It is noted that having any type of financial plan is better than not having a plan at all. A financial plan does not have to be done in volumes. It just has to speak volumes about what you want to accomplish, which we refer to as your objectives. The financial plan also provides instructions on how these objectives may be pursued.
A financial plan serves as an agreement between the client and the advisor to establish a set of instructions, a desired rate of return and the boundaries in which the advisor can work. If these things are not addressed, how can the advisor conduct themselves with your objectives in mind? We at Firenze Wealth Management value and respect the time needed to prepare, design and follow a financial plan. We consider it one of the fundamental parts of working together and building a relationship.
In the event you have a financial windfall, the financial planning process can be available as a great starting point in the decisions to be made. Not everyone wins the lottery, however, there are many cases where settlements, estates and life insurance proceeds can become large sums of funds needing proper guidance and support for making the appropriate decisions.
The proper management and care of risk is not always related to the investments. There are matters of addressing risk that will utilize insurance companies and policies in seeking to protect you. There are risks to your property and automobiles where using insurance is commonplace. Most people will use insurance for their healthcare. However, using insurance to provide protection in the event of a disability, long-term illness, or pension based income may be a practical strategy. We are professionals and understand how, where and if using insurance as part of your financial planning needs makes sense.
It can be a balancing act at times to look at pursuing a return you are happy with while still feeling comfortable with the risk you are taking. These crossroads are sometimes based upon our emotions and logic. Having a team of professionals who evaluate and manage risk is not assurance of success, but certainly can be a strong advantage in financial management.
We offer using actively managed portfolios in accounts where appropriate. There are also choices in fixed income and other types of stock or mutual fund portfolios if active management does not fit into your objectives. We do manage investment portfolios and can monitor positions for price changes and news information.
We can plan for things and events in our lives. Yet, there are times when we are faced with unexpected changes. Retirement planning may need changes from a change of employer, a lay-off, spouse enters or leaves the workforce, or a disability. Having advisors who specialize in providing well thought out choices for various changes in retirement planning can offer strategies, suggestions and guidance.