Directional Planning
Directional Planning: A holistic approach to your financial life
"Financial planning is a lot like comparing snowflakes," says Bill Smith, founder of W.B. Smith Companies. "At first glance one client's needs may seem nearly identical to another's, but after careful inspection, key differences begin to emerge. It is our job to identify those differences and devise the most appropriate financial strategy."
It was through years of one-on-one client interactions that W.B. Smith Companies’ ‘Directional Planning’ approach was born.
Step 1…. Information Gathering.
The first step in the process is listening. In-depth conversation and analysis enables us to clearly define goals, expectations and limitations to eliminate surprises later. We believe that every successful financial plan begins with the establishment of a strong relationship and a deep understanding of our client’s goals and values. As in any relationship, communication is key. In our initial conversations with clients, we’ll ask many questions and gather lots of information, some general, and some specific. The practical applications of financial planning include goal setting, organization, cash flow, retirement planning, investment strategies and risk management to name a few. We’ll look at your current finances, your investments, and even your insurance coverage. We’ll talk about your career, your life goals, and your family. We’ll work with you to define a common set of expectations based on your current situation and priorities. We’ll ‘reality-check’ a number of scenarios to see what will work for you—and what won’t. All these details, and many more, are factors that must be taken into consideration as we build a solid well defined foundation for your individual financial plan.
Step 2… Creating the Plan
Next, we shift from listener to advisor as we tailor each client's financial plan to balance risk and reward. By combining an intimate knowledge of your financial goals with our experience in all facets of financial planning, we create a plan that’s strategically sound and financially responsible. This includes timely investments within a structured, well-diversified portfolio. Risk and reward are balanced according to the client's attitude and comfort level. "The planning and advisory process is dynamic," says Bill. "We review each plan diligently and frequently. We are able to anticipate and react quickly to any changes in the client's financial status." within a structured, well-diversified portfolio. We are able to anticipate and react quickly to any changes in the client's financial status."
Step 3…Implementing the Plan
We’ll implement your plan based on priorities and shared goals and work with you to ensure the validity of the plan, then put it into action. Any financial plan is subject to both predictable and unpredictable forces. Lives change. Jobs change. Markets change. Laws change. Consequently, we work hard to anticipate significant events and react quickly to the minor ones in order to make directional changes to your plan as time goes by. By our very nature, and for strategically sound reasons, we endeavor to manage your plan over the long term, steering strategically through market cycles rather than making abrupt changes based on day-to-day fluctuations.
Step 4… Monitoring and Adjusting
The key to Directional Planning lies in our ability to respond to internal and external factors to ensure performance. As time goes by, we’ll proactively adapt your financial plan to your changing needs. To that end, we regularly communicate with you, and continuously monitor your portfolio and the markets that impact it. Any financial plan is subject to both predictable and unpredictable forces. Lives change. Jobs change. Markets change. Laws change. Consequently, we work hard to anticipate significant events and react quickly to the minor ones in order to make directional changes to your plan as time goes by. By our very nature, and for strategically sound reasons, we endeavor to manage your plan over the long term, steering strategically through market cycles rather than making abrupt changes based on day-to-day fluctuations.
Step 5… Transitioning From Growth to Income
We are experts at transitioning from a growth orientation to an income producing role, funding your retirement and preserving as much of your estate as possible for your heirs. There’s a key moment in one's relationship with W.B. Smith Companies where we shift roles from being your financial advisor, to being your financial facilitator, where our job is to convert years of asset growth into a reliable, steady source of income. It’s at this time when we truly shine. While most advisors can make sound recommendations to help grow your portfolio, few can match W.B. Smith Companies when it comes to transforming that portfolio into a reliable source of income to help support you through retirement and old age.
The first step in the process is listening. Our associates have an innate talent for uncovering each client's needs and expectations whether they involve retirement, college, estate structure or a corporate benefit plan.