Comprehensive Financial Planning

Financial Planning

Comprehensive Financial Planning is one of the most overlooked services an individual or company should undertake. It is never too early or too late to engage a professional to assist one in developing a financial plan. Obviously, the sooner once starts planning the better. However, as I have written several times before, it is rarely too late to begin a financial and/ or retirement plan. In today’s world, we frequently hear about retirement and estate planning. However, true comprehensive financial planning incorporates a lot more than just establishing a retirement plan or looking into estate planning considerations. 

Building Blocks to a Comprehensive Financial Plan

I could write pages on what is incorporated into a comprehensive financial plan; but, that would bore the heck out of the reader and not mean a whole lot. So, let me put it into terms that one can picture on envision. Think of a typical website or consumer site like Amazon prime, or your operating system on your laptop like Windows 10. You have all this tabs you can click on to look into specific applications, products and the like. In a comprehensive financial plan, there are numerous blocks, or areas of planning, that can pertain to an individuals financial concerns and each person has different considerations. One might be worried about student and credit card debt. Another person might want to see the impact of Social Security benefits combined with their retirement plan benefits. A person might be looking at acquiring a vacation home. These are just a few of the numerous financial blocks that a person may be concerned about wishing to plan for. Each block can impact another block; so, comprehensive financial planning considers all the blocks that apply and builds a plan around the entire package. The beauty of our firm, Joseph F. Fragnoli, CPA, Inc. in Naples, FL is that in addition to all the planning considerations, we are experts in taxation and can factor in the tax implications at a very detailed level.

Tax Implications in the Financial Plan

Frequently when discussing with a prospect their current financial plan, whether formal or informal, they frequently do not discuss the tax implications of the strategies implemented. This is a major mistake. Consider this, for many of us our tax burden is either the first or second largest annual expense (only exceeded by our mortgage). Look at your tax returns and see what the tax burden was and then think about it, it will astound you. So, in comprehensive financial planning, tax implications MUST be considered.

Joseph F. Fragnoli, CPA, Inc.

At Joseph F. Fragnoli, CPA, Inc., we have very sophisticated tax and financial planning software and templates to factor in the tax considerations and to develop the building blocks for a comprehensive financial plan. If you are interested in planning services please feel free to reach out to us at (239) 658-5217 or e-mail me directly at jfragnolicpa@gmail.com.