Retirement Planning Versus Financial Planning
What’s the difference between financial and retirement planning? Generally, retirement planning is a subset of the more comprehensive financial planning.
Todd E. Frank, CPA/PFS, MBA is the President and CEO of Frank Financial Services. Todd has been active in the financial services industry since 1993. He received his BS Degree from The University of California at Berkeley in 1987, and his MBA in 1992 from Duke’s Fuqua School of Business. He earned his CPA credential with Arthur Andersen & Co. as an auditor and consultant. Todd is a member of the AICPA and the California Society of CPAs.
What’s the difference between financial and retirement planning? Generally, retirement planning is a subset of the more comprehensive financial planning.
The two biggest mistakes a person makes when they aren’t receiving advice from a financial advisor are related to the timing and choice of an action.
There are many mistakes that can be avoided with good financial planning, most of them related to one of two things,—choices and timing.
Few people are aware that there is more than one professional designation for financial planners. The most common designation is that of a “CFP”, or certified financial planner. However, there is another less common designation, the “PFS” (also “CPA/PFS”), or Personal Financial Specialist. This designation is less common for a reason.
The decision to carry life insurance and how much to carry is a very personal decision with most of our clients. The method we use as a starting point in this discussion is called “Asset Replacement”.
Though your financial advisor is likely not your tax preparer, he is likely in a better position to understand your comprehensive financial and tax situation.
A financial advisor, especially a Registered Investment Advisor (RIA), can provide exceptional value to those either leaving or receiving an inheritance.
A financial advisor who is also a CPA is in a unique position to assist clients with estate planning. Though not an estate attorney, the advisor has intimate knowledge of the client’s financial situation, personal and family goals, investment portfolio, cash flow needs and more.
As a CPA/PFS, MBA, and business owner himself, Todd Frank is uniquely qualified to advise business owners of any size of business.
The output of the financial planning process is called a comprehensive financial plan and will vary from person to person depending on a number of factors.
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