Financial Planning is the process whereby a client’s personal and financial goals are identified and then strategies are evaluated and selected to reach those goals.  The main planning areas are retirement planning, survivorship planning, business succession planning and estate planning.  Most people take a piecemeal approach to financial planning and only engage in planning when major life events occur and then only in the areas immediately affected by those changes.

Comprehensive financial planning is different, and instead of dealing with each major planning area separately, it deals with all the clients’ goals and objectives at one time and makes sure that the strategies which address each planning area of concern do not contradict or frustrate the strategies addressing the other planning areas.

Comprehensive financial planning also contemplates implementation of whatever financial plan a client selects.  Implementation can be quite difficult as the most basic of planning techniques and strategies may require many tedious action steps.  However, without implementation, a plan is worthless.  At Summit Financial Resources, Inc., we believe in comprehensive financial planning and the importance of timely implementation and work closely with our clients until their plans have been fully implemented.

Financial planning is also something that cannot be done once in lifetime and put away.  A good financial plan must be revised periodically to take into account changes in laws, taxes and capital market conditions as well as clients’ life changes.

I recommend that clients take a pro-active approach and take charge of their lives and commit to doing a comprehensive financial plan as soon as possible.