Eight ways clients can better coordinate their financial lives

Rick Leidal and his son Alex provide comprehensive financial guidance to clients at Insight Financial Group, in Novi, MI.

“A client may have an attorney, CPA, insurance professional, and investment advisor, but no one coordinating the whole picture,” Rick Leidal says. “That is where we try to make a difference.”

Insight Financial Group uses The Insight Plan, its proprietary planning process, to help clients organize and coordinate the many pieces of their financial lives. As part of that approach, the firm helps clients think through several important considerations, including the following:

1. Connect each decision to the full plan. Before making a major financial move, consider how it may affect taxes, income, investments, insurance, estate planning, and family goals.
2. Know where everything is. Organize key documents, account information, insurance policies, estate documents, tax records, and professional contacts before your family needs them. Make sure accounts are titled properly and beneficiary designations are accurate.
3. Start family conversations before a crisis. Adult children or trusted family members do not need to know every detail, but they should understand who to call, where documents are located, and what broad plans are in place.
4. Separate essential and discretionary retirement expenses. Essential expenses are the bills that must be paid. Discretionary expenses support lifestyle. Knowing the difference can make retirement-income planning clearer.
5. Do not confuse accounts with a plan. Having investments, insurance, estate documents, and tax filings does not automatically mean those pieces are working together.
6. Plan for health changes. A serious illness, injury, or long-term-care need can affect income, assets, caregivers, and family roles. Addressing those risks early can help protect both the financial plan and the family.
7. Match each investment strategy to a purpose. Different assets and investment methods may serve different roles, such as growth, income, protection, liquidity, or legacy planning.
8. Schedule regular reviews. A financial plan should be updated as life changes, including retirement, health events, tax changes, market conditions, family changes, or the sale of a business or property.