- Income taxes
- Cashflow planning for retirement
- Gift and Estate planning
- Investments, and
- Insurance Planning
A comprehensive financial plan requires the coordination of a team of professionals: an attorney, a CPA, an investment professional, and an insurance professional. Without careful coordination of the professionals involved, you may have transactions implemented that fail to consider competing needs in your overall financial picture. We have seen many situations where an advisor has made and implemented recommendations that failed to adequately consider the tax and cash flow impact of the transaction. Some of the most common problem areas we see involve recommendations related to: permanent insurance, annuities, distribution of employer securities from a company plan, advice on the exercise of employee stock options, funding of retirement plans, investments and living trusts.
At FSG, we develop and implement your personal financial strategy by coordinating all of the professionals needed. We are in a unique position to lead the team of professionals due to our independence and ability to analyze recommendations. The impact of taxes is a critical item to consider when evaluating alternatives since taxes are often the single most costly factor in quantifying the benefit. The involvement of multiple professionals in a coordinated fashion allows competing ideas to be considered, evaluated and fine- tuned to deliver the best alternatives to the client. At FSG, we lead your team of professionals and make your personal financial strategy happen.
Income Tax Planning
FSG specializes in all aspects of personal tax matters, which is unique in the financial planning industry. FSG is one of the few financial planning firms that is also a Certified Public Accounting firm. It is very rare to find an accounting firm that specializes in personal financial planning matters exclusively for individuals. Because taxes have a material impact on all facets of financial planning, effective financial planning requires a thorough understanding of income, gift and estate taxes. FSG provides services in financial planning, tax consulting, tax preparation and IRS representation.
Retirement planning is more comprehensive than just maximizing your 401(k) contributions. At FSG, we help our clients understand how to keep their lifestyle in balance with available cash flow and wealth. There are two phases of an individual’s financial life. In the accumulation phase, we can help you determine a reasonable retirement age and the amount of savings needed to reach your retirement goals. During the withdrawal phase, we can help you figure out how much you can safely spend from your portfolio each year during retirement.
Saving money is only half of the equation; investing it appropriately is the other half. A common problem in the investment arena is that most people do not understand the order they have placed when they hire someone to handle their investments. Very little is communicated in an understandable manner about the possible range of results and what a client might expect from a portfolio. Terms like aggressive and conservative are thrown around like they mean the same thing to every person, they do not. What is aggressive for one person may be conservative for the next. We help people understand risk in a portfolio and how a portfolio should be constructed and implemented. We also help them understand how aggressive or conservative they can afford to be depending on their time frame for investing. The end result is the design of a portfolio mix that provides a range of results with which our clients can be comfortable.
Stock Option Planning
Stock options can be a substantial part of an executive’s compensation and wealth. Both incentive stock options and nonqualified stock options have numerous complex issues. Incentive stock options require expert guidance regarding alternative minimum tax. FSG can help you come up with a plan for your stock options by analyzing your choices to exercise and hold, exercise and sell or use a cashless exercise. We will also help you integrate your stock option decisions into your overall financial strategy.
Gift and Estate Planning
Gift and Estate planning involves more than minimizing taxes. With basic planning, we will help you implement a plan to make sure you are protecting your family upon your death, naming guardians for your children and taking advantage of the exemptions available to you. With advanced planning, there are many techniques available that will help minimize taxes paid by your family members upon your death or allow you to tax- effectively transfer wealth during your lifetime.
Insurance can be expensive but necessary to provide for your family. At FSG, we can analyze your insurance needs in an objective and independent manner. Although we do not sell insurance nor do we receive compensation related to the sale of insurance, we feel that insurance plays a vital role in completing an individual’s personal financial plan. We also feel that because of our independence we are in a unique position to assist with this process.