Investment Services & Financial Planning
Richard Ross and Jennifer Dorward are licensed financial advisors working with the broker/dealer HD Vest Investment Services SM, to provide investment options to clients. HD Vest Investment Services SM was founded in 1983 and has over 5,500 advisors in all 50 states with over $25 billion in assets. They were purchased by Wells Fargo Bank in 2001, and are now a non-bank subsidiary. Wells Fargo Bank provides the monetary backing along with the prestige of being one of the top five largest banks in the United States.
It is our goal to work with clients to develop a customized financial program that pursues their long term needs and provides comfort in the areas which are critical at their stage in life. We accomplish this by getting to know each of our clients, and attaining a well rounded knowledge of their life styles and investment goals. This is achieved by using a framework we refer to as 'The 8 Paths to Prosperity,' which are listed below:
1. Cash Flow and Debt Management
a. Debt Analysis
b. Cash Flow Analysis
c. Budgeting
2. Tax Planning
a. Tax minimization
b. Timing Issues
c. Tax law changes
3. Family Risk Management
a. Life and Health Insurance
b. Disability and Long Term Care
c. Wills and Durable Power of Attorney
d. Insurance efficiency reviews
4. Retirement and Investment Planning
a. Retirement Planning
i. Future Needs and Goals
ii. Time Horizon
iii. IRA’s and Distribution Planning
iv. Savings and Investment Needs
b. Investment Planning
i. Risk Analysis
ii. Portfolio Consolidation
iii. Diversification and Investment Selection
iv. Asset Allocation and Rebalancing Strategies
5. Education Planning
a. 529 Plans
b. UGMA/UTMA
c. Education Trusts
d. Financial Aid
6. Special Events Planning
a. Weddings and Combining Assets
b. Legal/Divorce and Splitting Assets
c. Special/Unexpected Events and Special Purchases
7. Business Planning
a. Retirement Plans
b. Business Succession
c. Business Cash Flow Management
8. Legacy Planning- Estate Planning
a. Transfer of Assets
b. Gifting
c. Charitable Giving
d. Avoiding Probate
Cash flow and debt management, the cornerstones to the prosperity plan; are essential to having success on the other seven financial paths of life. Once there is success in debt management the next path is managing taxes to retain the most of your money. This is an ongoing plan which must be altered to tailor each new stage in life. With taxes being managed to benefit each individual situation, it is important to plan for retirement which requires an investment strategy. Planning to meet present needs as well a future needs is done through determining many things such as an individual’s risk tolerance, time horizon and liquidity needs. Paralleling the need to invest for the present and the future requires a path encompassing family risk management. With the increasing cost of health care and living expenses, family risk management ensures that money is not overspent and coverage is adequate for current health and life insurance policies. For small business owners, business planning is necessary to have optimal cash flow and proper succession once the owner retires. Subsequent to a plan being underway for each the previous five paths, it is time to prepare for education expenses and special events. These future situations will require proper funding prior to their occurrence, in order to minimize personal stress and the accumulation of unnecessary/additional debt. With all of life's financial paths properly planned, each individual will desire to create a legacy such that their lifetime efforts will have a watershed of benefit to their heirs. An efficient transfer of assets to the next generation will require proactive estate planning.
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