NEWS & RESOURCES

Authored by: Jason Underwood, CFP®

In today’s fast-paced financial environment, having a clear and comprehensive view of your entire financial picture is crucial. Many individuals are left to manage their finances piecemeal, consulting different experts for taxes, investments, insurance, and estate planning. This fragmented approach often leads to missed opportunities, especially when these professionals aren’t working together.

In 2024, with new tax laws, fluctuating markets, and evolving financial needs, the demand for holistic financial planning is higher than ever. Here’s why this approach is essential in meeting diverse client needs and helping ensure long-term success.

Why Holistic Financial Planning Is the Answer

Holistic financial planning takes the big picture into account. It’s about more than just analyzing individual components of your finances; it’s about creating a strategy that adapts to your evolving goals and external factors, like economic shifts and changes in tax laws.

Instead of offering one-off solutions or financial products, holistic planners ask deep, meaningful questions. What are your values? How do you envision your future? From there, they build a flexible plan that integrates retirement planning, tax strategy, insurance, investment management, and estate planning. It’s an approach that ensures all elements of your financial life work in harmony.

A Tax-Smart Focus in 2024

As tax laws continue to evolve in 2024, it’s more important than ever to ensure your financial plan considers tax-saving strategies. Whether you’re an investor, small business owner, or preparing for retirement, your financial advisor must be attuned to the tax implications of every decision.

For instance, with rising concerns about capital gains tax changes and evolving estate tax thresholds, a holistic financial advisor ensures you’re not overpaying on taxes and helps maximize your wealth by aligning investments with tax strategies.

Why Investments Alone Won’t Solve Everything

While portfolio management is crucial, it’s not a one-size-fits-all solution to financial challenges. You can’t rely solely on investments to cover future healthcare expenses, protect your family with life insurance, or lower your tax bill. A comprehensive plan covers these areas, ensuring your assets are diversified and protected, your tax burden is minimized, and your spending aligns with your goals.

The Integrated Approach

At Cordell, Neher & Company, PLLC, we emphasize an integrated approach to financial planning. Our team of tax professionals and financial advisors work together, providing clients with a complete financial picture. We ensure that if a change in one area of your plan affects another—like estate planning or tax liability—we’re proactively managing it.

With new challenges emerging in 2024, now is the perfect time to consider a holistic financial approach. To learn more about how we can help you navigate this complex financial landscape, visit our website at cnccpa.com or call us at (509) 663-1661.