A comprehensive financial plan is the framework for which an individual can define his or her goals and requirements, assess his or her current situation, and measure progress over the long term. Aspen creates custom financial plans integrating the client’s issues. A comprehensive financial plan can include analysis and recommendations in the following areas.
* Financial Position – a balance sheet and net worth statement, along with an assessment of key ratios including debt, qualified and non-qualified savings, etc.
* Cash Flow – an analysis of a family’s cash flow and savings, along with a recommended “planning case” where identified opportunities have been implemented
* Income Tax – a projected income tax return for the current year for the client’s current scenario as well as a “planning case” where tax savings opportunities have been implemented
* Estate Planning – an analysis and projection of estate tax implications based upon current estate plan documents and titles of current assets, along with a recommended case where estate tax recommendations have been implemented
* Risk Management – an assessment of the family’s risk in the event of a death of the major breadwinner
* Insurance Analysis – analysis and assessment of different insurance policies, providing recommendations for changes in coverage or new policy quotes
where appropriate
* Retirement Planning – projections of retirement savings and spending ability based upon a client’s goals, inflation, current savings, and continued required
savings rate
* Investment Portfolio – an assessment of the client’s current investment portfolio, along with specific recommendations for portfolio reallocation
* Debt Management – recommendations and approach to finance or refinance debt to take advantage of tax benefits and potential lower interest rates
* Educational Planning – an analysis of children or adult future education costs and funding of those programs along with recommendations for how to save
for and provide those funds.
* Charitable Giving – an analysis of charitable gifts upon death or annual giving commitments, along with recommendations for how best to fund those
commitments
* Other Special Studies – other studies as identified
A comprehensive financial plan is a process originating with an initial solution, followed by continuous updates as clients’ goals and performance change. Our independence from financial institutions and brokers enables Aspen to provide objective recommendations. Following the completion of the plan, we help our clients implement the recommendations in which they choose to move forward.