Often financial planning is too closely associated with investing alone. Our approach is a seven-spoke wheel taking into account all the ways in which you interact with money and value as well as all the elements that go into a healthy financial strategy.
By pulling these pieces together you’re able to create a financial practice and strategy that supports itself as you evolve with your money.
Here’s how we do it:
Investing: Of course this includes your investment portfolio and our investment philosophy, but it can also include investing in yourself, your family, your community, small businesses, and in other ways that create more value for you. When helping you plan your investments we help you understand all your options, interpret information and market trends, balance near-term and long-term priorities, and stay connected to your money.
Tax Planning: Taxes are an inevitable aspect of your financial picture. We help you leverage your financial strategy to minimize your taxes.
Estate Planning: This is not only for those with millions in assets. In the event of anyone’s death or incapacitation, estate planning will help ensure loved ones are taken care of, that you are taken care of in the event of incapacitation, minimize estate taxes, and will help avoid legal battles. As your life and finances evolve, so must your estate planning.
Spending: We help you examine how and why you spend your money so that your spending can become intentional, based on creating more value for you. Much financial wisdom tells you to decrease or stop spending your money. We believe that you can spend your money in ways that support your health and wealth.
Earning: Just like your spending, your earning can drain you or empower you. We help you determine your capacity to earn, how you earn, and how to increase the amount of money you earn. Sometimes that means working more, sometimes it means working less. We look at how and in what ways to add value to your earning so you can earn more and protect your ability to earn money, manage savings, invest to diversify earnings, and truly evolve with your money.
Insurance: Part of your full financial plan is recognizing the need to protect what you’ve got so that you can manage your current situation and pursue the next level. We help you prioritize your protection needs and the insurance plans to meet them, which can change through out your financial evolution.
Leverage: We help you find ways you can make your life easier, less expensive, and move closer to financial independence. Often what you do in one area of your financial plan will benefit another, for example you can may leverage your investments to reduce your taxes or spend money in a way that gives you the ability to earn, save, or invest more money. As your financial plan evolves new opportunities will emerge, and having a full, comprehensive, customized financial plan positions you to make the most of them.
Disclosures: The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual. They do not necessarily reflect the views of LPL Financial. No strategy or process assures success or guarantees against losses. LPL Financial and shepard FINANCIAL representatives do not offer tax or legal advice. We suggest you that you discuss your specific situation with a qualified tax or legal advisor.