Financial Planning 101
Financial Planning

Financial Planning 101


“If you fail to plan, you are planning to fail.”

Benjamin Franklin

In our March blog post, analyst Andy Murray spoke of Donald Rumsfeld’s now famous memo addressing the known knowns, known unknowns and the unknown unknowns. This reference provides the perfect segue to our April topic, financial planning. This segment of our business has seen a measurable rise in interest and is one of the most rapidly growing services at Becker Capital. We have recently added two new financial planners to the team as demand for planning grows. Is financial planning right for you? What kinds of questions does financial planning address? This post seeks to provide some insight into the many events that planning can help you prepare for.

While most of you probably have a general sense of what financial planning entails, we thought we’d take this opportunity to give you a glimpse into the many facets of the planning experience.

In a nutshell, financial planning is the process of defining your financial goals and laying out a plan of action with the specific steps needed to achieve those goals. As planners, we oftentimes serve as the quarterback, coordinating financial decisions with your CPA, estate attorney, insurance agent and family members. We help you make financial decisions and provide the tools and accountability needed to stay on track. We work with you to identify opportunities and potential risks and help you to prepare for life’s inevitable twists and turns.

Some of the most common planning questions include: What are your income sources? How much are you spending? How much debt do you have? Should you pay off your mortgage? How should college be funded? Are you on track for retirement? Will you run out of money? When should you take Social Security? Which Medicare plan should you choose? Is your asset allocation appropriate? If you’re drawing down your portfolio, are you maximizing tax efficiency? Should you consider a Roth conversion? Do you have adequate risk protection? Do you need long term care insurance? How can you reduce your taxable estate? All of these questions (and many more!) will certainly evolve as you enter and exit the various stages of life. We’re here to help bring clarity to your financial decision making and provide peace of mind.

As our founding father Benjamin Franklin famously said, “If you fail to plan, you are planning to fail.” By engaging in the financial planning process at Becker Capital, we can help you navigate the unpredictable walk through life’s many transitions.