Financial Plan, we do recommend that our clients reinvest enough time to fully monitor and maintain what their overall financial wellness.

This allows you ample time to fully discuss new opportunities, obstacles, and changes that need to be explored.

Annual fees for our Continuous Financial Planning service are typically less than your Initial Financial Plan. Since we already have much of the data needed from the year prior, it typically takes less time to conduct your annual review, therefore lowering the cost.

As with the Initial Financial Plan, you will have access to your wealth advisor for one full year after your annual review is completed. We want to stay in touch, and to help grow your wealth overtime.

If you’d like to learn more about  about our commitment to the ongoing relationship we have with our clients, please schedule a meeting today.