Virtually every financial decision has some tax implication! Northern Financial Advisors, unlike many other financial planning services, prepare its clients’ personal income taxes annually. Being available year round, we schedule tax planning appointments with our clients in which we customize tax saving strategies that produce significant reductions in tax liability. In some instances, the savings derived from effective tax planning and preparation are sufficient to actually pay the fee for the full financial planning program!
In the event of an IRS audit, our clients are relieved of the obligation to sit with an IRS agent. Our clients are represented by either a qualified tax attorney, a CPA or an Enrolled Agent.
Initially, we provide our clients with a computerized record keeping system that allows them to track important tax information. This system has the potential to track a large variety of other elements of a financial life, from budgets to investments to legal documents. Our clients are instructed in the use of the system and receive specific training and on-going coaching in the use of the system. Thus, our clients can begin with simple, easily achieved goals and grow quite sophisticated in tracking their financial lives.
Over a number of appointments, we help our clients get an accurate grasp of their current financial situation. Then, holding the current realty in mind, we lead an inquiry in which our clients articulate their visions for their lives. In turn, we reformulate these dreams into attainable goals and build strategies that we monitor over time that are designed to make dreams realities.
We review our client’s insurance needs as part of clarifying their current financial situation. We look at the current needs, current coverage, the deductibles and the “ifs, ands and buts.” We review the insurance companies themselves, and help our clients determine just how financially sound their backup system is. For many of our clients, this is the first time in their lives where they get a review that is not under the shadow of some pending sale.
As part of out services we provide our clients with a simple Last Will and Testament as well as a Durable Power of Attorney for Healthcare. Our advisors review clients’ state of affairs and help them think through how they want to care for their children in the event of their absence, distribute assets in the most tax efficient fashion and avoid incurring massive fees to execute their will. As changes occur over time, our clients are free to have their wills updated at no extra charge. Although we do not prepare trusts in-house we will help clients determine whether there is a need for a trust and how it should be structured.
Without a clear understanding of where you are, with respect to your investments, it’s particularly difficult to know whether you are really making progress. In a larger sense, are your present investments suited to your risk tolerance, tax bracket, long-term goals and current income? This is always an opportunity for our clients to get a reality check on their investment strengths and weaknesses.
The average investor approaches the market from a tactical perspective - is the market up or down, are stocks in favor or out? This often leads to investments that are purchased at the peak of markets and sold in despair at the bottom. Our approach is strategic. We want to know what you are trying to accomplish, how much risk can you really bear and what is your time horizon? We show our clients how to balance their investments to hedge against extreme economic cycles. By emphasizing effective diversification appropriate to their time horizon, we help our clients reduce portfolio risks while enhancing the long-term performance of their portfolio.
One way we bring added value to our clients’ financial lives is by implementing their investments using no-load mutual funds. We thoroughly analyze no-load funds and make specific recommendations. We leave our clients free to implement these strategies in one of two ways:
Simply call us at (248) 985-1632 or e-mail us for additional information or a complimentary discovery meeting.