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  • Chad Lively

Financial Planning

Updated: Aug 10, 2023

Financial Planning is a broad and complicated topic. What is Financial Planning? What topics does it cover? Do I need it? In short, Financial Planning is the process of taking a comprehensive look at your financial situation and building a specific financial plan to accomplish your goals. This can cover topics from all areas of Finance, such as:

  • Financial Goal Setting: We work closely with clients to identify their short-term and long-term financial goals. We help define specific objectives such as saving for retirement, purchasing a home, funding education, or starting a business.

  • Budgeting and Cash Flow Management: We assist clients in developing and maintaining a budget to ensure that income is allocated effectively. We analyze cash flow patterns, identify areas for improvement, and provide guidance on managing expenses and debt.

  • Investment Planning: We help clients develop personalized investment strategies based on their risk tolerance, time horizon, and financial goals. We offer advice on asset allocation, diversification, and selecting appropriate investment vehicles, such as stocks, bonds, mutual funds, or real estate.

  • Retirement Planning: We guide clients in creating retirement plans tailored to their desired lifestyle and income needs during retirement. We assess retirement savings, estimate future expenses, recommend retirement account contributions, and develop strategies to maximize retirement income.

  • Tax Planning: We help clients optimize their tax situations by identifying tax-saving opportunities, maximizing deductions, and minimizing tax liabilities. We may collaborate with tax professionals to ensure coordinated tax planning strategies.

  • Insurance Planning: We do not sell insurance but we will evaluate clients' insurance needs and recommend appropriate coverage to protect against risks such as life, health, disability, or long-term care. We will also analyze existing insurance policies and suggest modifications as necessary.

  • Estate Planning: We assist clients in developing estate plans to ensure the smooth transfer of assets and minimize taxes upon death. We help create wills, establish trusts, designate beneficiaries, and coordinate with estate planning attorneys.

  • Business Planning: Whether you are a startup or an established business, we understand the unique financial needs you have. Our comprehensive business planning services are designed to support your company's growth and success. From financial projections and capital needs assessment to budgeting, cash flow management, and risk analysis, we provide a range of tailored solutions to help you achieve your business goals.

  • Risk Management: We assess clients' overall financial risks and provide strategies to manage and mitigate them. This may include reviewing insurance coverage, establishing emergency funds, and addressing potential risks in investments or liabilities.

  • Financial Education and Guidance: We educate clients about personal finance topics, investment principles, and financial best practices. We provide ongoing guidance, monitor progress towards financial goals, and make adjustments as needed.

The list continues beyond these! As many things as there are to do with your money, there are Financial Plans to help you. Everyone absolutely needs some level of Finance Planning and when in doubt, should reach out to a professional.

Financial Planning Services
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A list of financial planning services and a description of each
Financial Planning Services


What are good Financial Goals?

Retirement, Education, Children, large Purchases, and eliminating debt. I recommend dividing goals up into short-term, and long-term time frames. This will allow you to budget and invest your money accordingly to give you the best chance of accomplishing your financial goal.

What is Tax Planning?

Analyzing a financial situation or plan to ensure that all elements work together to allow you to pay the lowest taxes possible for your unique situation. This also means predicting possible future tax short-falls and making preparations for them.

What is Estate Planning?

Making plans for the management and transfer of your estate after your death, using a Will, Trust, insurance policies and other devices. While it may not seem important now, everyone should have estate planning. It will make a difference in the lives of your friends and family should the unexpected happen.

What is a Financial Planner versus a Financial Advisor?

Typically, a Financial Planner is Fee-only meaning that they do not receive outside compensations from sources such as commissions from products they recommend clients. Financial Advisors are typically Fee-based meaning that they may earn compensation from third parties and commission from the selling of products to clients.

Disclaimer: The opinions expressed herein are those of certain Lively Financial personnel and are subject to change without notice. The opinions referenced are as of the date of publication and are subject to revision due to changes in the market or economic conditions and may not necessarily come to pass. Any opinions, projections, or forward-looking statements expressed herein are solely those of author, may differ from the views or opinions expressed by other areas of the firm, and are only for general informational purposes as of the date indicated.Lively Financial believes that the content provided by third parties and/or linked content is reasonably reliable and does not contain untrue statements of material fact or materially misleading information. This third-party content may be dated.

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