We help you identify your resources, how to use your resources, and when to use your resources.
There are so many things in life that you cannot control. You can't control the economy, the stock market, change in tax laws, the cost of groceries or medical care, or even changes to social security. Our job is to help give you control over the things that you CAN control, such as your asset allocations, where to save money, or how to take advantage of certain tax laws. We help you make the most of your resources.
Financial planning is integral to our services at Berkeley, Inc. We try to do a financial plan for everyone works with us because so much of what we do comes back to what you NEED financially. The financial planning process generally flows as followed:
We meet to discuss your individual needs and whether our services are a good fit
You gather planning related materials
Berkeley, Inc. analyzes materials
We meet to discuss details, assumptions, trade-offs, results
Berkeley, Inc. presents a full plan including a specific action plan
Follow-up implementation and coordination
We spend a significant amount of time helping you take your financial goals from simply vague constructs to specific, measurable outcomes. We want to help you understand your personal definition of success in terms of finances. Financial planning is very much the self-actualizing phase of your financial life. It is not a one-time event. It is constantly reassessing your progress towards reaching your goals. It can include planning for retirement, education, stock options, sufficient estate planning , allocations for retirement and savings accounts , etc. When we are finished you will have a financial plan with concrete goals, investments, and an action plan.
How does financial planning fit with investment management? When we create an asset allocation for your accounts it is driven by the returns assumed in your financial plan, combined with your risk tolerance questionnaire results and based on our discussions with you about risk. We want you to take a sufficient amount of risk to achieve your goals without feeling uncomfortable or taking more risk than necessary. How we position your investments is about how you need to use the money that you have invested.
When should I consider financial planning services? An investment advisor who provides financial planning and asset management can help improve the growth rate and preservation of your wealth, save you time, and reduce stress regarding your finances. Other indicators include:
You have no source of unbiased advice on insurance, estate planning, education, retirement
You do not have a clear picture of what it takes to achieve your goals
You do not know what realistic financial goals are for your future
You need help assessing the lifestyle you can afford in retirement
You need help allocating your savings and retirement accounts