Build Your Financial Roadmap
Following an initial consultation which we offer at no charge, we encourage clients to develop a financial plan. The financial plan is simply a roadmap. We walk through each of your financial objectives such as establishing an emergency fund, buying a home, paying for college and retirement, and legacy planning. For each objective we determine where you stand, where you are going and the steps necessary to get there.
These objectives, which can be years or even decades away, may be daunting when viewed through the telescope of time. We assist you by building a streamlined plan that shows step-by-step how a disciplined savings, spending and investment strategy can help you achieve your objectives.
We counsel our clients to make sure that they have appropriate property, disability, long-term care and life insurance. We do not sell insurance. We only advise you on the insurance you need, free from conflicts of interest.
Stay on Track
In the words of President Dwight Eisenhower, “Planning is everything, the plan is nothing.”
Once we complete a financial plan for a client, we turn our eye to establishing an appropriate savings, spending and investing plan. The two critical factors in this step are assessing our client’s tolerance for risk and balancing that with an understanding of the time horizon for achieving each objective. Investment strategies for planning a home purchase two years hence, saving for a child's college education or for a retirement that is not likely to occur for 20 years will each look quite different. We match an investment strategy to each of your goals and meet with you periodically, reviewing your progress based on milestones established in your financial plan.
Transition to Retirement
The most important time in an investor’s life is the 10-15 years before retirement. There is still time to recover from investment mistakes they may have made along the way. This is a transitional time and it is valuable to have a financial plan that informs investors how to get from Point A (now) to Point B (retired). More importantly it gives you time to start thinking about what retirement will be for you. On the personal side, what will you do once you have more time to do the things you want to do? And on the financial side, how will you afford to do all those things? We guide you through this life-changing process.
Make Your Assets Last
It takes a tremendous adjustment of attitude and investing strategy after your career changes gears and you dial back your income or fully retire. Instead of saving money, retirees need to become comfortable with spending their savings. Today’s longer life expectancies require complex strategies. Which accounts should you tap first - your IRA, Roth IRA or your taxable accounts? What is required to be withdrawn each year? When should you claim Social Security? Do you own an annuity, and should you annuitize it? What strategies exist to tap home equity without selling your home?
There is no right answer for everyone and there may be more than one right answer for you. The last person you want to ask about such strategies is someone who has an incentive to sell products. Fenway Financial Advisors can counsel you on all these options with no incentive to generate fees or commissions from the sale of any financial products.
Manage Your Risk
Once you’ve built a strong financial foundation, it’s imperative to protect it with appropriate insurance. Many financial advisors have incentives to sell high-commission policies. Fenway Financial Advisors directs our clients on the correct types and amounts of insurance that they should hold, independent of financial incentives. An insurance and annuity review can be conducted as part of an overall financial plan or as an independent offering. We will evaluate your policies, coverage and options for property, disability, long-term care and life insurance as well as annuities. We are compensated strictly for the services we provide, not products we sell. We are solely independent consultants with a fiduciary obligation to provide objective advice with your best interests first. Always.