Comprehensive Financial Planning
measure twice, cut once
We understand that worrying about the future steals from the present. However dealing with the future can be a daunting and intimidating experience. This is why we have developed our planning process that allows us to gather the information we need from our clients, and then "scrub" that data through our own models in order to begin to get some real answers to questions that burden the mind.
SS&A’s retirement planning process begins with a thorough analysis of your personal cash flow situation. Using your budget, we construct a “Personalized Inflation” figure that maximizes our ability to predict what effect your spending pattern will have on your assets in future. We then combine this information with an asset allocation review to perform a stress test on your portfolio. Analyzing a variety of return and inflation scenarios, we make use of a Monte Carlo Simulation model to project how your assets will fare over a specific time horizon. The results of this simulation yield a potential “success ratio” that will guide our determination of both future spending and present asset allocation requirements.
In order to meet your spending needs, we target the most tax efficient way to produce the income you require. This involves drawing income from different sources to balance the tax equation in your favor. Part of this analysis includes a strategic approach to Social Security in order to maximize the lifetime benefit of this program.
Our approach to insurance is guided by the way we define it: trading off a guaranteed, periodic, small loss for a potential, one-time, catastrophic one. We analyze a client’s situation and answer these questions: “What catastrophic events could destroy wealth? How likely are these events? What insurance product is available to best protect from that situation?” When it comes to life insurance, we determine a client’s debt burden, asset liquidity, estate tax considerations and wealth transfer strategies and determine if, how much, and what type of life insurance is appropriate.
When it comes to long term care (LTC), we acknowledge the dramatic impact such a situation can have on a client and the true value, both financially and emotionally, that LTC insurance provides. Our approach is simple- we look at how a client’s portfolio would be affected under a LTC event with and without coverage. Taking into account a range of factors, we examine the true value of insurance. In addition to life and LTC, we complete a comprehensive risk analysis and determine what other areas of a client’s financial life should be safeguarded by insurance or self-insured if it is more cost efficient. While SSA does not have any insurance licensed investment advisory representatives, we refer to other insurance professionals as needed.
We recognize that saving for your child or grandchild’s education is one of the best investments you can make. We also know that the cost of education has risen dramatically and a proper plan of saving is critical. There are a multitude of tax-sheltered vehicles available to assist in this process. Our approach is to offer a realistic expectation of how much your child’s education will cost and then couple that plan with the most appropriate type of education savings account available.
Our professionals are experienced multi-generational wealth managers. This means that we have walked families through the estate building, protection, and ultimately the wealth transfer processes. We work closely with client’s attorneys to determine the best way to accomplish our client’s goals of estate preservation. We act as the liaison between our clients and their professionals – attorneys and CPAs, working as a facilitator to express client wishes and offering ideas to round out the process. Ultimately, we believe this saves our clients time and money as well as ensures the views of all parties are harmonious.