The Welch Group provides comprehensive financial planning to help clients meet immediate and long term goals. This approach to comprehensive planning involves meeting with a client at least once a year and evaluating his/her current and future situations. Advisors use tools and analysis to help the client set goals and then reach them. Each client situation is unique and the planning is specific to his/her needs.
The planning approach is divided into four quadrants:
This area involves investment, retirement, and education planning. The Welch Group provides sound investment recommendations that are appropriate to each client’s circumstance. The main objective is to help the client accumulate and grow assets to enable them to reach financial independence. The engine that drives successful achievement of financial goals is the investment plan. This involves maintaining an appropriate investment strategy and coordinating the investments with the particular client’s stage in life. An individualized retirement analysis is created for each client and this is based on his or her objective for retirement. It is a priority to help the client plan so he or she will not run out of money and will never be dependent on children for financial support. For clients with children and grandchildren, an education analysis is performed to ensure an adequate amount is being saved for education costs. Our objective is to help the client pick the best education saving vehicle and help manage the assets.
This area involves cash management and income tax planning. The first objective is to develop a realistic estimate of client’s income, expenses and financial condition. This will allow us to identify how to use cash flow to meet the client’s needs. The second objective is to minimize and manage income taxes. A tax estimate is prepared for each client and all avenues are reviewed to ensure the client is taking full advantage of tax saving opportunities.
This area involves asset and income protection. The objective is to identify risk exposures and manage risk exposure through avoidance, reduction, transfer, or retention. A detailed life insurance analysis is completed to determine if the client has appropriate life insurance in place based on their goals and family situation. For our non-retiree clients, a detailed disability insurance review is completed to ensure that loss of income would not devastate the client’s financial goals. A full review of all property insurance is performed on an annual basis to ensure the proper amounts of coverage are in place.
This area involves estate planning and wealth distribution planning. The main objective is to help clients realize their true wishes for the distribution of their assets to their family members and/or charity. Once the wishes are determined then an estate plan is developed that accomplishes these objectives and reduces the impact of estate taxes on the assets. We incorporate family council and work with the client’s children to ensure their financial plan is in place and they understand the impact of receiving inheritance.