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The Five Steps of our Wealth Management Process

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3

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5

Understand

Listen
Learn
Question

Wealth is a tool to help build the life you envision. So we begin by listening, learning and questioning what that life looks like to you. Once we fully understand your vision, we balance opportunities with the realities of any constraints or obstacles you may face.

Collaborate

Collaborate with Professionals
Identify Experienced Team

We then move to the Collaboration step. During this step, we identify an experienced team of professionals, such as accountants and lawyers, to incorporate various perspectives and more accurately form your financial plan.

Design

Analyze Situation & Evaluate Needs
Educate on Findings & Solutions

In our Design step, we share what we have learned from the previous two steps. By analyzing your situation and evaluating your needs, we can design a financial strategy that is tailored to you. Together we map out your financial plan and ensure that you are satisfied with the direction you will be taking financially.

Implement

Adopt Action Plan
Coordinate with Experienced Team

In the Implementation step, we deploy the people, processes and resources to launch your plan.

Manage

Monitor Progress
Review & Revise
Periodic Review

Finally, the Manage step features a structured review procedure to chart your progress. We offer refinements as needs and situations change, always keeping you informed and making certain that you are comfortable with every action.

Our team's process is a way of doing business that focuses exclusively on you.

View a graphic overview of our Wealth Management Process.


Business Planning and Exit Strategies

Our financial advisors work directly with retiring business executives and business owners on “exit-planning” strategies for retirement, death or disability.  Our business planning includes strategies to protect key employees and help spouses and/or families retrieve money from a company owned by a spouse and/or parent in the event of retirement, death or disability.


Education Planning

The options for setting aside education funds for children and grandchildren have grown exponentially since our advisors entered the business more than 30 years ago. We work with clients to determine an appropriate strategy to save for private primary school as well as college and advanced degrees, whether it is with the 529 College Savings Plans, state specific plans like MACs and MPACT, or private trust or Coverdell Plans. Our education planning also focusses on some interesting estate tax and income tax advantageous techniques.


Long Term Care

Long Term Care planning is not simply purchasing insurance to cover the cost of care caused by advanced age or incapacity; it is the discipline of thinking through all the “what-if” situations and the options available.  We often hear our clients’ children tell their parents not to worry about their long term care, because the children will provide for them. While our clients’ children have the best of intentions at heart, the reality is that they may not be equipped to provide this level of care.  Can a child take time off from work to stay home and care for a parent? Are they prepared to provide the necessary physical care for their parents?  These are the questions we review with our clients and their children.  Again, we use our process of listening, researching and then recommending, when helping our clients make these difficult decisions.  We also work with a local team of Elder-Care attorneys to tie long term care planning with the overall estate plan.


PERS

Phillips Financial is established in a university community, which allows us the opportunity to work extensively with the Public Employee Retirement System (PERS) of Mississippi and the Optional Retirement Plan (ORP).  We are well acquainted with the various options for retirement and can consult on retirement issues, such as those issues surrounding the PERS defined benefit plan. We also help our clients understand the unique challenges that state employees face when retiring under the Optional Retirement Plan (ORP).


Retirement Income

For baby boomers, the most difficult planning to do is converting from being an accumulator of assets to a spender.  Today, many pre-retirees find the various options of creating retirement income quite daunting. Together, we work with our clients to assess each type of strategy and its applicability to their situation.   Because we are an independent firm, we are not limited by a company or investment vehicle when putting together a strategy for a client. We take into consideration our clients’ retirement needs and wants, and determine a strategy to better ensure that they meet their goals. This planning involves our team’s extensive knowledge of income producing equity assets, fixed annuities, variable annuities, managed bonds, futures and alternative investments, and certificates of deposits.

Two of the most popular types of planning we provide are Social Security and pension plan distribution.