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Financial Planning Made Easy

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The most important element of financial planning is the prioritization of one’s financial goals. This may seem obvious; however, being the emotional creatures that we are, it can become very frustrating trying to choose between wants and needs.

Most financial planners start with the laborious process of completing an elaborate questionnaire, sometimes requiring 30+ hours of the client’s time. To add insult to injury, some of the questionnaires don’t even ask the right questions. At Westport Resources our process takes just two hours, and in that time we learn a lot about our clients.

At the heart of Westport Resources is a streamlined proprietary process that we call the Organized Conversation. Our clients really enjoy its interactive nature. It helps them prioritize effectively while bypassing the typical tedious questionnaire.

Here are its key elements:

  1. Prior to meeting we ask the client to gather background data (account statements, insurance policies, tax returns, etc.). During our meeting we enter this information into a software database that we project on a 52-inch monitor to encourage discussion.
  2. We ask the client about goals, obligations and aspirations. This is most informative because we get to know the client, not only from what is said, but also how it is said.  
  3. We enter hypothetical data such as the rate of inflation, rates of return and tax rates that we estimate based on recent history.
  4. We then use our software to generate a “What If” graph and a report of probability that the client will have assets (resources) available to cover expenses throughout his or her lifetime. We then tweak the data and generate multiple “What If” scenarios to see the financial impact of those changes. We can change expenses, projected rates of return, tax rates, income forecasts – any assumption made in compiling and understanding the client’s life.
  5. Westport Resources also evaluates the client’s risk tolerances in light of future financial requirements. This helps the client prioritize from college and retirement to large expenditures such as vacation homes and kitchen renovations.
  6. We analyze the client’s existing portfolio. Westport Resources utilizes the industry’s best technology and research to determine if/how the client’s assets are invested to support his/her goals.
  7. Westport Resources designs a comprehensive customized model portfolio that illustrates how we would manage the client’s assets to better meet his/her financial goals.

Our clients find this process very empowering. They discover that they have more choices for how to use their resources effectively than they ever expected.

To explore this strategy with Westport Resources, please contact Mary Roland at 203-226-0222 or mroland@westportresources.com

John Adams Vaccaro is the founder and CEO of Westport Resources (www.westportresources.com), a leading financial planning and investment management firm headquartered in Westport. The firm has an office in Naples, Florida, as well.