Raymond James Financial Services
Thomas SchwabFinancial Advisor313 E. Stroop RoadDayton, OH 45429Thomas.Schwab@RaymondJames.com937-293-1040 x2
Financial Planning--Helping You See the Big Picture
February 07, 2011
Page 1 of 2, see disclaimer on final page
Do you picture yourself owning a new home, startinga business, or retiring comfortably? These are a fewof the financial goals that may be important to you,and each comes with a price tag attached.That's where financial planning comes in. Financialplanning is a process that can help you reach yourgoals by evaluating your whole financial picture, thenoutlining strategies that are tailored to your individualneeds and available resources.
Why is financial planning important?
A comprehensive financial plan serves as aframework for organizing the pieces of your financialpicture. With a financial plan in place, you'll be betterable to focus on your goals and understand what itwill take to reach them.One of the main benefits of having a financial plan isthat it can help you balance competing financialpriorities. A financial plan will clearly show you howyour financial goals are related--for example, howsaving for your children's college education mightimpact your ability to save for retirement. Then youcan use the information you've gleaned to decide howto prioritize your goals, implement specific strategies,and choose suitable products or services. Best of all,you'll have the peace of mind that comes fromknowing that your financial life is on track.
The financial planning process
Creating and implementing a comprehensive financialplan generally involves working with financialprofessionals to:•Develop a clear picture of your current financialsituation by reviewing your income, assets, andliabilities, and evaluating your insurance coverage,your investment portfolio, your tax exposure, andyour estate plan•Establish and prioritize financial goals and timeframes for achieving these goals•Implement strategies that address your currentfinancial weaknesses and build on your financialstrengths•Choose specific products and services that aretailored to meet your financial objectives•Monitor your plan, making adjustments as yourgoals, time frames, or circumstances change
Some members of the team
The financial planning process can involve a numberof professionals.
typically play a central role in theprocess, focusing on your overall financial plan, andoften coordinating the activities of other professionalswho have expertise in specific areas.
provide advice onfederal and state tax issues.
Estate planning attorneys
help you plan your estateand give advice on transferring and managing yourassets before and after your death.
evaluate insurance needsand recommend appropriate products and strategies.
provide advice about investmentoptions and asset allocation, and can help you plan astrategy to manage your investment portfolio.The most important member of the team, however, isyou. Your needs and objectives drive the team, andonce you've carefully considered anyrecommendations, all decisions lie in your hands.
Why can't I do it myself?
You can, if you have enough time and knowledge, butdeveloping a comprehensive financial plan mayrequire expertise in several areas. A financialprofessional can give you objective information andhelp you weigh your alternatives, saving you time andensuring that all angles of your financial picture arecovered.
Common financial goals
•Saving and investing for retirement •Saving and investing for college •Establishing an emergency fund •Providing for your family in the event of your death •Minimizing income or estate taxes