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Rob Schultz, CFP®, PFP

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Personal Finance

Even if you feel competent enough to develop a plan of your own, a financial advisor can act as a sounding board for your ideas and help you focus on your goals, using his or her broad knowledge of areas such as estate planning and investments. Specifically, a financial advisor may help you:

Ø  Set financial goals

Ø  Determine the state of your current financial affairs by reviewing your income, assets, and liabilities, evaluating your insurance coverage and your investment portfolio, assessing your tax obligations, and examining your estate plan

Ø  Develop a plan to help meet your financial goals which addresses your current financial weaknesses and builds on your financial strengths

Ø  Make recommendations about specific products and services (many advisors are qualified to sell a range of financial products)

Ø  Monitor your plan and periodically evaluate its progress

Ø  Adjust your plan to help meet your changing financial goals and to accommodate changing investment markets or tax laws



Investment Planning & Portfolio Management

Investment planning involves deciding how best to put your money--your capital--to work to achieve your financial goals. Some investments are designed to protect your principal--the initial amount you've set aside--but may provide relatively little or no return. Other investments can go up or down in value and may or may not pay interest or dividends. Stocks, bonds, cash alternatives, precious metals, and real estate all represent investments; mutual funds are a way to purchase such investments and also are themselves an investment.



Disability, Life and Health Insurance

Disability

Disability insurance pays benefits when you are unable to earn a living because you are sick or injured. Most disability policies pay you a benefit that replaces a percentage of your earned income when you can't work.

Life Insurance

Life insurance is an agreement between you (the insured) and an insurer. Under the terms of a life insurance policy, the insurer promises to pay a certain sum to a person you choose (your beneficiary) upon your death, in exchange for your premium payments. Proper life insurance coverage should provide you with peace of mind, since you know that those you care about will be financially protected after you die.

The many uses of life insurance

One of the most common reasons for buying life insurance is to replace the loss of income that would occur in the event of your death. When you die and your paychecks stop, your family may be left with limited resources. Proceeds from a life insurance policy make cash available to support your family almost immediately upon your death. Life insurance is also commonly used to pay any debts that you may leave behind. Life insurance can be used to pay off mortgages, car loans, and credit card debts, leaving other remaining assets intact for your family. Life insurance proceeds can also be used to pay for final expenses and estate taxes. Finally, life insurance can create an estate for your heirs.

Health Insurance

Simply put, health insurance protection against medical costs. It may provide direct medical services, but more often it provides direct payment or reimbursement for expenses associated with illnesses and injuries. In exchange for the protection, you ordinarily pay your insurance carrier a fee (premium) based on a combination of factors and payable either in lump sum or in regular installments. The cost of and range of protection provided by your health coverage will depend on the particular policy you purchase. Your choice of policy, in turn, should depend on your medical and other circumstances.

Health Insurance helps share the cost of medical care and treatment which has soared to new heights in recent years and will only go up in the years to come. Even though we all know this, millions of us here in the United States still do not have enough health insurance. What's worse, many of us have none at all.



Education Planning

There's no denying the benefits of a college education: the ability to compete in today's competitive job market, increased earning power, and expanded horizons. But these advantages come at a price--college is expensive. And yet, year after year, thousands of students graduate from college. So, how do they do it? Many families finance a college education with help from student loans and other types of financial aid such as grants and work-study, private loans, current income, gifts from grandparents, and other creative cost-cutting measures. But savings are the cornerstone of any successful college financing plan.



Retirement Planning

Retirement planning involves an analysis of the various choices you can make today to help provide for your financial future. To make appropriate choices, you need to predict--as well as you can--your future economic circumstances. You'll also need to establish your post-retirement goals. When you've determined how much of an income stream you'll probably require in the future, you'll be in a position to make wise choices now about income, saving, investments, and employer-sponsored or other retirement plans.

Of course, you need to tailor your retirement planning to your own unique circumstances--planning methods may be different for employees and executives than for business owners. And no matter who you are, you'll probably want to gain some familiarity with the Social Security system, with post-retirement health care insurance coverage, including Medicare and long-term care (LTC) insurance. For some people, retirement may be an eagerly anticipated event, an opportunity to enjoy so many things that working may have precluded--travel, hobbies, and more family time. For other people, even the word "retirement" may conjure up feelings of fear or dread, particularly for those employees who work without the benefit of pension or other retirement plans. And newspaper stories predicting the collapse of the Social Security system can certainly compound anxiety. Whether you are financially comfortable or are of limited means, however, retirement planning is possible and can help you take control of your own future.



Asset Protection Planning

If you haven't done any asset protection planning, your wealth is vulnerable to potential future creditors and, should the worst happen, you could lose everything.

Lawsuits, taxes, accidents, and other financial risks are facts of everyday life. And though you'd like to believe that you're safe, misfortune can befall even the most careful person. What can you do? First, identify your potential loss exposure, then implement strategies that are designed to help reduce that exposure without compromising your other estate and financial planning objectives.


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Securities and investment advisory services offered through Royal Alliance Associates, Inc., member FINRA/SIPC and a registered investment advisor. Additional investment advisory services offered through NWF Advisory Services Inc., a registered investment advisor not affiliated with Royal Alliance Associates, Inc. Certain insurance products offered through New World Financial & Insurance Services, Inc., an entity not affiliated with Royal Alliance Associates, Inc. or registered as a broker/dealer or investment advisor.



This communication is strictly intended for individuals residing in the state(s) of AL, AZ, CA, CO, IL, ME, MA, NV, NM, NY, OR, PA, PR, TX, WA and WY. No offers may be made or accepted from any resident outside the specific states referenced.
 


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