Description
In this 4-hour event, we will present how to take basic client data and turn them into meaningful results by creating a comprehensive financial plan that includes cash flow analysis, retirement planning and estate planning. We will use case studies to model and illustrate the financial planning process. We will begin by gaining an understanding of the client’s current financial position. This will include reviewing the family dynamics, current trusts, businesses, titling of assets, income, expenses, and wills. We will analyze current short term cash flow, and long term cashflow. This process will include establishing financial goals like education funding and major purchases. The process continues with identifying if the client is on track to meet their objectives coupled with strategies and stress testing. The result of various investing, gifting, insurance, and trust strategies will prepare the advisor to develop their recommendations. We will look at how to educate the client on complex trust and gifting strategies. The process will prepare the client to implement recommendations with their tax and estate planning professional. We will conclude with instructions for monitoring the retirement and estate plan as the client’s situation changes over time.
Learning Objectives
1. Identify and evaluate the assumptions used in analyzing retirement needs including: age at retirement, cash inflows and outflows in various stages of retirement, goal setting, longevity, rate of investment return, market volatility, and effects of inflation. 2. Recognize the potential sources of income before and during retirement. This includes various income sources, social security, employer plan benefits, personal savings and investments, individual retirement plans and trust income. 3. Calculate an appropriate savings plan to meet funding needs and communicate the importance of having a well-funded retirement plan. 4. Select suitable investments for both funding and retirement distribution purposes, considering the time horizon and risk tolerance of plan owners and beneficiaries. 5. Describe and compare the characteristics, including risk and return, of all asset classes including cash-equivalent securities, individual bonds and stocks, real estate, other tangible assets, all pooled asset categories, and derivatives. 6. Identify and discuss components of estate planning. This includes beneficiary designations, wills, current and future trust funding, gifting, probate, federal and state estate tax. 7. Identify key estate planning documents 8. Examine current and income tax liabilities and analyze strategies that can result in income tax saving through charitable giving, Roth conversions, and trust funding. 9. Discuss how client’s attitudes and behaviors impacts the estate planning process. 10. Examine current estate planning challenges advisors face including the sunsetting of the personal exemption and fairness of estate distributions to heirs. We will provide real life estate planning mistakes and how they could have been avoided. 11. The importance of conversational competency and multi-generational client relationships 12. Select appropriate counseling and communication techniques for use with individual clients.