05/03/2024
"Financial planners just talk investments"
This is a common myth
When in reality, we talk investments maybe 5% of the time
It's half a page to 1 page of an 8-10 page plan
Here's everything we cover:
In our financial plans we go over
- cash flow planning (and give exact monthly numbers of spending)
- cash location: where you cash should be, cash accounts to have, how much to save into them
- retirement planning: what accounts to use, how much into them, what assets should be in them, roth vs traditional, backdoor Roth or not, Hsa or not and how to use it, etc.
- investing: all the investment recs in every account for best asset location
- estate planning: what needs to be done, how, beneficiary designations, etc.
- debt planning: how to pay off each debt, with how much, what to prioritize, connect them to people to help shop all debt and refinancing
- insurance: every single insurance reviewed, what changes are needed, what new ones they need, etc. and connect them to the independent broker
- tax planning: review their returns, map out taxes for the year, quarterly estimates, what they will owe on sales, how to lower taxes, roth conversions, etc.
- business planning: qbid maximization, entity structure, how to pay yourself, what to save for taxes, retirement accounts to setup, etc.
- equity comp planning: types of equity, what to exercise and not, tax liability, amt planning, what to sell, ESPP maximization, etc.
- education planning: how much to save, 529 plan vs taxable vs utma, how to fund private school, what state plan to use, etc.
- employee benefits: review these, help them pick what health insurance plan, hsa, fsa, disability, whether to buy more life insurance, and all others to maximize
Investments are simple one part of a great financial plan
