Financial Planning

Financial planning is invaluable, regardless of the stage of life you find yourself in. Each stage – accumulation, preservation, and distribution – comes with its own unique goals and considerations that are tailored to your individual circumstances.

Starting from where you currently stand, we will guide you towards your desired destination. Even if you’re uncertain about your goals, we will help you identify what truly matters to you and what you aspire to achieve. Together, we will craft a comprehensive financial plan that paves the way for your success.

As you progress through life’s different stages or as your goals evolve, we will remain steadfast partners in this ongoing journey.

Financial Planning for Every Step Along the Way

Financial planning is a dynamic process that changes significantly as you transition through different stages of life.

Accumulation Phase

During the accumulation phase, the primary focus is on growing wealth, often through a combination of income generation, saving, and investing. This stage is characterized by setting long-term financial goals, such as buying a home, starting a business, or planning for retirement.

Preservation Stage

In the preservation stage, the objective shifts towards maintaining and protecting the wealth accumulated. This may involve strategies to mitigate financial risks, manage tax liabilities, and ensure the sustainability of your assets.

Distribution Phase

Lastly, in the distribution phase, the emphasis is on the efficient transfer of wealth, either during your lifetime or as part of an estate plan. This could encompass gifting to loved ones, philanthropy, or planning for inheritance.

In each stage, the strategies and decisions made should reflect your evolving financial goals and circumstances, which underscores the importance of reviews and adjustments of your financial plan.

Source: Visual Capitalist – Markets in a Minute. (2020, September 17.) Visualizing the Hierarchy of Financial Needs. Visual Capitalist. https://advisor.visualcapitalist.com/hierarchy-of-financial-needs/

The Hierarchy of Financial Needs

In 1943, psychologist Abraham Maslow proposed a “needs hierarchy,” which organizes human needs into five levels. It begins with basic needs like food and shelter, and as these are met, individuals can pursue higher-level needs like self-esteem and self-fulfillment. New York Life Investments’ Markets in a Minute chart illustrates how Maslow’s theory can guide your financial journey, offering practical steps to strengthen your financial stability.

Anchor Your Financial Future with Our Comprehensive Services

Take control of your financial future and achieve your long-term financial goals by working with a trusted financial planner. Get started today!