Dolf Dunn Wealth Management, LLCDolf Dunn, CPA/PFS,CFP®,CPWA®,CDFA
Private Wealth Manager11330 Vanstory Drive
Suite 101Huntersville, NC 28078
Financial Planning--Helping You See the Big Picture
April 08, 2013
Do you picture yourself owning a new home, startinga business, or retiring comfortably? These are a fewof the financial goals that may be important to you,and each comes with a price tag attached.
That's where financial planning comes in. Financialplanning is a process that can help you reach yourgoals by evaluating your whole financial picture, thenoutlining strategies that are tailored to your individualneeds and available resources.
Why is financial planning important?A comprehensive financial plan serves as aframework for organizing the pieces of your financialpicture. With a financial plan in place, you'll be betterable to focus on your goals and understand what itwill take to reach them.
One of the main benefits of having a financial plan isthat it can help you balance competing financialpriorities. A financial plan will clearly show you howyour financial goals are related--for example, howsaving for your children's college education mightimpact your ability to save for retirement. Then youcan use the information you've gleaned to decide how
to prioritize your goals, implement specific strategies,and choose suitable products or services. Best of all,you'll have the peace of mind that comes fromknowing that your financial life is on track.
The financial planning processCreating and implementing a comprehensive financialplan generally involves working with financialprofessionals to:
• Develop a clear picture of your current financialsituation by reviewing your income, assets, andliabilities, and evaluating your insurance coverage,your investment portfolio, your tax exposure, andyour estate plan
• Establish and prioritize financial goals and timeframes for achieving these goals
• Implement strategies that address your currentfinancial weaknesses and build on your financialstrengths
• Choose specific products and services that aretailored to meet your financial objectives
• Monitor your plan, making adjustments as yourgoals, time frames, or circumstances change
Some members of the teamThe financial planning process can involve a numberof professionals.
Financial planners typically play a central role in theprocess, focusing on your overall financial plan, andoften coordinating the activities of other professionalswho have expertise in specific areas.
Accountants or tax attorneys provide advice onfederal and state tax issues.
Estate planning attorneys help you plan your estateand give advice on transferring and managing yourassets before and after your death.
Insurance professionals evaluate insurance needsand recommend appropriate products and strategies.
Investment advisors provide advice about investment
Common financial goals
• Saving and investing forretirement
• Saving and investing forcollege
• Establishing anemergency fund
• Providing for your familyin the event of yourdeath
• Minimizing income orestate taxes
Page 1 of 2, see disclaimer on final page
Prepared by Broadridge Investor Communication Solutions, Inc. Copyright 2013
The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for anyindividual. To determine which investment(s) may be appropriate for you, consult your financial advisor prior to investing. All performancereferenced is historical and is no guarantee of future results. All indices are unmanaged and cannot be invested into directly.
The tax information provided is not intended to be a substitute for specific individualized tax planning advice. We suggest that you consult with aqualified tax advisor.
Securities offered through LPL Financial, Member FINRA/SIPC
options and asset allocation, and can help you plan astrategy to manage your investment portfolio.
The most important member of the team, however, isyou. Your needs and objectives drive the team, andonce you've carefully considered anyrecommendations, all decisions lie in your hands.
Why can't I do it myself?You can, if you have enough time and knowledge, butdeveloping a comprehensive financial plan mayrequire expertise in several areas. A financialprofessional can give you objective information andhelp you weigh your alternatives, saving you time andensuring that all angles of your financial picture arecovered.
Staying on trackThe financial planning process doesn't end once yourinitial plan has been created. Your plan shouldgenerally be reviewed at least once a year to makesure that it's up-to-date. It's also possible that you'llneed to modify your plan due to changes in yourpersonal circumstances or the economy. Here aresome of the events that might trigger a review of yourfinancial plan:
• Your goals or time horizons change• You experience a life-changing event such as
marriage, the birth of a child, health problems, or ajob loss
• You have a specific or immediate financialplanning need (e.g., drafting a will, managing adistribution from a retirement account, payinglong-term care expenses)
• Your income or expenses substantially increase ordecrease
• Your portfolio hasn't performed as expected• You're affected by changes to the economy or tax
laws
Common questions about financialplanningWhat if I'm too busy?
Don't wait until you're in the midst of a financial crisisbefore beginning the planning process. The sooneryou start, the more options you may have.
Is the financial planning process complicated?
Each financial plan is tailored to the needs of theindividual, so how complicated the process will bedepends on your individual circumstances. But nomatter what type of help you need, a financialprofessional will work hard to make the process aseasy as possible, and will gladly answer all of yourquestions.
What if my spouse and I disagree?
A financial professional is trained to listen to yourconcerns, identify any underlying issues, and helpyou find common ground.
Can I still control my own finances?
Financial planning professionals makerecommendations, not decisions. You retain controlover your finances. Recommendations will be basedon your needs, values, goals, and time frames. Youdecide which recommendations to follow, then workwith a financial professional to implement them.
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