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Looking for Dallas retirement
planning services?
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FinancialAdvisorsDallasTX.com - a FREE service
dedicated to helping you reach “financial perfection”. They
will help you find the best financial planner for your
retirement planning needs,
one that
utilizes state-of-the-art
strategies and techniques for the achievement of financial
goals.
Get started finding the
right financial planner today!
Annuity - Annuities provide
tax-deferred growth potential like qualified retirement plans,
but contributions are not tax-deductible. Annuity contracts
can be used to supplement your employer-provided retirement
plans.
401(k) - By far the most common
employer-sponsored retirement plan is the 401(k) plan. The
401(k) plan is a defined contribution plan. It allows
employees to make pre-tax contributions, and the funds
contributed plus any earnings accumulate tax deferred.
General information about meeting with a
financial planner for retirement planning:
CONCEPT INTERVIEW:
The first step is to get together and discuss your situation
in detail with the
right
Dallas financial planner, to help ensure that your financial
profile fits with their expertise. There should be no financial obligation
at this meeting, which usually takes about one-hour. You will
want to bring a net worth
statement or balance sheet and two-years worth of tax returns.
ENGAGEMENT PROPOSAL/FACT FINDING:
In the second meeting you will usually review an "Engagement
Proposal" which outlines the work you will do together over the
next 12 months with your chosen
Dallas
financial planner. Most importantly, they will gather the
necessary data to help ensure a thorough understanding of your
situation. Their goal in this meeting should be to step into your
financial shoes so they can begin to understand your thought
processes. This becomes the basis for the creation of a
financial model, which is used to evaluate your current
financial situation. It will show your current asset
allocation, your net worth, the direction and rate of its
change, your cash flow, income and estate tax liability and
other items. In addition, they will usually review your wills, trusts,
life and disability insurance, investments and tax returns.
This is also the time to discuss your goals, views,
attitudes and concerns. Financial planners should not offer legal or tax advice.
PLAN DESIGN:
Step three consists of identifying problems that are present
in your current planning. This is basically a process of
reconciling the likely outcome based upon your current
arrangements, with your desired outcome (objectives)
summarized in "Step 2." It is in this third step that the full
benefit of the planning process begins to become apparent.
Issues that you never thought of and problems that you never
realized existed will be identified - simply because your
financial picture was never so completely developed, and your
objectives never so clearly and completely stated.
PRESENTATION:
Step four entails the development of recommendations -
specific strategies for implementation. Equipped with the
pro's and con's of each alternative, and an economic model to
determine their impact, you will be in the best position to
determine which strategies are right for you. The key is to
objectively allow "no stone to remain unturned," so that you
know you are making the best possible solution for your
situation. All of their recommendations should be made in writing in a
logical progression of: Objectives, Observations, and
Recommendations.
IMPLEMENTATION:
The fifth step is implementation. This is where you work
with your advisor to help ensure the strategies you
decided to move ahead with are implemented. Then, in addition,
should you choose, they should be working on your behalf to
evaluate various investment options and products to help
ensure they are right for each of your plan strategies.
Financial planners should be
continually acting on your behalf as a "key to the
marketplace", whether it is through coordinating tax and
estate strategies or in the evaluation of specific financial
products, to help minimize costs and maximize value.
REVIEW & SERVICE:
Step six is the ongoing review process. At the end of each
year your Dallas financial planner should review where you
have come to date and what needs to be done on an ongoing
basis.
Get started finding the
right financial planner today!
Dallas Financial Planner
Disclaimer: The information provided on this page
is not intended to be financial advice. Its sole purpose is to
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