Comprehensive financial planning is the practice of coordinating all of an individual or family’s financial goals — both saving and spending — and creating from this information a long-term strategy to reach those goals. Every relationship with ARTAAD Financial starts with a comprehensive financial plan. A well-thoughtout comprehensive plan should touch on every aspect of an individual’s or family’s financial life. This includes taxes, insurance, retirement, investments, and any special savings needs, such as college or health expenses. Tax planning, retirement planning, and estate planning are staples of our plans. More complicated plans could include strategies for structuring trusts, wills, and other vehicles; and investment funding and dividends planning. Every financial situation is unique. Some clients may be wealthy and worried about how they will efficiently pass their legacy down to the next generation. Other clients may be elderly and ill. Their concern is how best to provide financial resources for long-term care. A widow may have concerns about their immediate or long-term future. There are some philanthropist that may benefit from more sophisticated planning like setting up a charitable remainder trust. Whatever may be the case, ARTAAD Financial is prepared to provide you with the best scenarios to accomplish your goals.
The difference between comprehensive financial planning and ordinary financial planning is usually breadth. A straight financial plan is usually designed to accomplish a certain goal, like structuring an estate plan or managing debt. Comprehensive planning includes these elements, but in a wider frame. The goal of comprehensive financial planning is to provide an overall view of financial needs over time. Comprehensive financial planning should always be designed as an on-going process that implements financial environmental changes over time. Finances and wealth change with changing life circumstances. A good comprehensive plan will be adjust to changing needs over time without losing its integrity or effectiveness.