If you received a review letter from me recently, you may have noticed some significant enhancements to how we communicate your financial planning progress and cash flows. In addition to the review notice and offering a planning meeting, Stacy, Patrick and I are now including a review worksheet that summarizes your current financial status and progress toward your goals.
Here is what we’re preparing for you as we continue to work on reviews this year:
A summary of your long-term planning priorities and key projects we are working on for you in the coming few years. In other words, what you are planning for and what the next milestones are that need to be accomplished along the way.
You will also find a list of every pending task we are working on with you, as well as the tasks that have been completed in the last year. These are important, but sometimes small matters, to ensure your key objectives for the next few years are being met — in support of your long-term priorities.
From there, we move into the numbers of your financial plan by highlighting the cash flows and tax items that have the greatest impact on your success:
We provide a listing of the routine contributions and/or withdrawals you make to and from your various retirement accounts and summarize the total annual amount.
The report then indicates if you are on track with your planning and lifetime income goals as a result, including a benchmarked net-worth chart for clients that are using our online planning portal.
The current tax diversification of your wealth is graphed to guide us in the most tax-efficient positioning of your assets.
Finally, there is a synopsis of your accounts and investment strategies that are in place to support your goals, followed by a list of planning topics to help prompt new aspects of your financial plan that we might want to explore together.
All of this was designed to specifically answer the most common questions our clients ask, and to ensure our work together is progressing toward your most important goals. We are very excited about the changes and hope they will ensure you have a clear line of sight into the future.
We implemented this new process in June and have completed 21 reviews since then. When your review arrives, let me know if you have any questions and how we can best continue to facilitate achieving your goals.