Comprehensive Planning
Comprehensive planning means looking realistically at:
• What you already have;
• how to most effectively use, grow, and protect your assets;
• what you’d like to have in the future;
• how to get from what you have now to what you would like to have; and
• how to handle your affairs in case of serious disability or death.
Doing this is harder than it sounds, and it helps to have understanding and professional guidance.
Components of a Comprehensive Plan
• Lifelong financial planning that helps you to be financially successful at every stage of your life – considers your income, tax issues and investment alternatives
• Retirement planning/financial independence that prepares you for all aspects of your life after work – including income, continuing work, housing, activities and unexpected occurrences
• Estate planning that protects you and your dependents in case of serious illness or an untimely death
• Risk management helps identify potential risks (investment, liability, etc.) and recommends how to eliminate, reduce and, if necessary, insure them
The Comprehensive Planning Process
1. Initial meeting – Meet with your Murrick Advisor, get to know each other, and decide on your working relationship.
2. Information analysis and plan development – your Murrick Advisor will analyze your circumstances, goals, and risk tolerance and prepare a draft comprehensive plan.
3. Plan Review – you and your Advisor review the plan and adjust it as necessary to clearly reflect your current situation and future needs.
4. Implementation of your Plan – once you have agreed upon the plan details, you and your Murrick Advisor will implement the components
5. Ongoing consultation and review – at least once a year, your Murrick Advisor will meet with you to review your changing goals and adjust your plan accordingly.
