Financial and Tax Planning
A financial plan is a comprehensive evaluation of an investor's current and future financial state by using currently known variables to predict future cash flows, asset values and withdrawal plans. Most individuals work in conjunction with a financial planner and use current net worth, tax liabilities, asset allocation, and future retirement and estate plans in developing financial plans. These metrics are used along with estimates of asset growth to determine if a person's financial goals can be met in the future, or what steps need to be taken to ensure that they are.
Tax planning is the analysis of a financial situation or plan from a tax perspective. The purpose of tax planning is to ensure tax efficiency, with the elements of the financial plan working together in the most tax-efficient manner possible. Tax planning is an important part of a financial plan, as reducing tax liability and maximizing eligibility to contribute to retirement plans are both crucial for success.
Wealth & Net Worth Development
Wealth management is a high-level professional service that combines financial and investment advice, accounting and tax services, retirement planning and legal or estate planning for one set fee. Clients work with a single wealth manager who coordinates input from financial experts and can include coordinating advice from the client's own attorney, accountants and insurance agent. Some wealth managers also provide banking services or advice on philanthropic activities. Normally the process covers more than just investment advice, as it can encompass all parts of a person's financial life. The idea is that rather than trying to integrate pieces of advice and various products from a series of professionals, high net worth individuals benefit from a holistic approach in which a single manager coordinates all the services needed to manage their money and plan for their own or their family's current and future needs.
Estate Planning & Life Insurance
Estate planning is the collection of preparation tasks that serve to manage an individual's asset base in the event of their incapacitation or death, including the bequest of assets to heirs and the settlement of estate taxes. Most estate plans are set up with the help of an attorney experienced in estate law. Some of the major estate planning tasks include:
- Creating a will
- Limiting estate taxes by setting up trust accounts in the name of beneficiaries
- Establishing a guardian for living dependents
- Naming an executor of the estate to oversee the terms of the will or trustee in the event of a trust
- Creating/updating beneficiaries on plans such as life insurance, IRAs and 401(k)s
- Setting up funeral arrangements
- Establishing annual gifting to reduce the taxable estate
- Setting up durable power of attorney (POA) to direct other assets and investments.
Following an initial interview with one of our member advisors, it will be evident as to which areas of specialty will be required to direct a client’s path. Prepared below is a thorough review of each one the disciplines that may be introduced. What may be found most interesting, is how our devotion to excellence inspires us to address such thoroughness to not just the one percent class but especially those just beginning their journey.
Areas of specialty
Asset Assignment & Protection
The concept of and strategies for guarding one's wealth. Asset protection is a type of planning intended to protect one's assets from creditor claims. Individuals and business entities use asset protection techniques to limit creditors' access to certain valuable assets, while operating within the bounds of debtor-creditor law.
Asset protection helps insulate assets in a legal manner - without engaging in the illegal practices of concealment (hiding of the assets), contempt, fraudulent transfer (as defined in the 1984 Uniform Fraudulent Transfer Act), tax evasion or bankruptcy fraud. Experts advise that effective asset protection begins before a claim or liability occurs, since it is usually too late to initiate any worthwhile protection after the fact. Some common methods for asset protection include asset protection trusts, accounts-receivable financing and family limited partnerships.
Budget Management & Partnering
Budgeting is an important component of financial success. It's not difficult to implement, and it's not just for people with limited funds. Budgeting makes it easier for people with incomes and expenses of all sizes to make conscious decisions about how they'd prefer to allocate their money. It can also help people save for retirement, emergencies, a new car or just about anything. For many people, having a solid budget in place, knowing how much money they have and knowing exactly where that money is going makes it easier for them to sleep at night. Unfortunately, many people think of budgeting as depriving themselves and they avoid it like they do a diet. However, just like a diet is really just a program for eating, budgeting is just a program for spending. Most families can easily add up incomes and subtract expenses to see how things fit. It never ceases to confound people at the end of each month however, as to why what seemed to work on paper didn’t work in life. At the NAFP, we have a complete understanding of this and our very own proprietary written “Budget Buddies” program promises a refreshing solution and ensures success.
New Business Opportunities & Certification
Are you so impressed with your own NAFP designed plan that you too would like to consider a new career in our field and organization? Our relationship with a number of major national brands in financial sales and management already enables us to invite and develop the growing number of member clients who now desire to become member licensed and certified colleagues. As you may have already experienced, our system is well proven, changes lives and designed to benefit the largest class of our society. The progress and developments you witness in your own life could never be better shared and communicated than by the testimony of your own story. Best of all, our revolutionary approach to client and recruit development never puts you in an uncomfortable or unnatural position with your friends or family. In other words, you will never be seen as “that person” or friend trying to sell those you hold most dear. Our system for building your business has a completely different approach to getting traction and underway. As a result, you will never sell your friends and family though they will be ever so ready to blow your horn with everyone THEY KNOW.
Business Development & Representation
If there is one area we are as much excited over as any other, it is definitely the mentoring, advising, and partnering in our member's own entrepreneurial aspirations. As already explained in a previous section, our relationship with a number of major national brands in financial sales and management already enables us to invite and develop the growing number of member clients who now desire to become member licensed and certified colleagues. Additionally, we have just as much pleasure in being there for the startup of any other qualified business initiative. The NAFP is comprised of an excellent network of successful entrepreneurs and business leaders ready to lend attention and many times even partner the vision of those who wish to join these ranks. From organizing under the correct legal entity, understanding the best course of accounting and acquiring representation; to the most promising course for funding, sales and execution. Every area of consideration can be streamlined to simplicity under the eye of our highly experienced member sojourners.
Social Responsibility & Awareness
Social responsibility means that individuals and companies have a duty to act in the best interests of their environments and society as a whole. Social responsibility as it applies to business is known as corporate social responsibility (CSR). Many companies, such as those with "green" policies, have made social responsibility an integral part of their business models.
Additionally, some investors use a company's social responsibility, or lack thereof, as an investment criterion. As such, a dedication to social responsibility can actually turn into profits, as the idea inspires investors to invest and consumers to purchase goods and services from the company. Put simply, social responsibility helps companies develop a good reputation.