planning spotlight
Tapping Into Retirement Accounts Earlier Than Anticipated The economic downturn and persistent high unemployment have led to an alarming, though perhaps inevitable, rise of people tapping into retirement funds before intended. During the second quarter, 62,000 of the 11 million workers using 401(k) plans provided through Fidelity began the process of taking out a hardship withdrawal, up from 45,000 during the first quarter...our services
What do you receive?
Throughout the financial planning process, the client shall receive documents from Financial Perspectives. These documents, which we refer to as “deliverables,” are listed below:
Financial Planning Services Contract: Before we begin work on your financial plan, we ask that you sign our Financial Planning Services Contract. The contract includes an estimated quote for the work you would like us to perform so you know how much your plan will cost going into the engagement.
Client Questionnaire: The client questionnaire is sent to the you as soon as the contract is approved. The questionnaire is designed to gather all the information needed to perform the analyses outlined in the Service Contract.
The Financial Plan: This is the main deliverable in a financial planning engagement. A financial plan document will consist of the following sections:
• Summary - Background information on you, your family and dependents. The summary also lists the goals/objectives discussed in the financial plan.
• Analysis - This is the meat of the financial plan and what we use to make any recommendations we have for your situation. Analysis may include financial statements, cash flow analysis, retirement scenarios, insurance needs analysis, tax planning analysis, funding for a specific goal, etc.
• Recommendations - Based on our analyses, we provide you with a summary of results and recommendations after each section.
• Action Items - To wrap everything up, we provide you with a list of action items needed to implement your plan. Implementation can be self-directed, or we are available to help you through this process, whichever the client prefers.
Once your financial plan is complete, we make an appointment to go over it thoroughly with you to discuss the results, recommendations and action items.