Comprehensive Financial Planning
We believe that financial planning is a critical process in helping you achieve financial goals. This is a multi-step process of identifying goals, gathering and reviewing financial data, and designing and implementing a plan to help you reach your goals. In effect, we will develop a blueprint designed to show you how you can meet your goals while staying within your means - a lifelong process. Once the plan is in place, it needs to be monitored, reviewed, and updated on a regular basis to meet dynamic circumstances. Many of our clients share with us how excited and relieved they feel once their financial plan is in place, and they are making steady progress toward their goals.
Will you outlive your retirement savings? As the cost of living continues to rise, the time to begin planning for a comfortable standard of living in the future is now. We will help you analyze your future income needs and develop a plan to help your retirement assets last as long as you do.
For a child born today, it is estimated that the total cost for four years at a private university will exceed $300,000. How can parents save enough to send their children to college while also saving for their own retirement? We will develop a plan that allows you to pay for your child's education while ensuring financial stability during retirement. We will review with you the various alternatives such as 529 savings plans, prepaid tuition plans, educational IRAs, Roth IRAs, as well as UGMA/UTMA accounts. Additionally, our experts will recommend the proper positioning of assets and liabilities to help maximize the potential for scholarships and other financial support.
Is your insurance appropriate and adequate for your current and future needs? We will review your assets, needs and objectives to determine how much insurance coverage you need. We will evaluate your current policies as well as other products that cover life, disability and long term care insurance. Being educated on the features and benefits of the various insurance products will allow you to feel more comfortable in making a decision. Finally, we secure the most favorable underwriting with any one of over 25 top-rated insurance companies.
Tax and Estate Planning
Working in conjunction with your accountant and attorney, we will coordinate your financial plan with your tax and estate planning needs. Working with Irving Munn, P.C., a public accounting firm, we design an investment strategy to potentially minimize taxes. Through proper planning we work to preserve your wealth and help assure that your assets are passed to your heirs as intended and with minimum adverse tax consequences. We also address other areas such as charitable gifting, wealth replacement, business succession, retirement plans, and gifting to children. Irving Munn, P.C. is not affiliated with Raymond James Financial Services.
To learn more about tax and accounting services provided by Irving Munn, P.C. click here.
Investment Advisory Services
Our philosophy on investment management is that a portfolio should be developed to not only produce a good return but manage the downside risk as well. Our approach is to first assess your risk profile and then design a portfolio that is personalized to your situation. We will develop an investment strategy that utilizes asset allocation*. This strategy provides a disciplined and systematic approach by diversifying* your portfolio among different asset classes and rebalancing periodically. Effective asset allocation can help preserve capital, increase liquidity and decrease volatility. Our investment services and products are offered through our broker/dealer, Raymond James Financial Services.
*Be aware that diversification and asset allocation do not assure a profit and does not protect against loss in declining markets.
Implementation and Ongoing Monitoring
Planning without action is futile. Action without planning is fatal. Unless there is follow-through on recommendations, the likelihood of success is greatly diminished. Proper implementation is critical. We will work with you regularly to review your current situation, monitor and rebalance your portfolio, and update your financial plan.
We provide two implementation alternatives for investments:
- Commission-based - Commissions are charged on investment transactions. Financial planning services are billed separately.
- Advisory Fee Program* - A fee is charged based upon a percentage of the assets managed. There are no commissions. With the Advisory Fee Program, if minimum assets are invested with us, all financial planning services are included.
*Advisory fees are in addition to the internal expenses charged by mutual funds and other investment company securities. To the extent that clients intend to hold these securities, the internal expenses should be included when evaluating the costs of a fee-based account. Clients should periodically re-evaluate whether the use of an asset-based fee continues to be appropriate in servicing their needs. A list of additional considerations, as well as the fee schedule, is available in the firm's Form ADV Part II as well as the client agreement.
Additional benefits of being a client of Munn & Morris Financial Advisors:
- Continual monitoring of your investments and recommendations of changes as appropriate
- Regularly scheduled meetings to review investment performance and update your financial objectives and strategies
- Periodic rebalancing of your investments to maintain the proper asset allocation
- A quarterly newsletter filled with information that makes you a more effective investor