What we find is that most people have a piece-meal financial plan. They have an accounting firm that prepares their taxes, a law firm that prepared their wills and trusts, an insurance agent that provided their insurance policies, and a portfolio manager that manages their money. The problem with this fragmented approach is that inefficiencies and loopholes exist, causing it to be an expensive proposition in the long run. The right hand does not know what the left hand is doing, and vice versa.
At Newport Private Capital we add value for our clients by designing completely customized, comprehensive tax and financial plans. Our philosophy is predicated on the concept that a systematic, multi-disciplinary financial diagnosis is an essential foundation for effective and appropriate financial recommendations. We gather and review all pertinent financial documents, such as tax returns, trust documents, insurance policies, and brokerage statements. Then, and only then, do we tailor a plan specific to your needs and wants.
We perform detailed capital needs analyses in the areas of retirement, college funding, accumulation goals, and life insurance. In addition, we address many other types of financial decisions, such as whether to: refinance or pay off mortgages; buy or lease autos; and net present value or internal rate-of-return calculations on investment opportunities. To receive the depth of analysis provided by one of our plans, most firms would assess a fee ranging from about $2,000 - $10,000.
We believe that our planning approach is effective for the following reasons: 1) our commitment to integrated planning, 2) the expenditure of significant financial and human resources toward the continuous development of proprietary planning software that incorporates all aspects of your personal and business finances, and 3) your financial plan is actually prepared by an in-house CPA, in coordination with other financial experts, such as attorneys, investment advisers and pension administrators.
A thorough financial plan put together with the help of a trusted financial consultant can help you accumulate wealth, preserve it and protect it for your heirs. By following a logical and systematic approach, our constant aim is to remove the anxiety that comes with managing your own financial affairs. Let us connect the pieces of your financial puzzle so that you can set your sights on your life ambitions.
And remember, people don't plan to fail, they fail to plan!