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What is Holistic Planning?

August 13, 2020

There is an old proverb, "May you live in interesting times". This year would certainly qualify at interesting times. 

I was speaking with someone earlier this week and mentioned that I do "Holistic Planning" for many of my clients. Their question: What is holistic planning?

I've used the term so long that it never occurred to me that I might need to explain what is entails. There are four main areas:

1. Tax Planning* - including, but not limited, to tax returns. How can we minimize taxes over the coming years. A news article today on Presidential Candidate Joe Biden stated he had saved over $500,000 in taxes on $13.2 million of income by forming an S Corp, a form of tax planning.

2. Insurance Planning - all types of insurance can be used as Risk Management tools: Life, Disability, Business Owners, Commercial Liability, Home & Auto.

3. Legal Planning* - what legal documents and planning need to be done to provide for the client's needs, personally, professionally, and for business entities.

4. Wealth Management Planning - strategies for growth, income, preservation, and transfer.

None of these areas is sufficient alone. In many cases, Advisors work in silos, putting their particular discipline, rather the client, in the center and never connecting the dots with other areas. *I work with legal and tax professionals in these areas.

Now, imagine a circle or rectangle with each of these seemingly unrelated disciplines reaching out to the left and right to form an impenetrable barrier with the client protected in the center. That's holistic planning.

So, if this would help you, or someone you care about, feel welcome to reach out.

Best Regards!