Pratt Financial Group is a comprehensive financial planning organization. Your financial planner will help you focus on six critical areas of planning:
Financial Position - What does your current financial situation look like? What is your net worth? How much cash will you need now and in the future and how will you manage your debt?
Investment Planning - Is your investment strategy meeting your goals? Are you saving enough? Is your asset allocation strategy appropriate for your needs? Should you rebalance your investment portfolio?
Protection Planning - Are you protected in case you die too soon or live too long? Do you have protection in case you can’t work and earn an income for an extended period? Are your property and business protected?
Tax Management - Are you analyzing your current tax situation? How will capital gains and losses impact your future tax burden? Have you developed a tax deferral strategy? How will your taxes impact your retirement needs?
Retirement Planning - Do you know how much money you will need in retirement? How much will you need in addition to social security? How much should you be saving now to meet your future needs? Will your health jeopardize your retirement assets?
Estate Planning - Who will inherit your assets after you die? Who should own your life insurance? How will estate taxes impact your heirs? What estate documents are necessary? You have numerous short-term, intermediate and long-term goals covering your entire life. So you need a long-term, comprehensive financial plan that manages all aspects of your financial future, coordinated by an expert who will work collaboratively with your other advisors, such as your attorney or your accountant.
Your financial planner will:
• Evaluate your current financial situation
• Develop an appropriate financial plan and recommendations
• Monitor a financial plan that will help you arrive at your goals
Your financial planner can help you build a financial plan step by step. It starts with getting to know you, understanding your dreams and assessing your net worth and financial situation. Your financial planner will gather information from you about:
• Cash flow and savings account information
• Loans and credit cards
• Mortgage and property titles
• Investments
• Insurance coverage and employee benefits
• Retirement program information
• Business or partnership agreements
• Recent federal and state income tax returns
• Trusts and wills
This will help paint a clear picture of where you are today and how your entire situation is meeting or not meeting your goals. Your Financial Planner will evaluate your financial data against your goals, investment risk tolerance and time horizon to develop a plan that suits your specific situation.
Your Financial Planner will use knowledge and experience to develop a financial plan that is uniquely tailored to you. Once your financial plan is drafted, you'll want to discuss it with your planner and make sure it meets your needs. This is a vital stage in the process to determine:
Is it practical? Will you be able to follow the recommendations discussed in the financial plan?
Does it meet your needs? If you follow the recommendations in the financial plan, will it get you where you want to go?
Is it flexible and realistic? Does it give you options that you can implement if your needs or circumstances change?
After the financial plan is created, your Financial Planner will help define and prioritize all of the activities that need to occur going forward. You and your Financial Planner will both have clearly defined roles for putting the financial plan into action, as will your attorney, accountant and other key advisors.
Your Financial Planner will monitor the financial plan and help you adjust it if your needs or circumstances change. If you implement the plan, you'll have a renewed opportunity to reach your financial destination. But implementing the financial plan is only the start. You'll
also have the flexibility to modify your plan based on different needs and/or goals.
