We believe that a comprehensive plan is critical to reaching your goals, and that true financial planning must involve much more than just investment advice and the selling of an investment product portfolio. Financial planning also includes the education that is necessary to help you navigate through what we refer to as “the Seven Unique Financial Challenges” that you will likely face in retirement. We will take the time to provide the necessary education through discussion of these challenges and how they can best be handled to provide you with a higher degree of certainty that the income and security you seek in retirement will be attained.
Investment management on its own is not financial planning but only a small part of the overall planning puzzle. And, it is important to understand that a financial product portfolio is not a financial plan. We have found that many firms only want to provide investment sales and management. When you work with Strategic Wealth Advisory, you benefit from a more comprehensive approach.
Interested in learning more about how Strategic Wealth Advisory works? We walk through the following process with those who are considering our services:
Step 1: Introductory Meeting
We start by asking you to complete our confidential profile. We ask that you complete this profile so that we can better understand your current situation and your financial goals and objectives. We will then invite you to a complimentary introductory meeting to which you can bring the completed profile.
In this meeting we will:
- Discuss important topics such as proper beneficiary designations, the pros and cons of passing assets via the will vs by beneficiaries
- Discuss the seven unique financial challenges you will face in retirement and how they can be destructive to your wealth if appropriate actions are not taken within a plan
- Determine the specific strengths and weaknesses of your current financial status and plan
- Determine what services may be of greatest benefit to you
- Provide you with an understanding of how we work and are compensated
- Answer any questions you may have
For all introductory meetings, we require that each financial decision maker be present. Introductory meetings are held at one of our two locations—either the Reading or Allentown areas. We also ask that you bring the following financial information for review:
- Tax return for the past year
- Investment and retirement account statements
- Brokerage statements
- Social Security statements
- Pension plan investment options and statements
- Variable life insurance investment options and statements
- Other insurance information documents (non-variable life, disability, long-term care, auto, home and umbrella)
- Estate planning documents
- Any other financial information that you would like us to review
Step 2: We Create a Financial Plan
If you like what you hear during the introductory meeting, our next step is to create your personal financial plan. The financial plan provides detailed information regarding how you may be able to have the income you seek in retirement as well as how to and from where you should take required minimum distributions. It will effectively assign a “job description” to each investment asset you have so that you know exactly why you own each investment and how and when each will be utilized to provide you with a greater degree of confidence in your future income.
Minimizing taxes, both during your retirement as well as when transferring wealth to your children, will also be addressed. At the fore of the planning process is of course choosing the right social security strategy. We have the ability to analyze up to all 81 ways of claiming your social security to provide you with the most beneficial recommendation as part of your plan.
Step 3: We Help You Implement Your Plan
Choosing someone to help you manage your wealth is a big decision. We will review with you our recommendations of investment management strategies to bring your plan to fruition. We look forward to assisting you with your wealth management, investments, and all of your major decisions and transitions, while working in a mutually satisfying relationship.