Our Services
Comprehensive Financial Planning
You likely have several financial fragments in your life. You have an accountant, a banker, insurance agent(s), attorney(s), and different investments, just to name a few. We find that most of the time each of these pieces was developed independently and at different times in your life – with little or no communication or coordination with each other or the different advisors that you have worked with in these areas. It is not a surprise that the overall financial plan that we see in place prior to coming to us is generally fragmented and may not be in the right order.
To be effective, financial planning needs to be coordinated and our experience shows us that having a long-term financial “quarterback” leads to a much greater success rate for reaching financial independence. Each piece of the financial plan needs to be integrated into the other pieces. We will look at your entire financial picture and help you fit the pieces together properly. Based upon your specific needs, a comprehensive planning relationship at PWM will address the following areas:
- Personal financial planning
- Business financial planning
- Retirement plan design
- Investment advisory & management
- Tax planning strategies & entity selection
- Business valuation and transition services
- Asset protection planning
- Insurance planning
- Estate & gift tax planning
Income Tax Preparation & Consulting
Our firm specializes in tax preparation and consulting for small business owners and high net worth individuals. We engage in strategic planning to ensure that our clients are minimizing their tax liabilities. We consult in sophisticated and compliant methods to manage your effective tax rates over the long-term. We also stay abreast of special deduction and credits that you may be eligible for to further manage your tax liability.
For more information, please visit the website of Parkhurst & Associates CPA PC at www.parkhurstcpawealth.com
Investment Advisory Services
PWM offers a wide range of investment tools that balance risk with reward and put your savings dollars to work for you. Since we are Fee Only Financial Planners, our investment advisory services avoid the unnecessary commissions and excessive fees that are many times charged in numerous portfolios.
As part of our invesment management services, we are able to provide our clients with access to world-class investment managers in their portfolios that the client may otherwise be unable to outside of our firm due to the high investment minimums these managers may require individually on their own. Most of these managers are also unavailable to the public through traditional large custodial firms.
An important component of the overall financial plan is employing assets that work in step with your goals. By design, PWM's investment offerings meet the specific needs of our clients while balancing risk, maximizing return, and preserving capital. We will help you:
- Define a return expectation within your risk profile. Recommend investment vehicles that will meet your objectives
- Understand your portfolio manager's investment strategy
- Monitor portfolio performance and adjust when needed
PWM also formulates an optimal retirement portfolio for the efficient distribution of your retirement assets. This requires the use of accounts in multiple environments encompassing many factors such as your income tax bracket, outside income, and outside investment accounts and making those decisions based on the different tax environments they are in.
Life Transition Services
PWM addresses unforeseeable life transition situations that may occur during your lifetime. Brandon is a Certified Divorce Financial Analyst (“CDFA”). Brandon is able to work with your attorney to collaborate on an equitable financial settlement as well as address all scenarios in the long-term that may impact your specific situation. We are able to project the long-term implications of any financial divorce proposal that you may receive to analyze if it will benefit you and all parties in the most efficient manner.
Retirement Planning
Our firm has extensive knowledge of cutting-edge strategies of allocating our clients’ portfolios that will yield them the maximum withdrawal rates to sustain their assets throughout their life expectancies as well as leave a legacy, based upon their wishes, to their beneficiaries. We utilize psychology as well fundamental asset-based strategies to ensure that our clients are enjoying the fruits of their net worth since they will be most likely be living off of their retirement income for nearly as long as it took for them to accumulate the very assets they saved up to live off.
We have a sophisticated distribution strategy to implement this approach.
Business Valuation & Transition
Bringing on a partner? Buying into a business? Selling an established business? You'll value from our collaborative approach to transition your most important asset. We are Certified Valuation Analysts (CVAs) that qualify us to value your business. As Business Valuation specialists, our experience allows us to help determine the fair value of a business and ensures that its value is realized in a win-win transaction for each owner. Our tax expertise allows us to structure the transaction to maximum mutual advantage.
We become involved early on in the associateship phase so that each owner is educated about the financial and relational implications in their advancement with each owner, their staff, and business referrals. The transition process is not all about the financial outcome and is heavily driven by the relationship and understandings that the owners have with one-another.
We also focus on fair and equitable splitting of practice income amongst the business units of the practice to ensure that each owner is compensated fairly in the practice relative to their efforts. We find that many compensation arrangements may not be appropriately aligned to the efforts of each owner in the practice.
Each owner’s style and needs are different, so we provide consulting and contract services for setting up associateships and partnership arrangements.
Having provided Financial Planning for Doctors, Dentists, and small business ownersfor many years, we sit down with each professional and model out the cash flow and income tax implications for the scenario that best meets each owner’s circumstances so that each professional can make alternate individual elections without impacting the other owner, thus further creating a win-win situation for the team.
Retirement Plan Design
Do you have the right retirement plan for your practice given the number of owners, number of employees and the ages of all? Has it been recently reviewed? Is your retirement plan even designed for the level of funding to even get you to your retirement goals? At PWM, we perform a complete review of your current plan design and make recommendations to ensure you are cost-effectively funding at a level to meet your retirement goals and to provide beneficial funding to your employees. We also monitor continuous tax and pension law changes that may impact your plan and make changes based on new opportunities.
As Fee Only Financial Planners, we work with you to determine which retirement plan options are available to your business. For example, we evaluate whether a cross-tested safe harbor 401(k) plan may be appropriate, if a cash balance/defined benefit plan may be economical for your situation, just to name of few of the array of retirement plan funding options available to you.