Financial Planning

A financial planner looks at a client's finances, determines how best to manage them, and helps the client achieve their financial goals. If you're like most people, your daily life is focused on your immediate needs and those of your family. You may think about the future, but the thought may be just a passing one, as day-to-day concerns like work, errands or shuttling the kids to Little League practice take up most of your time.

One day your children will leave home and have lives of their own, and you may want to stop working. A financial plan can help you prepare for these events and the others that will inevitably occur, whether you anticipate them or not. It will help you assess your financial situation by tracking income and expenses, establish an emergency fund, and determine your net worth. This will include things such as:

1. Saving for major expenses like funding a child's education, buying a house or car, or developing a cash reserve for special occasions like weddings and vacations.
2. Planning for your retirement by estimating your retirement income and expenses and the value of government programs. Then you can begin to determine the amount you need to save to meet your retirement goals. A comfortable retirement is the result of smart planning, sound advice, and mature investing. Our strategies can help you fully realize the retirement you're working for. The following retirement plans are available.
   
   

   Individual Retirement Accounts (IRAs) Simplified Employee Pension Plan (SEP) - Update for 2002 Keogh Plans 401(k) Plans

3. Assess your risk tolerance and develop an asset allocation strategy. How you allocate the assets in your portfolio is one of the factors critical to its performance over time. Strategic asset allocation uses long-term investment disciplines to seek stated goals and objectives. Your risk tolerance, time horizon and investing preferences all work together to determine an appropriate mix of investments to work toward achieving your goals within your risk tolerance.

4. Plan to reduce your taxes, project the effect of federal income taxes, and develop a tax-deferred strategy.

5. Protect you and your family against financial crisis should you become disabled or die.

6. Plan your estate to ensure your assets are distributed the way you desire, fund estate taxes, and minimize their effects where possible.

Finally, a financial plan can give you a clear picture of where you are, a strategy about where you are going, and peace of mind about your future. It's never too early to start.

SIMS can help you develop a strong personal/business financial plan; our Certified Public Account (CPA) has over 25-years experience. If you would like to streamline your finances and you live or have a business in the MD/VA/DC area contact us today to schedule an appointment.

Last Updated 02/02/03 ALL RIGHTS RESERVED. Webmaster