Financial Planning
“If you want to see the greatest threat to your financial future, go home and take a look in the mirror” -Jonathan Clements, the Wall Street Journal
PFP Group provides it’s clients will a wide range of financial planning services. Each “service” is available either a la carte as a one-time fee based engagement, or as part of an annual full service offering as part of an annual retainer fee.
Financial planning is a multi-step process that provides you with two important things: An in-depth review of your current financial situation, and a blueprint that shows you how to achieve your goals and future objectives.
Clients who wish to have comprehensive financial planning, taking into account all aspects of their financial situation, are those clients who retain our services on an annual basis. By taking into account the entire financial picture rather than just a single item can put our recommendations and financial plan in a much stronger position for our clients. Of particular importance here are items regarding tax strategy, sale and acquisitions of assets, and proper retirement or estate planning.
There is however great value in terms of both cost and importance to one time fee based clients who are looking for a first or even second opinion on any aspect of their total financial situation. Covered in single item engagements are “best practice” recommendations for building a solid financial plan with regards to any aspect of that plan. For example, the simple but important need for life insurance, or college savings, or an estate plan. Even more important are retirement savings plans either individual, self managed or through an employer, and the subsequent asset allocation and portfolio balance requirements based upon an individuals current “phase” of financial preparedness.
For example, the PFP Group main focus is preservation and growth of individual and business net worth. If you were to run the numbers on an individuals or business assets vs. liabilities you would get an accurate representation of net worth of that individual or business. It is important to both add gains to assets while limiting or eliminating liabilities as to the greatest extent possible in order to maximize total net worth.
As noted, much goes into making adjustments in either of those columns when calculating net worth. From the “asset” perspective, we look at items such as real estate holdings, retirement accounts, life insurance contracts, annuities in addition to more liquid assets such as cash on hand and savings. The phrase “financial planning” embodies addition, preservation and growth of these “assets” in order to positively impact net worth.
From a “liability” perspective as with most clients there are certain unavoidable obligations both current and projected that must be taken into account such as car loans and expected education costs for children. However in addition to the unavoidable obligations often rest unsecured debt such as charge accounts and other liabilities which can be consolidated and or mitigated in order to create a more positive net worth situation.
The most important objective for PFP Group advisors, insurance brokers and financial planners is to focus on the positive impact of our plan to our clients net worth. Working closely with our clients to understand their “wants” from a financial stability aspect is the most important component to our success.
By providing personal accountability and access, PFP Group has been successful in guiding it’s clients through challenging financial situations that simply have been ignored or absolved by larger financial planning firms and brokerage houses whose focus is on selling it’s customers “product” rather than advice which is truly in the best interest of their clients net worth.
For more information about our specific services, please select a service from the drop down menu on the right, or contact the PFP Group today to speak to an advisor that put your interests ahead of their own.