Financial Plan Development
We can help you develop a plan that will help you see where you are in relationship to where you want to be. Developing or updating your financial plan can help you explore and answer the following questions:
- Am I on track to achieve my life goals (Targets)?
- What rate of return do I need to earn to achieve my goals?
- Would I be ok if … (fill in the blank)?
- Would I need to adjust my life goals if we entered a great depression type scenario in the near future?
- Could I afford to work in a different job and still have a secure financial future?
We believe the only reason your investment portfolio exists is to achieve the goals within your financial plan. Developing your customized portfolio strategy allows us to:
- Determine the appropriate mix of stocks, bonds, and cash to hold across your investment accounts to target the returns you want/need to earn to achieve your goals.
- Identify and appropriately manage different risks that could sabotage your goals (market risk, longevity risk, inflation risk, etc.).
- Explore challenges and develop solutions to protect your portfolio in the event of undesirable circumstances (ex: great depression, early retirement, job loss, loss of a spouse, etc).
Custom Planning Maintenance
Your circumstances, goals, and stage in life will help us identify financial planning opportunities that can maximize your resources in a meaningful way. Learn more about custom planning maintenance by selecting from the available services below.
Create and share to-do lists. We will give you a nudge when an important deadline is approaching or when you ask us to help keep your financial life plan on-track.
Explore options for business purchase and succession including planning for death, disability, and retirement.
Create a plan to manage your cash flow. Learn more on our Cash Flow Management page.
Determine how to effectively pay off and manage your debt and address questions like:
- How big should my mortgage or down payment be?
- Does my house have to be paid off before I retire?
- How much of my extra cash flow should be used to pay down my debt?
- Should I save more into a qualified plan and get a tax deduction, or should I pay off debt and save on interest?
Determine how much you want to set aside for emergency reserves and explore options for where to hold your reserves (savings, money market, CDs, short-term municipal bonds, etc).
- Evaluate how much you need to save to achieve your education goals
- Understand the different types of options for funding education goals
- Develop a plan to help provide an education for loved ones
Explore options to maximize employer stock awards and answer questions such as:
- How should I use my company stock awards/benefits to fund my life goals?
- How can I diversify my employer stock awards to reduce my concentration risk?
- Is there a way to sell or diversify my stock awards while minimizing taxes?
This service may include working with your accountant, insurance agent, or referring you to a qualified professional who can assist you.
- Develop a plan to support causes that are important to you
- Identify options that could allow you to gift in a way that helps to reduce your tax burden today or in the future
- Develop and define how you would like to leave a living and/or end of life legacy for your loved ones
- Complete a review of your beneficiary designations on your company retirement plans, insurance policies, and your non-retirement accounts
- Provide support to update your beneficiary designations on your insurance policies and investment accounts
- financial plan projections
- balance sheet
- net worth
- retirement projections
- estate tax and wealth transfer projections
- roth conversion analysis
- portfolio maintenance reports
- Receive objective guidance regarding how much life, disability, or long-term care insurance you need and want for yourself and loved ones.
- Determine where you can get the most value for your insurance dollars (company voluntary benefits vs privately owned coverage)
- This service is designed to help you find gaps in your coverage and identify opportunities to eliminate unnecessary coverage.
- We can provide introductions to brokers who can shop coverage on your behalf, or we can also work with your current agent or broker.
- We do not sell products, accept commissions or receive referral fees from insurance agents that we recommend.
Explore opportunities to protect your current and/or future income and assets from unnecessary taxes. Seek answers to some common tax questions:
- How much should I save into my company retirement plan?
- How much could I save in future taxes by funding a Roth, 529, or other tax-advantaged investment option?
- What is the right mix of Roth vs pre-tax savings?
- How can I diversify my company stock awards without paying too much in taxes?
Explore how and when to file for your benefits or spousal benefits to maximize your potential lifetime benefits.
- Job change – navigate through benefit decisions, evaluate offers for new employment, contract negotiation considerations
- Retirement planning – work through pension decisions, projections, and scenarios you want to plan for
- Survivorship planning – receive support to work through financial matters and decisions after losing a loved one
- End of life planning – collaborate with your legal team, accounting team, and family members to develop an end of life plan
- Multigenerational living – explore advantages and disadvantages for living with family members including ideas for managing household finances in a way that supports your family’s values, dynamics, and objectives
- Divorce planning – receive support to work through the financial side of a divorce (project cash flow needs, respond to requests for financial reports, track desired or required beneficiary and insurance changes, hold collaboration calls/meetings with your accountant/attorney, etc).
One Life Financial Group, Inc. does not offer tax planning or legal services but may provide references to accounting, tax services or legal providers. They may also work with your attorney or independent tax or legal advisor. ** One Life will often collaborate with your attorney, insurance agent, accountant or make an introduction to a qualified professional when providing Employer Benefit Guidance or when outside the scope of the services we offer. Custom planning maintenance can be provided during a one-time or ongoing services agreement. Services are customized to your needs and stage in life.
Sources: Gallup News
“How can you manage your money well if you don’t have a plan or know what you really want out of life?
Financial planning helps you clarify what you want and see how you can get there.” – Brian Lahr