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Financial Planning: Building Your Wealth - webinar

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How important is your financial security? The stock market has been improving since March, but where is it headed next?

As unemployment continues to grow and traditional methods of financing are becoming strained, join us as we take a look at the importance of Financial Planning. This webinar will walk you through the process of identifying and prioritizing your personal and business goals in order to implement a dynamic plan that will give you peace of mind.

Financial Planning: Building Your Wealth - webinar

  1. 1. Financial Planning: Building your Wealth Presented by Mark Groesbeck CFP®, ChFC®, CLU® 10/27/09
  2. 2. Mark Groesbeck • Senior Vice President with the Wealth Management Group of Abshier Webb Donnelly & Baker • Certified Financial Planner, Chartered Financial Consultant and Chartered Life Underwriter • Named one of the top advisors in state of Texas by Reuters AdvicePoint and one of the top 250 Wealth Advisors in the country by Worth magazine
  3. 3. Economic Overview • Financial crisis has impacted all areas of business • Unemployment continues to grow, long term recovery • Traditional methods of accessing capital are strained • Uncertain tax situation for individuals • Stock market has improved since March 2009 but…. • Real estate troubles still ahead? • The impact of healthcare reform
  4. 4. What is financial planning? • Dynamic process to achieve & maintain financial security • Gather client data • Identify Client’s goals • Analyze & evaluate current situation • Develop planning recommendations • Implement the financial plan • Monitor financial plan at least once a year to measure success • IT IS A PROCESS NOT A PRODUCT
  5. 5. What is in a plan? • Summary of current financial situation • Business Planning • Retirement Planning • Estate Planning • Insurance Analysis (risk management) • Education Planning • Investment Planning • FOLLOW A “PRIORITIZED” ACTION LIST
  6. 6. Personal And Business Goals • Summary of current financial situation – Take inventory of what you have personally and in business and establish goals for both • Retirement Planning – What age? Lifestyle? Debt Free? What will you do next? What type of retirement plan should you fund? • Estate Planning – Business succession, care for family, reduce tax (probate, federal estate, state inheritance), charitable trusts, inheritance
  7. 7. Personal And Business Goals (cont.) • Business Planning – Tax Planning & Benefits, Investment banking • Insurance Analysis – Initial liquidity, income to survivors, buy/sell, estate preservation, disability, long term care • Education Planning – Transfer of assets, 529 plans • Investment Planning – Tax deferred, alternative investments, coordinated plan tied to risk tolerance. Maintain proper liquidity
  8. 8. Business Planning • Tax Planning – Proper business structure (C or S Corporation, LLC or Partnership); Income shifting ideas – work closely with CPA for guidance. • Employee Benefits – Retirement plans, insurance protection for employees (Life, Health, Disability, Special needs products) • Plans for owners – Non Qualified Deferred Compensation, COLI
  9. 9. Business Planning (cont.) • Administration and Protection – Workers’ compensation, unemployment claims management and regulatory compliance assistance, as well as HR support • Investment Banking – Capital needs (mezzanine financing, IPO, etc), merger or acquisition, recapitalizations, business valuations, litigation support • Business Succession Plan – passing business to family, key employees or going public. Buy/Sell agreements could be helpful for death or disability planning (properly arranged and funded)
  10. 10. Retirement Planning • What age to retire or slow down? • Lifestyle? How much you spend impacts capital accumulation goal • Debt Free? There are tax advantages to mortgages, but what about your peace of mind? • What will you do with your time? Charitable work? Teach? Go back to college? Travel? Play with grandchildren? • Do you have a company retirement plan? What plans allow the largest deductible contributions? ERISA based plans and IRAs provide asset protection • Do you stay in your current home? Texas homestead exemption provides asset protection
  11. 11. Estate Planning • Business succession • Care for family • Reduce tax (probate, federal estate, state inheritance) • Charitable trusts • Do you expect an inheritance? • Generation skipping trusts • Irrevocable Life Insurance Trusts (ILITs) • Family Limited Partnerships and LLCs provide creditor protection • Offshore trusts
  12. 12. Insurance LIFE INSURANCE • Initial liquidity: Pay mortgage off? Lump sum fund education? • Income to survivors: builds capital to provide income • Buy/sell: Provides liquidity to sell company • Estate preservation: Protects estate shrinkage • Cash Value life insurance & annuities are protected assets • Term insurance could be “cheaper” solution BUT it depends on goal
  13. 13. Insurance (cont.) OTHER INSURANCE • Disability: Provides income to individual, can provide business with income or fund a disability buy/sell • Long term care for self and/or for parents. Could be “rider” on life insurance. • Malpractice: Protects your future • Umbrella Liability Insurance: Tied to home and auto policies
  14. 14. Education Planning • Transfer of assets or income to children: UTMA accounts, let kids own depreciated equipment and lease back to your company (consult CPA) • 529 plans: outside of your estate, you maintain control. Make annual gifts to children and grandchildren, creditor protection • Children work in business: better than paying an allowance • Multi-generational planning, keeping vision alive • Irrevocable living trusts (creditor protection)
  15. 15. Investments • Emergency cash resources: personal and business • Determine Allocation: stocks, bonds, cash, etc. • Mutual funds vs. Exchange Traded Funds (ETFs) • Alternative Investments: Real estate, Oil & Gas, Hedge Funds • Variable Annuities: “personal pension plans”, no limit to contributions, asset protection, living benefits
  16. 16. Benefits of Financial Planning • Establishing financial goals to direct your actions • Financial peace of mind is gained by taking control • Understanding how your actions today could impact your financial future. Coordinated implementation of strategies increases chances of success • The time to plan is before there is a crisis • Protects your income and wealth for the future • Take Charge!
  17. 17. Questions & Answers For More Information: Mark Groesbeck 713-920-9011 M.Groesbeck@awdbpartners.com or Anthony Grijalva (713) 235-8204 agrijalva@gnapartners.com www.gnapartners.com