Dear First Mates,
I am pleased to announce the evolution of my financial planning service model to The Four Seasons Of Planning framework. This enhancement aims to provide a comprehensive and tailored service experience for each of you. This newsletter aims to expound on the components of The Four Seasons of Planning and the benefits it offers to you, the end client.
Winter: Retirement & Cash Flow
During the winter season, we focus on organizing and updating your financial plan. Leveraging RightCapital planning software, we gather key data points encompassed in the acronym “ALPIE”:
·Assets
·Liabilities
·Insurance Policies
·Income
·Expenses
With this data, we create your net worth and cash flow statement. For a clearer understanding of your cash flow, we introduce Monarch Money, a valuable tool helping you perform “to the penny” budgeting. Utilizing IncomeLab technology, we project your retirement income paycheck in tangible monthly dollar amounts. Additionally, we delve into topics such as Social Security timing, sequence of returns risk, and required minimum distribution planning. We also address unclaimed funds, optimizing cash yields through Flourish Cash, and ensure proper password management.
Spring: Tax Planning & Insurance Optimization
In spring, our focus shifts to tax planning and insurance optimization. Our objective in tax planning is to proactively minimize future tax liabilities, contrasting with traditional reactive approaches. Utilizing my Holistiplan software, we provide a digestible summary of your tax return with key observations for the future. Regarding insurance, we advise on life & health, disability income, and long-term care policies to ensure adequate coverage for you and your family.
Summer: Estate Planning & Assistance To Loved Ones
Summer emphasizes the importance of estate planning in facilitating the transfer of assets according to your preferences. We guide you through asset transfer mechanisms, comprehensive estate plan documents, and the ways to create a customized estate plan. Additionally, we introduce Trust & Will, our preferred estate planning platform for simpler cases.
If you feel it’s better to give with warm hands than cold hands, then the assistance to loved one’s module is for you. We explore tax-efficient methods of supporting family members, charities, and others close to you.
Fall: Investment & Account Reviews
During the fall, we conduct a thorough review of all managed and external accounts. We analyze your Schwab client portal, investment performance, and strategy breakdown using Panoramix. We discuss potential adjustments to your portfolio, reinforce our investment philosophy, and introduce new models and strategies.
In summary, The Four Seasons of Planning framework aims to provide holistic financial advice, leaving no aspect unaddressed. Throughout the year, we remain open to discussing additional topics such as liability management, housing, cybersecurity, and life planning. I invite you to embark on this journey with me through The Four Seasons of Planning.
Dave’s Picks
The Best Time To Be Alive (Marian Tupy explains why it’s a great time to be alive)
The 4 Types of Luck (a must-read article about luck)
Sia – Gimme Love (Sofiane Pamart Remix) (track o’ the month)