How We Do It
Clarity 2 Prosperity - the holistic planning process
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The holistic financial plan is an integrated approach to coordinating all key areas of your financial life, including:
- Investments,
- Insurance,
- Tax planning & preparation,
- Social Security strategies,
- Medicare, and
- Estate planning
The holistic advisors at The JL Smith Group will regularly review each of these areas with the appropriately licensed team members to ensure everything is working together in synergy towards your specific goals.
The ultra-high net worth investors have had the benefit of coordinated financial planning for years; however, the middle class and middle-class millionaires who need holistic planning the most, unfortunately, have not benefited for this same level of service. Being the most vulnerable to economic and legislative changes, the stakes are considerably higher with the risk of running out of money due to poor planning, particularly in retirement.
By creating the holistic plan, you will optimize all assets to work collectively towards your goals, while also reducing critical inefficiencies, including:
- Gaps in coverage
- Overlap or overexposure in investments
- Tax inefficiencies and missed savings opportunities
- Failure to identify and reach your goals to provide the income you need throughout your lifetime
- Time and communication disconnect as you work to align various strategies between professionals
- Improper or inconsistent investment strategies, or
- Missing essential legal documents that can cost your loved ones significant time and money in the event of death or disability
To cover the many areas and attributes of the holistic plan, we have developed a systematic four-step process to avoid critical oversights when working to create and maintain your financial plan: Clarity 2 Prosperity – the holistic planning process.
Step 1: UNDERSTANDING WHERE YOU ARE NOW
- Getting to know our firm
- Understanding your goals and objectives
- Understanding your current finances
- Services we offer to meet your needs
- Taking action on organizing your financial life and goals
Step 2: DETERMINING WHERE YOU WANT TO GO
- Organizing your financial life & estate
- Understanding your net worth
- Prioritizing your goals & objectives
- Developing a plan for implementation
Step 3: ACHIEVING THE HOLISTIC PLAN
- Recap progress we’ve made
- Designing your customized Bucket Plan
- Aligning your market volatility tolerance with your plan
- Recommendations provided
- Implementing your plan
Step 4: PROVIDING CONTINUAL SERVICES & SUPPORT
- Ongoing consultation
- Customized review process
- Annual plan update meeting
- Proactive communication & education
- Client appreciation events
- Limitless availability
What is the Bucket Plan®
A strategic, structured approach to bucketing assets for today’s financial dangers and challenges.
The old way of investing for retirement was to keep a little pile of money at the bank and the rest of your money in a bigger pile of money in investments and hope that it would last a lifetime.
However, today market risk, interest rate risk and sequence of returns risk are the three biggest dangers facing investors at or near retirement, and a more sophisticated planning philosophy is essential to stretch retirement dollars to cover their many needs throughout the duration of retirement. For this purpose, we have developed The Bucket Plan® philosophy to segment money into three different buckets based on your investment time horizon, volatility tolerance and income needs.
To learn more about the three biggest dangers facing investors today and how to overcome them, click here to register for an upcoming workshop. To schedule an individual consultation with our holistic advisors to begin addressing these needs today, call (440) 934-9181 or contact us.