Financial Planning: The Key to Financial Success

In life, we pass through several phases, each with different financial requirements. For instance, the financial needs of a young married couple differ from those of a retired couple. This is why continuous, long-term planning is essential.

Typically, there are three basic financial steps most people take in life:

  1. Wealth accumulation – the building of a solid, diversified financial foundation from which to expand over time. During this phase, allocation of money for a home, investments, life insurance and educational expenses is coordinated with tax planning strategies to help ensure that current and future income is utilized effectively. *
  2. Wealth conservation – the inclusion of a variety of investment strategies and further diversification, designed to preserve assets to help ensure adequate funds for current living expenses and future retirement needs.
  3. Wealth distribution – the proper allocation of assets to heirs. Good estate planning should provide for the orderly transfer of assets while avoiding unnecessary tax burdens.

In addition to the complexities and changing priorities that occur over a lifetime, a financial plan is affected by fluctuating economic conditions, taxes, and inheritance laws. Let us design an easy-to-read plan that can address your current situation while helping establish a long-term strategy for financial independence.

*Raymond James does not provide any legal or tax advice.