As we begin a new year and revisit our personal goals, it’s an optimal time to reassure yourself your financial advisor is helping you prepare for the future, providing helpful, consistent advice and uncovering opportunities to grow and preserve your wealth. At Scafa Financial Services, we believe a teamwork approach adds a broader perspective to all we do and provides increased benefits to our clients. No matter if it’s a portfolio review or helping you prepare your taxes, our team can provide service to address numerous aspects of your unique financial situation.
Here are four strategies our firm utilizes as a basis for our holistic approach to focus on the overall financial well-being of our clients.
A holistic approach – Whether you need to buy a new home, update your insurance coverage, or discuss long-term care for an aging parent, you should receive tailored advice through all phases of your life. Typically, large corporations and wirehouse advisors are focused on hitting quotas and typically must adhere to their internal models and products, but not when you engage in a relationship with an advisor who practices a comprehensive approach. For example, a holistic advisor can help you implement a 529 college savings plan to help prepare for future education costs for your children or grandchildren but can also advise you on if buying a new car fits into your financial plan and if it’s the right time to take on a large purchase.
Proactive tax planning – Tax planning is critically important to ensure you pay the lowest reasonable amount of taxes required by law. Many people have significant missed opportunities by unnecessarily paying taxes, which often occurs when your advisor isn’t knowledgeable about taxation or isn’t actively collaborating with CPAs on your behalf. Our team integrates your tax position into your financial plan and will implement strategies aimed to minimize income and estate taxes to retain more of your assets for you and your family.
Helping you prepare for the unexpected – Holistic financial planning should incorporate evaluating insurance policies that can protect your family and finances from future unknowns. Should something happen to your family member such as a disability, death or long-term care need, careful planning and investing can unravel in an instant. Your advisor should review existing policies, identify gaps in coverage, secure quotes from insurance providers, and make recommendations on the cost and coverage that fits your needs. Short-term disability, life and long-term care insurance are all critical to being prepared for the future.
Consistent communication – If your advisor is not making themselves available to speak with you on a yearly or bi-yearly basis (sometimes even quarterly), then it’s simply not enough. In the first few years of your relationship or during times of depressed market environments, you might find it’s helpful to meet more frequently to ensure your risk tolerance and financial plan are still in line with your personal goals.
At Scafa Financial Services, we believe in a proactive, not reactive, stance to financial planning that incorporates all areas of your financial life. If you have questions or want a complimentary, no-obligation review of your portfolio or financial plan, our team is just a phone call away, or we encourage you to contact us on our website.