Holistic financial planning is a comprehensive approach to managing one’s finances that considers all aspects of an individual’s or family’s finances. Instead of the traditional financial advisor role of focusing solely on investments or budgeting, holistic financial planners, such as iWealth, consider broader factors such as a person’s goals, values, risk tolerance, lifestyle and future aspirations. Holistic financial planners can also aid in business financial planning, as well as succession plans for when a business owner retires. Here’s a breakdown of the power and benefits of iWealth’s holistic financial planning:
Comprehensive Financial View
iWealth’s holistic financial planning considers all financial aspects, including budgeting, saving, investing, retirement planning, insurance, taxes, estate planning, wills, advanced directives and more. By looking at the big picture, iWealth helps our clients make informed decisions and ensures that each component of our client’s financial plan aligns with their overall goals and objectives.
Goal Alignment
Holistic financial planners start with identifying a client’s short-term and long-term goals. Whether it’s buying a house, funding children’s education, retiring comfortably, or leaving a legacy, a comprehensive approach ensures that financial strategies are tailored to help iWealth clients achieve their objectives.
Risk Management
Understanding and managing risk is a crucial aspect of iWealth’s holistic financial planning model. This begins by identifying our client’s unique risk comfort and creating a plan that includes not only investment risk but also potential hazards related to income, health, disability, liability, and more. By assessing our client’s risk tolerance and implementing appropriate exposure management strategies, iWealth helps protect our clients and their loved ones from unexpected events that could derail future financial plans.
Tax Efficiency
Taxes can have a significant impact on a client’s overall financial situation. Our iWealth team takes tax implications into account and incorporates strategies to minimize tax liabilities wherever possible. This may involve tax-efficient investment strategies, retirement account contributions, charitable giving, and other tax planning techniques.
Lifestyle Considerations
iWealth’s holistic financial planning scope recognizes that our client’s financial decisions should support their desired lifestyle. Whether a client wants to prioritize travel, hobbies, philanthropy, or other pursuits, their financial plan should be flexible enough to accommodate lifestyle choices while still working towards a client’s financial goals.
Professional Guidance
While some aspects of financial planning can be done independently, iWealth’s holistic approach often benefits from the expertise of financial professionals such as tax specialists, estate planners, insurance agents and more. The professionals iWealth recommends can provide valuable insights, expertise, and guidance to help our clients develop and implement a comprehensive financial plan tailored to their unique circumstances.
Adaptability and Flexibility
Life is full of unexpected twists and turns, and a financial plan should be adaptable enough to accommodate changes in our client’s circumstances, goals, and priorities over time. iWealth’s holistic approach allows for ongoing monitoring and adjustments to ensure that our client’s financial plan remains relevant and effective throughout their different stages of life.
Final Thoughts
iWealth’s holistic financial planning team offers a powerful framework for managing finances in a comprehensive and integrated manner. By considering all aspects of our client’s financial life, aligning strategies with their goals and values, and leveraging professional expertise where needed, iWealth helps clients gain greater confidence, clarity, and control over their financial future.
