Financial Plans
A comprehensive examination of a client’s current financial circumstances, development of short-, medium-, and long-term goals, and associated analysis and development of a plan to achieve these goals. Implementation of the plan may be initiated by the client or the advisor, at the client’s discretion. Periodic plan reviews are recommended to measure and evaluate progress and for plan revisions as circumstances change. The firm also provides modular plans that are focused on anarrower set of goals or concerns. Comprehensive plans generally examine, at a minimum, investments, risk management/mitigation (i.e., insurance and other strategies), and income tax, estate, and retirement issues and concerns.
Risk Management/Mitigation
This is a fancy reference for the use of insurance products and other strategies to eliminate or reduce risk and improve the likelihood of a financial plan’s long-term success. Unexpected events can easily create uncertainty and derail a financial plan. Each client has specific insurance needs that depend on health, lifestyle, recreational interests, assets and net worth, and many other factors.
Investment Planning/Management
The “management” of a client’s investment portfolio can have several forms: 1) a one-time review of existing holdings in light of a client’s short-, medium-, and long-term goals with recommendations for updates, as appropriate; 2) Regular reviews of a client’s portfolio in light of a client’s goals to monitor performance and anomalies with recommendations, as appropriate; 3) active management of a client’s portfolio by Present Value Financial Services® LLC with the firm having discretionary trading authority on behalf of the client. Note that active management does NOT imply that the firm has access to take possession of client funds. The firm has investment trading capability only and provides regular reports of account activity. The firm does not take custody of client funds, which is to say that the firm does not take possession of client investment funds.
Retirement Planning
This service involves establishing goals and objectives so that an individual can achieve financial security and financial independence by a target retirement date. Another way of stating this is the ability to live comfortably and enjoy one’s interests without a regular source of employment income. It also involves discussions about government programs available for retirees, such as Social Security and Medicare. It is a common misconception that this conversation need not happen until one is within a few years of retirement. On the contrary, retirement planning should begin and be revisited regularly as soon as an individual begins employment with the intent of being self-sufficient, as early as post-high school for some or post-college for others. It is never too early to begin planning for retirement.
Estate Planning
This process addresses uncertainty. As one saying goes, “Life happens.” This is a trite way of saying that we never really know what life will bring. While much of what MAY happen in life IS under our control, much of what CAN happen in life is not. By being prepared for the inevitable, individuals can ensure that they receive the proper care and that appropriate decisions are made if the unfortunate occurs and that their legacy goals are met. Estate planning not only benefits us as individuals, but also lessens the burden on those we leave behind.
Tax Planning
Taxes impact all of us on a daily basis in one form or another, and the amount most pay in taxes annually is not insignificant. This service helps clients implement plans that minimize taxes while following relevant tax law. Typically, the focus is on income, gift and/or generation skipping taxes, and estate taxes, but a review can be expanded to examine other types of taxes that may be associated with a client’s financial circumstances.
Income Tax Preparation
Preparation of annual federal and state income tax returns. For tax preparation clients who are not “financial planning” clients, tax planning advice throughout the year is offered as an additional service.
Financial Coaching
The financial world is complex and continues to evolve. Often individuals find the volume of available information to be confusing, conflicting, and overwhelming. This can sometimes lead to decision paralysis, i.e., an inability to make decisions and move forward. Present Value Financial Services® LLC can provide guidance which leads to better financial decisions and healthier attitudes about money and saving and investing, all of which are keys to financial success.
Financial Education
This service focuses on “Best Practices” that are appropriate for the majority of individuals in a majority of circumstances. Individualized advice is not appropriate in this context. General financial education does not require the time commitment necessary to gather background information about a client’s specific financial circumstances. Should a financial education engagement transform into one requiring specific advice, then industry regulations and/or ethics obligations will require the appropriate collection of background information before individualized advice is offered.
For Groups: If you have an organization whose members have questions about financial topics, such as employer benefit plans, retirement, taxes, or investing, to name a few, Present Value Financial Services® LLC can create a program to serve your needs and answer your members’ questions in a thoughtful and engaging format.
For individuals: If you want or need regular guidance on financial matters, as questions arise, Present Value Financial Services® LLC is able to present financial topics in a manner that is easily understood, objective, and without judgment. Examples of such services could include guidance for setting up a trading account at an online brokerage firm, describing types of loans available for a first-time homebuyer, discussing the types and benefits of Individual Retirement Accounts (IRAs), among many other financial questions and topics.
Miscellaneous Services
Guidance related to creating a budget, obtaining loans for large purchases, saving for education, financial aid, maximizing workplace benefits, and more.
