July 2001 volume 5, issue 2 

If you own and manage a business, are a busy executive, or have recently inherited a significant amount of wealth, retirement may be the last thing on your mind. But many of our clients do not have a retirement strategy in place, one that will give them worry-free financial independence when they decide to stop working.

If you answered “yes” to any of the above questions, then the personal financial coaches at our Financial Planning Group can help you in more ways than you imagine. Wilkinson Financial was created in 1999, specifically to help individuals achieve true financial independence. The starting point is the creation of a plan designed to ensure that you accumulate enough wealth to support a comfortable retirement. Not only will we help you save enough money to do what you want to do, when you want to do it, we will also advise you on ways of saving tax dollars, maximizing returns in your investment portfolio, and helping you plan for your retirement in terms of your successor.

STEP 1:
Find a Coach and Build a Relationship
Imagine that you are choosing a personal fitness trainer or a golf coach. You would choose someone with whom you feel comfortable, someone whose expertise you trust. It’s the same with a financial coach. We will explain how customized wealth planning works, and will identify which issues and services may be most applicable to your unique situation. Together we’ll discuss how decisions will be made regarding your retirement strategy.

STEP 2:
Determine Your Goals
We’ll work with you to gather the necessary information about your current situation. Then together we’ll formulate a vision of what your retirement will ideally be. Attention needs to be paid to your personal values, preferences and needs, as well as to those of your family and, if applicable, of your business.

STEP 3:
Identify Challenges and Opportunities
We’ll scrutinize your present and future financial picture in respect to risk management needs and coverage, investments, taxation issues, estate planning, education funds and other matters. We’ll also analyze the impact of your retirement on your business, if applicable.

STEP #4:
Develop a Financial Plan
We’ll present you with a detailed plan tailored to suit your goals, objectives, values, temperament and risk tolerance. This plan will include projections contingent on possible future events. At this point we can fine-tune the strategy, and then establish an appropriate review cycle.

STEP 5:
Implement the Plan
There may be actions you need to take to implement the plan, or we may need to coordinate with other professionals such as lawyers, insurance agents or bankers.

STEP #6:
Monitor the Plan
Periodically we will meet with you to assess the progress of your wealth plan and make adjustments and recommendations as needed. Areas to consider include changes in your life circumstances through events such as illness, marriage, and birth of grandchildren; changing tax laws and economic circumstances may also require revision of the plan.

Every client’s needs are different in terms of the scope of the plan required. We offer the ability to select one or more of five options, or a combined package.

THESE OPTIONS INCLUDE:

Lifestyle Analysis and Cash Flow Budgeting
Using your current spending patterns, we’ll analyze your lifestyle and establish what will need to be put in place to ensure the security you need is there for your retirement.

Estate Planning
We’ll prepare a detailed statement of your net worth and a complete asset inventory, and design a plan to transfer this wealth to your beneficiaries in the most tax-efficient way possible. We’ll also ensure that your will is up-to-date and reflects your wishes.

Children’s Educational Planning
In the most tax-efficient way possible, we will structure a plan to provide for your children’s education.

Investment Planning and Monitoring
We’ll develop long-term and short-term plans to preserve and grow your capital with a risk factor that’s acceptable to you.

Insurance Evaluation
We’ll make sure your insurance coverage is adequate in such areas as life, critical illness, disability and income interruption, and will ensure you’re getting these products from reputable vendors at a fair price.

It will be your decision whether you want all of these services or only selected ones.

At Wilkinson & Company LLP, our Financial Planning Group was established in response to the growing demands of our clients for a new approach to meeting their unique financial and retirement planning needs. Not only will we help you save enough money to do what you want to do, when you want to do it, we will also advise you on ways of saving tax dollars, maximizing returns in your investment portfolio, and helping you plan for your retirement.

Call a Client Services Partner today for more information on our wealth planning and financial coaching services.

Jim Coward, CA, CFP, is a Client Services Partner and Certified Financial Planner with Wilkinson & Company LLP.