Financial Planning: It’s All About the E’s

by | Aug 2, 2023 | Financial Planning

If you’ve never had a financial plan – or had a less than stellar experience with a financial planner – it can be difficult to know what you should expect from the advisor-client relationship. However, it is challenging to measure success without a set of expectations.

At Brookstone Wealth Management, we have an easy-to-understand, three-step approach to financial planning. With our firm, financial planning is all about ease, but it’s also all about the “E’s” – establishing your goals, educating you about options, and encouraging your choices.

Step 1: Establish Your Goals

To achieve the financial future you envision, you must have a plan. This begins with a clear understanding of your current financial position. In your initial meeting with a Brookstone advisor, we will establish a baseline that includes your income, expenses, assets, and liabilities. Once we have a clear understanding of your financial position, we will discuss where you want to be. In other words, we help establish your goals.

Whether you want to retire comfortably, travel more, pay for your child’s education, or just have financial peace of mind, we help you put your goals into words. The goals we set are more than a wish list. We help you turn your goals into outcomes.  They are the final destination on your roadmap to financial success.

Step 2: Educate You About Options

With your current financial position and dream destination plotted on your financial roadmap, the next step is to chart a path between the two. Your financial journey could take you in many different directions, and our advisors help you choose the most direct route.

Some of the choices that we help you navigate are:

  • Choosing accounts – The type of account you choose can impact tax liability and investment options. We help you weigh the benefits and drawbacks of different account types like brokerage, IRAs, 401(k)s, and educational accounts.
  • Choosing investments – Your portfolio is essential to achieving your Required Rate of Return™ [RRoR™] Your RRoR™ is the amount your investments must earn to cover the gap between your goals and income. We help you calculate this rate based on your situation and choose investments to match.
  • Managing tax liability – Taxes reduce your income and investment returns. We help you understand the tax consequences of each decision and recommend ways to reduce your tax burden.
  • Maximizing government benefits – Government benefits from Social Security and Medicare are essential to most retirement plans. We help you get the most from these programs and guide you in avoiding common mistakes.
  • Planning your estate. A comprehensive estate plan ensures that your wishes are carried out after your death. We help you plan to support your family, position your assets to minimize estate taxes, and reduce work for your beneficiaries.

We believe that an informed investor has the best chance of financial success. That’s why we focus on educating our clients about their options, so they can make the choices that keep them on the path to financial success.

Step 3: Encourage Your Choices

Our relationship doesn’t end when your financial plan is established. We support you in every step of your financial journey. When your situation or goals change, we help you adjust your course. We also assist in adapting your plan to changing market conditions.

Our financial planning philosophy focuses on coaching, teaching, and mentoring our clients throughout their lives. We seek to be a valuable resource in times of stress and a cheerleader when things are going well. When you choose us as your financial partner, we’ll help you on the path to your True North.

Financial Fingerprint™ By Brookstone Wealth Management Brings The 3 E’s Together

At Brookstone Wealth Management, our proprietary wealth management program, Financial Fingerprint™, encompasses our three steps to financial planning. As a bonus, this nimble plan is quick to assemble, easy to understand, and simple to modify as your circumstances change.

With Financial Fingerprint™ and an ongoing relationship with an experienced advisor at Brookstone Wealth Management, you will understand what we mean by Financial Navigation Made Simple.

To learn more about our philosophy or get started with Financial Fingerprint™, contact us today.