Philosophy
There are many different types of retirement plans available to a client or business. In many cases, a retirement plan can play a major role in the retention and the loyalty of your employees and is indispensable in recruiting quality personnel to your organization. In other cases, a retirement plan may discriminate in favor of the owner and generate a huge tax deduction for the owner of the business. The Retirement Plan Confidence System is our proprietary process used to determine the best plan option based on your situation. Once implemented, it is used to monitor defined contribution plans, defined benefit plans, business IRAs, or non-qualified deferred compensation plans so that you fulfill your required fiduciary responsibilities.
Goal
The goal of tax planning is to arrange your financial affairs to minimize your overall taxes.
Retirement Plans can be excellent vehicles for accumulating tax deferred savings and reducing current income taxes. Retirement Plans are often referred to as qualified plans. The “qualified” relates to the fact that they are tax-qualified – the contributions are tax deductible. To be tax-qualified, the plans must meet specific rules outlined int he IRS regulations.
The Plan Vision Builder:
The Plan Vision Builder: Personal
The Plan Vision Builder – is a powerful tool designed to help identify what you consider “Financial Confidence.” It enables you to build a retirement strategy according to your precise vision.
The Vision Builder takes you through many key issues such as:
- Your most pressing concerns about retiring
- Striving towards making your money last a lifetime
- Limiting the impact of taxation
- Leaving a legacy
At each step in The Vision Builder Process, you will make choices that determine what is most important to you. This ensures that your strategy is established and maintained in a way that is ideally suited to accomplishing your goals.
The Smart Choice Matrix – provides a solid foundation for the discussion and simulation of various strategies you may want to consider.
For example:
- Does it make sense to delay social security?
- Should I pay off my mortgage?
- What impact will delaying my retirement for a few years have on my strategy?
- If necessary, what income will I need to earn at a second job to supplement my retirement?
The Smart Choice Matrix will provide a clear understanding of your plan options and the benefits of each potential strategy to you and your family.
The Seamless Transition – we utilize a time tested checklist to transition, manage and monitor key issues throughout the retirement process.
Our team communicates with you at every step along the retirement timeline:
- Joint calls with Plan Sponsors for accurate and efficient 401(k) and Pension Plan Rollovers
- Establishing your IRA accounts and online account access
- Establishing Direct Deposit banking link for IRA distributions
- Coordinating with tax professionals for tax planning strategies
Retirement is one of the most difficult decisions an individual will face, so it’s always reassuring to know that you won’t be evaluating that decision alone.
The Prosperity Navigator – provides a clear process for the ongoing monitoring and review of your goals and investment strategies.
Our process ensures that every opportunity is taken to share information effectively with our clients:
- Our quarterly “Check-In” will discuss your accounts and address questions
- Your Annual Review will ensure your strategies remain on track
- Our Monthly Client Educational workshops will keep you informed and up-to-date with changes occurring in the world today
- Quarterly Client Appreciation events enable us to develop relationships that last a lifetime
Addressing life-changing events in a timely manner is important to preserve your “Financial Confidence.” That’s why we maintain a regular exchange of information that considers those issues while advancing your investment strategy.
The Plan Vision Builder: Business Owners
The Plan Vision Builder – A powerful tool designed to help identify what you consider “Financial Confidence,” enabling you to build your plan according to your vision.
The Plan Vision Builder will walk you through the key issues to consider as you evaluate your plan options. In the end, it will enable us to provide you with a summary of the issues and objectives that are most important to your company.
At each step in The Plan Vision Builder Process, you will make choices that will determine what is important to you so that the plan is set up and maintained in a way that is perfectly suited to your company.
The Smart Choice Matrix – Provides a solid foundation for the review of the various options available for your plan needs that gives you an understanding of the choices available.
This process allows you to understand the impact various plan options will have on your firm’s financial snapshot as well as the benefits to you and your employees.
Your decision will be fully documented so that you satisfy your fiduciary responsibilities in a consistent manner.
The Smart Choice Matrix will give a clear understanding of your plan design options and the benefits to you and your employees.
The Seamless Transition – Our process to utilize a time-tested checklist to transition, manage, and monitor key issues during the implementation process.
Our professional team will communicate every step along the implementation timeline and provide all the necessary documentation to the transition process.
We will conduct employee meetings to present the plan information and options helping ensure that all involved have a full understanding and are enthusiastic about their employer-sponsored benefits.
The Fiduciary Advantage – Helps you understand your fiduciary obligations and provides a clear process for the ongoing monitoring and review of your fiduciary duties and responsibilities.
The documented fiduciary review checklist as well as a quarterly comprehensive review of the investments will provide the roadmap for your ongoing plan management.
We will help you build an Investment Policy Statement that will be used to monitor the investment assets to establish and document processes as well as investment goals and objectives.
Facilitated Trustee Meetings should give you confidence you are involved and that your plan is being maintained, monitored, and updated as required by the recent regulatory changes in fiduciary responsibilities.