NEWS & RESOURCES

Why Holistic Financial Planning Helps Meet Clients’ Diverse Needs

Provided By: Adelae Winters, Financial Advisor

Adelae Winters, Financial Advisor

Often, you are the only person who can see your entire financial picture. However, typically a financial advisor or certified public accountant has expertise or knowledge in financial planning, tax planning, accounting, insurance and estate planning. In a traditional financial service model, you might have found that these professionals – often salespeople – recommend products based on their limited knowledge of you and your family’s needs. These experts are likely not collaborating with one another to ensure you are maximizing your financial opportunities.

So, what’s the solution? It can be time-consuming and expensive to work with multiple professionals, and it could be advantageous for you to look to a more holistic financial professional to help you in various service areas. 

Holistic Financial Planning 101

What does holistic really mean? It is defined as relating to or concerned with wholes or with complete systems rather than with the analysis of, treatment of, or dissection into parts. To break it down even further, say you interview two financial advisors about your retirement needs. One advisor might use a calculator to assess your current income streams and what age you want to retire and give you a numerical assessment of how much you need to save each month or contribute to your retirement account. The other advisor asks you questions about your long-term goals and your life’s values and aims to get to know you on a deep level. The primary purpose of working with a holistic financial advisor is to create a plan and build a relationship that evolves and adjusts based on changes in your life, the economy, the tax environment and what is happening in the stock market.

A holistic financial advisor considers all aspects of your financial situation, which allows them to serve you no matter what life brings – from retirement, education, tax and estate planning to debt reduction and investment management. This approach has multiple benefits, but one of the most notable is how a holistic plan incorporates your current tax position. A holistic financial plan includes the tax implications of your investment decisions because no one should be paying more taxes than is required by law.

Holistic Planning Puts Tax Saving at Its Core

If your advisor is not a certified public accountant or actively collaborates with tax professionals, then there could potentially be missed opportunities or tax implications to your investment portfolio. In 2023, your financial advisor should be up to date on ever-changing tax laws and legislation, so you don’t have to be, or alleviate you having to be a middleman communicating information between these two professionals. It should be their standard practice to explore every option for reducing tax liabilities. Taking a holistic approach through a tax-smart lens to review your investment strategy, business assets, possible insurance needs and retirement goals – ensures your investments are appropriately allocated, considers future expenses and how they will be covered, plus the tax implications of your investment and distribution decisions, including dividends and capital gains or losses.

Investments Are Not the Answer to Every Problem

Portfolio management is a crucial part of your financial plan, but viewing investments as the answer to every problem could leave you as an investor feeling deprived of more robust financial services. You cannot invest your way into having appropriate life insurance. You cannot invest your way out of paying more taxes. And you cannot invest your way out of spending more than you make.

Your investment portfolio and tax situation typically are the most discussed areas of your financial plan, but a holistic approach means that if you make a change in your portfolio that impacts your estate plan, you will not need to call your financial advisor, they will already know.

Cordell, Neher & Company, PLLC, takes an integrated approach to financial planning by blending tax professionals and financial advisors to give you a complete financial team in your corner. For more information, visit our website at cnccpa.com or give us a call at (509) 663-1661, and we’ll begin helping you, your family or your business today.

Events & Deadlines

Shred Event

Cordell Neher & Company, PLLC 175 E Penny Rd #1, Wenatchee

CNC Newsletter

Subscribe and stay informed on policy changes that could have an impact on you.
Something went wrong. Please check your entries and try again.

Leave a Comment





TaxCaddy Login

Avantax Login

SafeSend

CPA/Tax Documents Only

Bill Pay Login

Footer Contact

  • This field is for validation purposes and should be left unchanged.

(509) 663-1661  - Wenatchee
(800) 767-7725  - Toll Free

(509) 662-5678
Fax Number

P.O. Box 3068
Wenatchee, WA 98807-3068

Privacy & Usage: The information on the Cordell, Neher & Company, PLLC website is provided with the understanding that it should not be substituted, in any way, for consultation with a professional Certified Public Accountant, accountant, tax, legal or other competent advisor. Cordell, Neher & Company, PLLC makes every attempt to ensure that the information contained on their websites are obtained from reliable sources, but is not responsible for any errors and/or omissions or from the results obtained from the use of any information. This site contains links to servers maintained by other organizations. Cordell, Neher & Company, PLLC cannot provide any warranty regarding the accuracy or source of information found on any of these servers, the content of any file the user might use to download from a third-party site, and is not responsibility for the content found on any of these servers or for any links these servers maintain with other servers.

Avantax financial professionals may only conduct business with residents of the states for which they are properly registered. Please note that not all of the investments and services mentioned are available in every state. Securities offered through Avantax Investment Services SM, Member FINRA, SIPC. Investment Advisory Services offered through Avantax Advisory Services SM. Insurance services offered through an Avantax affiliated insurance agency. Method 10® is property of Avantax Wealth ManagementSM All rights reserved 2020. The Avantax family of companies exclusively provide investment products and services through its representatives. Although Avantax Wealth ManagementSM does not provide tax or legal advice, or supervise tax, accounting or legal services, Avantax representatives may offer these services through their independent outside business. This information is not intended as tax or legal advice. Please consult legal or tax professionals for specific information regarding your individual situation.

Check the background of your financial professional on FINRA's BrokerCheck Avantax affiliated advisors may only conduct business with residents of the states for which they are properly registered. Please note that not all of the investments and services mentioned are available in every state. Securities offered through Avantax Investment ServicesSM, Member FINRA, SIPC, Investment Advisory services offered through Avantax Advisory ServicesSM,Insurance services offered through an Avantax affiliated insurance agency. 3200 Olympus Blvd., Suite 100 Dallas, TX 75019 972-870-6000.

The Avantax family of companies exclusively provide financial products and services through its financial representatives. Although Avantax Wealth ManagementSM does not provide or supervise tax or accounting services, Avantax Representatives may offer these services through their independent outside business. Content, links, and some material within this website may have been created by a third party for use by an Avantax affiliated representative. This content is for educational and informational purposes only and does not represent the views and opinions of Avantax Wealth ManagementSM or its subsidiaries. Avantax Wealth ManagementSM is not responsible for and does not control, adopt, or endorse any content contained on any third party website.

This information is not intended as tax or legal advice. Please consult legal or tax professionals for specific information regarding your individual situation. Investments & Insurance Products: Are not insured by the FDIC or any federal government agency- Are not deposits of or guaranteed by the bank or any bank affiliate- May lose Value

Avantax Investment ServicesSM and Avantax Advisory ServicesSM are not affiliated with CNC Financial Group, LLC.

CNC-icon-white-02

© 2020 Cordell, Neher & Company PLLC • Designed by Pixel to Press