Financial Planning

Financial Planning

We start our planning based on your life right now.  Are you financing college, merging two families, or a busy executive?  Then we explore ways to help you realize your distinct passion for the future whether it is a gourmet bakery, philanthropy, travels, or freedom to enjoy an active retirement.  Realistic plans are developed to address your goals.

Financial Planning Services are customized for each client depending on their needs but will typically include the following:

• Analyzing cash flow and accumulation goals
• Income tax planning
• Asset Allocation based on suitability and time horizon
• Education Planning
• Financial independence planning scenarios
• Estate preservation and distribution strategy
• Evaluating charitable planning options, and
• Determining insurance needs.

Wood Smith Advisors works closely with each client to establish an initial plan, which may be comprehensive or focused based on their needs.  Once a plan and action steps are established, Wood Smith Advisors is available on an ongoing bais to implement the recommendations, monitor those recommendations, and regularly update the plan based on the client's changing needs.

Engagements with new clients typically begin with, or include as part of the investment advisory services, a financial plan to determine where the investment advisory services fits in the implementation of that plan. The initial plan is separate from the advisory services fee. This process generally takes 8 to 12 weeks, and is defined by the Personal Financial Specialist Discipline of the American Institute of Certified Public Accountants, and the Board of Certified Financial Planners as follows:

• Establishing and defining the relationship with the client,
• Gathering the client’s data, including goals and objectives,
• Analyzing the client’s data and financial situation, and
• Developing and presenting the financial planning recommendations.

We help our clients define their goals and determine, through financial planning, what may be required to achieve them. Education is an important part of the process, assisting our clients in understanding the pros and cons of actions and options available.

Wealth Management

Wealth Management

Wood Smith Advisors' Wealth Management clients receive discretionary management of their investment portfolios in addition to ongoing Financial Planning.  Saving and Investing are an important part of financial planning. Determining suitability of investments based on a client’s liquidity needs, tolerance for risk and how long the funds are to be invested are essential, as is establishing the proper savings amounts and investment vehicles.

Wealth Management Services established for Financial Planning Clients will include:

• Establishment of an investment plan
• Monthly statements and quarterly performance reports on managed investments
• Ongoing review of investments and measurement of progress toward established goals
• Adjustment of plans based on changes in goals or circumstances
• Tax Planning, typically in the 4th quarter to assess and prevent tax surprises

Financial Consulting

Financial Consulting

Wood Smith Advisors also provides financial consulting services on an hourly basis.  At times, hourly consulting may be more appropriate than fixed fees.  We strive to deliver value and will work to ensure the most efficient method to aid our clients.