Achieving something greater than wealth.
Financial Planning
Preserving your financial future is much more than planning. It’s about delivering an unparalleled level of service and care that’s supported by the industry’s best financial expertise. At the core of this expertise is an insatiable passion for knowledge and paying our experience forward.
Our disciplined planning process embodies this commitment and promise. It accounts for your short- and long-term goals, your tolerance for risk and your stage of life, while also keeping a watchful eye on today’s complex domestic and global markets. Based on our experience, this approach and methodology is the best way to customize a comprehensive, diversified portfolio that is flexible enough to meet your needs now and in the years to come.
Our financial plans offer a high-degree of personalization that matches your investments to your goals and ability to take on risk. We analyze each potential opportunity to find just the right ones for you, your family and your goals, while also helping to manage your liabilities so you feel confident in your complete financial picture. The result is a financial plan that is as dynamic, vibrant and enduring as the lifetime of achievement it represents. Simply put, we believe our business is serving our clients and helping to ensure their financial well-being. As our client, we are as committed to your success as you are.
Banyan Wealth’s Three Step Financial Planning Process
1
Build a Foundation With Achievable Goals
Realistic goals provide the foundation for a solid financial plan. That is why it is important to organize your own. Your goals can include financing your children’s education, purchasing a second home, addressing your income needs in retirement, fulfilling your philanthropic interests, and planning for your estate. Because no two people are the same, building a financial plan around your specific goals creates a plan that is uniquely yours. Our team will work closely with you to identify and define your near- and long-term goals, check for goals that may conflict and work to resolve conflicts that arise. Even more important, we’ll set metrics that will define success and serve as benchmarks to adjusting your plan as needed.
2
Develop a Complete Financial Picture
We will review the progress of your plan relative to your defined objectives and suggest any changes where needed. The personalized plan must incorporate current assets and liabilities in order to establish your net worth over the years to come. We also consider your comfort level with risk so investments can be made accordingly. If applicable, consideration is also given to consolidating accounts to make finances and cash flow easier to track and manage.
3
Evaluate and Optimize Performance
Lastly, we believe a financial plan should be as dynamic as the life it represents. Things change, priorities sometimes shift and new opportunities present themselves over the course of your life stages. That is why we review your plan’s progress relative to your defined objectives. Should changes need to be made, we rely on a myriad of resources and professionals to help guide our decision process and also suggest appropriate actions or strategies. Together, we’ll review the options and make objective decisions. To keep you continually apprised, we provide reporting of your account activity and conduct periodic reviews. As partners in this important endeavor, we also rely upon you to communicate any significant changes in your life.
FAQ
Financial planning is the process of creating a roadmap for managing your finances to help achieve personal economic satisfaction. It involves setting goals, analyzing your financial status, and implementing strategies to manage your money and plan for both short and long-term financial needs. Financial planning is crucial as it helps individuals maximize their existing financial resources through the use of budgeting, savings, and investment strategies. It equips you with the knowledge to make informed decisions, helps reduce financial stress, and increases your chances of achieving financial security and meeting life goals, such as buying a home, funding education, or ensuring a comfortable retirement.
Starting financial planning involves several key steps: First, define your financial goals, both short-term and long-term. Understand your current financial situation by assessing income, debts, expenses, and savings. Create a budget to manage your spending and increase savings. Consider an emergency fund for unexpected expenses. It’s also important to understand your risk tolerance and investment options for long-term goals. Seeking advice from a financial planner can be beneficial, especially for complex situations or future planning like retirement or estate planning. Regularly review and adjust your plan to ensure it stays aligned with your changing goals and circumstances.
A good financial plan typically includes: Budgeting and cash flow planning to manage daily expenses and income; An emergency fund to cover unexpected expenses; Insurance planning to protect against financial risks; Investment planning aligned with risk tolerance and time horizon; Retirement planning for future financial security; Estate planning to manage asset distribution; and Tax planning to minimize tax liabilities. Each component should be tailored to individual needs and reviewed periodically to adapt to life changes, such as career shifts, family changes, or significant financial adjustments.
Your financial plan should be reviewed at least annually or whenever there is a significant life event such as a career change, marriage, birth of a child, or receiving an inheritance. Regular reviews help ensure that your plan aligns with your current financial situation and goals. Changes in income, expenses, financial goals, or personal circumstances might necessitate adjustments to your budget, investments, insurance coverages, and retirement plans. Additionally, changes in tax laws and economic conditions can impact your financial strategy, making regular reviews crucial to effective financial planning.
Whether you can do financial planning on your own depends on your knowledge, experience, and the complexity of your financial situation. For simple scenarios, self-planning using online tools and resources might be sufficient. However, for more complex situations, such as estate planning, tax strategies, or managing significant investments, a professional financial planner can offer professional advice and strategies. They can provide a more comprehensive approach, considering aspects of financial planning that you might not be aware of. Ultimately, the decision depends on your comfort level, financial knowledge, and the intricacy of your financial needs.
Every investor’s situation is unique and you should consider your investment goals, risk tolerance and time horizon before making any investment. Investing involves risk and you may incur a profit or loss regardless of strategy selected, including asset allocation and diversification. Raymond James and its advisors do not offer tax or legal advice.
* Every investor’s situation is unique and you should consider your investment goals, risk tolerance and time horizon before making any investment. Investing involves risk and you may incur a profit or loss regardless of strategy selected, including asset allocation and diversification. Raymond James and its advisors do not offer tax or legal advice.
Have Confidence With Your Financial Future.
Quality Service, Expertise, and Personalized Planning Tailored to Your Life Goals.