Financial planning is a process of gathering all your pertinent financial matters into a comprehensive analytical model. Once gathered, your overall financial wealth picture can be viewed holistically, and you gain the direct benefit of knowing where you stand towards achieving your key financial life goals.
A completed financial plan helps you to wisely manage your finances toward achievement of your life goals, while at the same time being able to identify any financial barriers towards your life goals so that you can address those barriers directly.
Lakeland offers financial planning services one of several ways -- as the driving element of the firm’s comprehensive Wealth Advisory services, or à la carte, as a flat fee for service for specific planning services -- Retirement Planning, College/Education Planning, or Family Estate Planning.
Retirement Planning
Retirement Planning is the most critical financial planning work Lakeland offers and this planning service can be engaged as a seperate à la carte service. Many of the firm’s clients and new prospects are at or near retirement and will need to plan for retirement cash flows. These cash flows are made available from a client’s income sources -- Social Security, company pension, IRA distributions, annuities, etc. It is critically important for these cash flows to last (as much as) three decades or longer throughout retirement. An assessment of each client’s household budget is gathered and analyzed against these income sources. Social Security benefit optimization strategies and pension benefit options are examined to help determine optimal selection of retirment income flow outcomes. Retirement readiness is addressed directly through cash flow planning, investment growth projections and budgetary/lifestyle preferences of the client in retirement. Excess cash flows can be thoughtfully put to good work towards improvements in other planning areas, including long-term care planning, lifestyle enhancements and/or legacy planning opportunities, while cash flow shortfalls can be critically analyzed to determine actionable steps towards alleviating those shortfalls and improving retirement readiness.
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College/Education Planning
College/Education Planning, a unique element of the comprehensive financial plan, can be individually planned outside the need for a comprehensive financial plan. This unique planning element includes general or specific cost projections for higher education institutions, growth calculations for savings plans including Section 529 plans, and interactive graphs for visual understanding. Lakeland can also guide the education planning client towards independent outside resources to help a family’s student achiever(s) find their pathway(s) towards higher education success.
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Family Estate Planning
Family Estate Planning, the final element of comprehensive financial planning, is the process of completing a valuation of a client’s current/projected net worth and projecting potential inheritance/estate taxes. Various strategies are considered to assure a family's estate can be efficiently administered when there is a death to key family members. Projections of how various estate planning strategies can impact results when it comes to leaving money to one’s heirs can be useful to the advisor, clients, and even their estate planning attorney, towards implementing critical estate planning solutions. Various estate planning solutions such as lifetime gifting, life insurance, and various trusts, as well as the various other complex estate planning strategies may be considered to improve estate planning outcomes. Additionally, beneficiary designations are reviewed on investment and insurance accounts, and property/title ownership are thoroughly reviewed to assure an estate's assets are able to flow to those who are inteneded to receive them. Family Estate Planning is necessary to ensure strategic choices have been considered towards improving the ease of asset transfers to loved ones, and increasing an estate’s value for inheritance purposes.
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Insurance Planning
Insurance Planning*, an important element of the comprehensive wealth plan, involves a complete analysis of a client’s insurance needs covering life insurance, disability insurance and long-term care. The resulting scenarios are presented in a format that is easy for a client to understand, with emphasis on applying the most advantageous use of life insurance and annuities towards securing the client family’s financial well-being.
*Insurance planning is included within the Lakeland’s full service comprehensive Wealth Advisory service level, but is not available as an à la carte advisory service. For insurance specific advice visit Lakeland Insurance Services, LLC.
