Financial Planning
What would you like to do in the future? How do you define success?
At PFS, we take a holistic approach to financial planning. We don’t just crunch numbers and give advice; we get to know you, the person, in order to develop a plan tailored to your unique goals and needs.
From the very first conversation, we listen closely to understand your motivations and aspirations. We get to know your current lifestyle and spending habits and ask questions about your long-term plans and dreams. We believe that this deep level of understanding is essential for creating a financial plan that will help you achieve your goals.
Through regular conversations, we stay up-to-date on your life changes and progress. We value building relationships and take pride in helping our clients reach their financial objectives.
At our firm, we recognize that each client is different. That’s why we take time to understand your personal story and develop a plan that works for you.
Estate Planning
Estate planning is an important part of financial planning. It is the process of planning for the transfer of your assets and property when you die. It’s important to make sure that your wishes are known, and that your loved ones have access to the resources they need.
At our firm, we understand that estate planning is a highly personal matter. We take time to walk through your unique situation and create an estate plan that meets your needs. We'll discuss all aspects of estate planning with you, including asset protection, tax planning, trust formation, and wills. We will also help you review your estate plan periodically and update it as needed.
Our experienced team of financial advisors can provide you with the guidance you need to make sure that your estate plan is properly set up and that your wishes are carried out.
Income Planning
Income planning is an important part of financial planning and is something we take seriously at our firm. We understand that having a reliable source of income is key to achieving financial security and stability. Our team will help you identify and assess different sources of income, such as Social Security, pension plans, investments, or business income.
Whether you need guidance on setting up a budget or want to explore retirement plans, our team can provide you with the information and support you need.
planning process
Financial Planning can be a complex process. At PFS, the goal is to help clients quantify their qualitative financial priorities by using software tools to generate actionable information. The PFS process builds these reports using specific metrics coupled with historic data to reduce uncertainty associated with future forecasting.
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1) Initial meeting and follow-up to discuss priorities:
Follow-up email with notes and a Scope of Work from William.
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2) Qualitative meeting to explore goals and preferences:
Follow-up email notes from William as well as deliverable items for next meeting.
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3) Quantitative meeting to review the data associated with the qualitative items:
During this meeting we enter data into the financial planning software and review any key reports that jump out.
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4) Review plan reports and make edits as needed:
Copies of edited documents for review comments. Notes of recommendations of initial findings.
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5) Delivery of initial plan and implementation of findings when applicable:
Follow-up email related to findings and implementation for follow up.
Key metrics for forecasting long term income planning and investment account forecasting — My goal is to build a model based on a desired outcome that has a high probability of success. Below are key factors in my calculations.
- Life expectancy – Age 100 to 105.
- Average annualized inflation – 4% (Custom inflation rates are used on occasion)
- Average Growth of Social Security — 2%
- Average Growth of Pensions (if you have one from Capitol One) – 2%
- Average return on investment during your ’savings years’ – 6% net return (Note: this number is well below the expected average annualized return)
- Average return during your spending years 5% net return. (Note: this number is well below the expected average annualized return) — I like to customize this figure based on historical performance for someone already withdrawing money from their IRA’s
Book a consultation with William to start the process today!
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