Financial Planning Consultants, Inc. (FPC) is a fee-based independent registered investment advisory firm with its headquarters located in Lafayette, Indiana. FPC provides Wealth Advisory Services including Comprehensive Financial Planning and Investment Management* to affluent and wealthy individuals as well as business entities.

We recognize that along with financial success comes increased responsibilities and complexity. At FPC, we provide a holistic approach to managing all aspects of our clients’ financial situations. By doing so, we can exploit the critical interdependencies among investments, income and estate taxes, providing income for retirement, daily expense management, as well as business counseling and philanthropic decision-making, if appropriate. We recognize that our clients’ unique financial needs and goals change over time, so we offer a spectrum of services. We can demonstrate the short-term as well as long-term benefits of smarter tax strategies and improved investment decisions. We will also show our clients how to confidently transfer money to loved ones, establish a trust or foundation, or simply help them to manage their finances on a daily basis.

 


FINANCIAL PLANNING CONSULTANTS, INC. is a business designed specifically to meet and/or exceed the needs of great clients and their families throughout their lifetimes. We know we’re different and not for everyone. However, in focusing on being the best we can be for each of our clients . . . we’ve built a “multi-specialty” comprehensive financial advisory and administrative services firm which operates as a CLIENT-CENTERED TEAM focused entirely on serving the needs and important values of every individual client.

Although we do accept limited engagements (i.e. Basic Financial Review or Insurance & Investment Advice), we have deliberately chosen to focus our practice upon providing ongoing FAMILY WEALTH MANAGEMENT* Services for clients wanting a "full-service" type relationship on a long-term basis.

Perhaps the most important and difficult decision for any business is clearly defining “who they are, what they do and who they do it for.” In the financial services business, banks and brokerage firms “talk” about the wealth of clients, but are primarily interested in selling investments, insurance and other “retail” services. We made a conscious decision to not be in just parts of the business . . . but rather, we have chosen to be involved in the total long-term financial “picture” for clients (not customers) on an unbiased & objective basis. Our success depends entirely upon the quality of our advice and services to our clients.

Our best clients are “Prudent Investor” types (self-made millionaires, business owners, professionals, executives, widows and retirees) who are generally more conservative and have many other interests in life beyond just “worrying about their money”. Typically, our best clients value relationships, competence, and integrity. They realize that they don’t have the time or inclination to try to learn everything, so they surround themselves with people who give them good advice and service. What we’ve learned that’s really important to most of our clients is financial independence, having a sense of “control”, simplicity, convenience, the availability of guidance, coaching, education, and some relief from responsibilities that can be handled well by others.

Being in the business of being trusted advisors and service providers, our clients have helped us create the kind of infrastructure and systematic processes necessary to help them organize their financial lives and create workable action plans. We offer great clients a “blend” between institutional money management* and personal financial planning combined with coaching, mentoring and leadership (a mixture of skills commonly exhibited by different professionals requiring a higher level of competency than is typically found in a business culture devoted to marketing and sales). Flexible in our approach and routines, we pride ourselves on our active listening skills, problem solving, and “out-of-the-box” thinking. Our primary focus is on each individual client’s unique “Economics” (i.e. how much does what we do assist them in making smart decisions to fulfill their life values/goals)!

Lastly, we want existing clients (and every prospective new client) to know that we recognize there will always be challenges, risks, obstacles, set-backs, and other "hurdles" along the way in helping them achieve financial success. Our job is to be a guide, resource, and proactive provider of objective advice and extraordinary assistance throughout tough times as well as the best of times in keeping clients on track with their important plans. This is why we deliberately chose to not be in the “retail” business, do not have any “customers”, and have narrowly focused all of our resources upon simply being a great client-centered team working exclusively with our “great” clients!


 

FINANCIAL PLANNING SERVICES

In each area of financial planning, we offer an array of services. These services are available to you to the extent that you desire and as indicated by the level of service that you purchase.


COMPREHENSIVE FINANCIAL PLANNING

You receive a detailed comprehensive financial plan identifying multiple ways to achieve your personal goals and objectives. Your plan also includes an investment policy statement that outlines your long-term investment strategy.

In the area of Comprehensive Financial Planning, our process is:

  • First, we begin by listening to your priorities, your concerns, your values and your goals.
  • Once we understand where you’re headed, together we gather all necessary data related to your plans.
  • Then, FPC analyzes and evaluates your current situation and how various internal and external factors might impact your progress and goals.
  • Together with your vision and related data, FPC prepares strategies specific to meeting your goals. We welcome the opportunity to work with your other advisors such as accountants and attorneys to promote unity in your planning.
  • After we’ve presented our recommendations and rationale to you – and have received your approval – we begin implementing the approved strategies and investing your money.
  • Throughout it all, FPC stays by your side and communicates frequently with you. As changes in your life occur, together we re-visit your plan to make necessary modifications.

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INCOME & TAX PLANNING

This appointment emphasizes the difference between tax planning and tax preparation. Tax preparation is the process of preparing tax returns, often income tax returns. Tax planning is a proactive process, during which we project future tax liability and develop strategies to help clients reduce their tax bill.

In the area of Income & Tax Planning, we can:
 
  • Refer you to an accountant if you need one, or work with your accountant if you already have one. 
  • Review your tax return each year to spot planning ideas visible to us because of what we know about the rest of your financial life. 
  • Provide summary tax data each year that makes the preparation of the annual tax return easier for you, and likely more accurate.  
  • Inform you of changes in the tax law and discuss with you what the changes mean for your financial planning.
  • Track cost basis data for portfolios that we manage. 
  • Assist with miscellaneous questions, such as:
    • How to organize and how long to save financial papers?
    • What particular expenses are tax deductible?
    • When to consult the accountant or attorney?


With taxes planned well, it is more likely that you will pay the right amount of taxes and less likely that you will encounter a surprise tax liability.

 

Please seek the advice of an appropriate professional for tax related matters.

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BALANCE SHEET/NET WORTH ANALYSIS

The Balance Sheet/Net Worth Analysis allows us to more fully understand your current financial position. It is important we understand where you are today, so we can help you reach your future goals. We will review your current budget and net worth, identifying strengths to reinforce and weaknesses to correct.

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CASH FLOW MANAGEMENT

We will develop multi-year cash flow models in which short- and long-term expenditures (tax payments, new residences, children's education, retirement, etc.) are anticipated and appropriately funded to help meet those needs. At the same time, we'll model cash flows that can be available to fund investment strategies.

In the area of Cash Flow Management, we can help you determine:
 
  • The extent to which you are living within or beyond income.
  • How much you can safely spend and how much you need to save.
  • How your current standard of living compares, for example with what you might expect in retirement, if you get out of debt, or after you put your children through college.
  • How to easily track your budget.
  • How to convert portfolio wealth to income in retirement.
  • The answers to such miscellaneous questions as:
    • How can I automate routine financial transactions? 
    • Should I pay insurance premiums annually or monthly? 
    • How can I reduce administrative hassle? 
    • When is it preferable to arrange tax withholding on income instead of paying estimated tax payments throughout the year? 
    • Different ways to get cash when traveling abroad?


With cash flow planned well, day-to-day management of finances is easier, and it is more likely that you will reach your financial goals in a timely manner.

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RISK MANAGMENT & ASSET PRESERVATION STRATEGIES

In the area of Risk Management & Asset Preservation, we can:
 
  • Identify potential gaps in your insurance coverage and show you how to close those gaps. 
  • Clarify your employee benefits package, and specify what insurance coverage is needed to supplement that package.  
  • Tailor insurance coverage to your needs so that you pay an appropriate amount for the appropriate coverage. 
  • Alert you to changes in the industry or in your life that suggest a need to update insurance coverage (e.g. mixing business and personal property, having a college age student in your family, dealing with COBRA health insurance issues). 
  • Plan for what to do when insurance coverage stops; for example, when you leave a job or change marital status.


With insurance coverage well-planned, you are better prepared for the financial consequences of a major misfortune.

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GOAL SETTING

The Goal Setting Appointment is a major turning point for many of our clients. Fantasies are turned into reality as a result of putting numbers and time lines to dreams. You can use the acronym, SMART, to help assure your goals are:

  • S – specific
  • M – measurable
  • A – attainable
  • R – realistic
  • T – translucent time frame

An additional purpose of the Goal Setting Appointment is to be sure we, as your advisors, understand your priorities. It is sometimes easy for us to fall into the trap of imposing our priorities onto clients, or to assume we understand your goals. This appointment helps us focus on what is truly important to you.

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RETIREMENT & ESTATE PLANNING


WEALTH MANAGEMENT* SERVICES

FPC offers Wealth Management* Services to individuals and their families for current and future generations. Through FPC’s experience and vast network of financial and legal professionals, we provide value-added guidance and solutions to complicated financial issues surrounding Wealth Management*. These services include, but are not limited to:

  • Family Estate Planning and Trust Services
  • Gifting Strategies
  • Philanthropic Planning
  • Investment Management* Services
  • CareGiver Consulting Services
  • Structured Settlement Services
  • Educational Services

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MULTI-GENERATIONAL PLANNING

In the area of Multi-Generational Planning, we can:

  • Help you decide whether, when, and how to talk with parents and children about financial issues.
  • Provide financial education for your newly adult children.
  • Be a resource to you for financial multi-generational questions that arise in your extended family.
  • Assist you in raising financial questions with your extended family to the extent that you desire, and help you to identify issues that could profitably be raised.

With multi-generational issues well-addressed, family relations and family wealth are enhanced.

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ESTATE TAX PLANNING

While we are not attorneys and do not practice law, an integral part of any financial plan is reviewing your estate plan.  We feel it is important to analyze your estate for liquidity and estate tax liability in the event of your death.  We want to help you be sure your assets will be passed to your heirs and beneficiaries with as little cost and complexity as possible. 

  In the area of Estate Tax Planning, we can:
 
  • Refer you to an attorney when you need one, or work with your attorney if you already have one. 
  • Assist with some of the personal decisions involved in estate planning. 
  • Compile data for your estate-planning attorney, and identify and summarize potential estate planning issues for your attorney's consideration. 
  • Go with you to the attorney's office or work with your attorney on your behalf. 
  • Alert you to changes in the law or changes in your own circumstances that may require a visit with your attorney. 
  • Assist with the updating of titles and beneficiary designations as advised by your attorney.


With estate documents well-planned, it is more likely that your preferences with respect to both medical and financial affairs will be honored in the event of your incapacity or death.

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RETIREMENT PLANNING
 
For many of our clients, retirement is a major goal, which needs to be addressed in a separate appointment.  Retirement can mean many different things to different people.  Everyone has their own timeline for retiring, and each person has their own idea of the lifestyle they want in retirement.
 
In fact, we encourage our clients to throw out the traditional definition of “retirement” and replace it with the concept of “financial independence.”  This is the stage in the Financial Lifecycle where the client has the freedom to do what they always wanted to do.  They have adequate income and resources to provide the lifestyle they want; working for a living becomes optional, and retirement is affordable.  Of course, many “retirees” choose to continue working to provide a sense of pride and self-satisfaction.  Others choose to do volunteer work, travel, start a business, or find new forms of recreation. 

The Retirement Planning Appointment is a time for us to explore your unique vision of retirement and put numbers and a timeline to your dreams.  We then project your post retirement cash flow to determine if your goals are realistic and what you need to change today to meet your retirement goals.

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PHILANTHROPY
 
We help you establish and administer family foundations, charitable trusts, and grants. The social and economic benefits of these worthy pursuits are maximized with effective investment and tax strategies.
 
 
 
FIDUCIARY REVIEW
 

FPC helps plan sponsors and individuals implement a documented fiduciary oversight process to reduce liability and ensure compliance with ERISA requirements and fiduciary responsibilites.  FPC acknowledges in writing that it is a fiduciary for investments under the plan.  Our process involves a best practices approach to the creation and implementation of an investment policy.  Our investment analysis and monitoring process ties ten separate analytics directly to your investment policy so that you can quickly see which funds/managers are compliant and which are not, the reasons for non-compliance and what action is recommended.

Click here for a free Fiduciary Review Consultation

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INVESTMENT & INSURANCE SERVICES
 
INVESTMENT ADVISORY & MONITORING
 
We acquire a detailed understanding of your current financial position, explore your future goals, and determine what you need to do to reach your goals.  Next, we map out the appropriate allocation of your investment assets to work towards these goals.  We will provide specific recommendations to help you get from where you are to where you want to be.
 
Many clients who use our comprehensive financial planning services request that we oversee all of their investment transactions. The capability to have one organization oversee all transactions and integrate the details directly into financial statements, tax calculation models, etc. is another major attraction of our Firm.
 
Additionally, there are occasions when it is not necessary to engage our full financial planning services. In these instances, some investors wish to engage our expertise only in the areas of investment management* in order to match the appropriate financial product to needs.
 
Whether you are seeking financial consulting, investment management*, or general brokerage services, almost all investment transactions can be implemented or coordinated at FPC.
 
In the area of Investment Advisory & Monitoring*, we can:
 
  • Characterize your current portfolio with respect to how well its risk and return characteristics match your circumstances and preferences, and how well costs have been minimized and diversification optimized. 
  • Specify the portfolio appropriate for your goals and circumstances, and determine how to get from your current portfolio to our recommended portfolio, including specific investment purchases and sales. 
  • Identify portfolio strategies that minimize attempts to time the market or to guess which individual security will be the next hot performer. 
  • Implement suggested portfolio strategies. 
  • Provide access to investments not available to the retail investor. 
  • Establish appropriate allocation for retirement plans at work. 
  • Provide ongoing education about investments. 
  • Regularly monitor and rebalance the portfolio. 
  • Report portfolio performance each quarter before and after our fees. 
  • Discuss portfolio questions and concerns as they arise. 
  • Coordinate investment strategy with tax planning, and suggest specific investment ideas designed to mitigate tax liability. 
  • Show how to convert portfolio wealth to regular income in retirement.


With investments well-planned, you can be confident that personal wealth has the potential to grow in a manner that is appropriate and tax-efficient for you.

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LIFE INSURANCE CONSULTING
 
While the spotlight of fiduciary standards is focused on investment activity (and that of asset management), only a small number of advisors are connecting the dots to challenge a dual set of compromising standards.  There are two primary functions in the financial planning process:  asset management* and risk management.  We at FPC embrace our fiduciary responsibility.
 
Our process begins with an analysis of your goals & objectives, and then we determine the appropriate amount, if any, of life insurance that is needed to meet these goals & objectives.  Given the great deal of life insurance products, we help you determine an appropriate option to balance your benefits with your costs.

FPC also offers a Life Insurance Audit on any existing coverage you may have, including an evaluation of the following:

  • Ratings:  Ensure that the insurance carrier is maintaining an acceptable rating by the leading industry rating agencies.
  • In-Force Ledger:  Verify that, according to current policy projections and funding levels, the policy will remain in-force.
  • Design:  Discover if anything has changed in the life of the insured or in their financial position that would require a change to the plan.
  • Mortality:  The single most expensive portion of a life insurance policy.  We verify that the consumer is underwritten correctly and is able to take advantage of the drastic changes in Underwriting Technology over the last 15 years.
  • Product and Carrier advancements:  By reviewing thousands of plans and hundreds of insurance carriers every year, we stay on top of the advances in the industry to provide the consumer with an effective product for their needs.
  • Fair Market Value:  The policy may have a fair market value that is significantly higher in the secondary market than its cash surrender value indicates.*

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STOCK OPTION PLANNING

You receive a personal stock option plan, tailored to your specific situation. We integrate your option planning with your overall tax and investment strategy by recommending an appropriate form and timing of the exercise.

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DIVERSIFICATION STRATEGIES FOR HIGH-EQUITY CONCENTRATIONS

This service is designed to assist clients who have a large percentage of their net worth in one stock.  While the simple solution is to sell the stock and pay the taxes owed, it may not be the most optimal one.  There are a number of alternatives that can be utilized in an attempt to maximize value.  However, since many of the strategies are long-term in nature, finding the one most comfortable for the client entails a significant amount of planning around the overall financial goals of the client.  FPC will review with each client a myriad of strategies including; gifting to family members, charitable-giving strategies, tax loss harvesting or the transfer of a highly appreciated security into other suitable investments.

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EMPLOYEE BENEFITS AND INSURANCE PLANNING
 
Most people only get advice about insurance from someone trying to sell it to them.  For most of our clients, the Protection Planning Appointment is the first time they have received a comprehensive, objective review of their risk exposures and insurance coverage.

Employee Benefit Coordination: We'll review your company provided benefits and seek ways to enhance their value to the individual and to coordinate these benefits with personal insurance, investment and tax planning. Employer provided benefits are often over-looked and under-utilized. We will thoroughly analyze all available company plans in an effort to maximize value to the individual within the overall financial plan.

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FIDUCIARY REVIEW

FPC helps plan sponsors and individuals implement a documented fiduciary oversight process to reduce liability and ensure compliance with ERISA requirements and fiduciary responsibilites.  FPC acknowledges in writing that it is a fiduciary for investments under the plan.  Our process involves a best practices approach to the creation and implementation of an investment policy.  Our investment analysis and monitoring process ties ten separate analytics directly to your investment policy so that you can quickly see which funds/managers are compliant and which are not, the reasons for non-compliance and what action is recommended.

Click here for a free Fiduciary Review Consultation

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BUSINESS ADVISORY SERVICES


BUSINESS CONSULTING

We assist you in the negotiation of contracts, agreements and major purchases. As part of this process, we investigate alternative financing arrangements and recommend a solution to meet your needs.

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BUSINESS STRUCTURE ANALYSIS

This service includes an analysis of which form of business entity fits the business being consulted.  The different forms include:
  • Sole Proprietorship
  • General Partnership
  • Limited Partnership
  • C Corporation
  • S Corporation
  • Limited Liability Company

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BUSINESS CONTINUITY & SUCCESSION PLANNING

FPC advises businesses on continuity issues involving the transition of ownership interests among partners, shareholders and/or next generation owners.  Reviews of buy-sell agreements, funding arrangements and valuation issues, including insurance analysis are conducted.  Furthermore, recommendations and assistance with implemenation are provided.
 

BUSINESS INCOME & TAX PLANNING

One of your most important assets is your ability to generate income.  For many people, this means starting and running your own business.  Our basic business planning appointment is designed to analyze how your business affects your personal finances.  We will look at ways to mitigate your taxes through business deductions.  We will help you maximize opportunities for retirement savings by analyzing and advising on an appropriate retirement plan for your business.

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RETIREMENT PLAN SERVICES

FPC offers a host of services to businesses concerning retirement plan issues.  When necessary we will consult with outside professionals or subcontract certain aspects of our service to deliver high quality advice to our clients.  The areas include, but are not limited to:

  • Retirement Plan Establishment Consulting
  • Investment Policy Statement Review and/or Development
  • Investment Management*
  • Investment Consulting
  • Retirement Plan Investment Education Workshops
  • Administration of Retirement Plans
  • Retirement Plan Audits
  • Fiduciary Reviews

Click here for a free Retirement Plan Services Consultation

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EDUCATIONAL SERVICES
 
FPC provides a number of different financial education workshops to businesses, individuals and families.  These workshops vary in length and content.  Most can be tailored to the group being addressed.  FPC also offers Financial Planning Newsletters that are available on a quarterly basis.  E-mail newsletters for financial planning as well as investing are available monthly.  Some of the workshops available include, but are not limited to:

 

    Estate Planning
  • Basics of Estate Planning
  • Estate Planning - Wills, Trusts, and Probate - What Does It All Mean
  • The 10 Most Common Estate Planning Pitfalls 
  • Creating A Best of Class Estate Plan and The 5 Reasons Why Most Existing Plans Do Not Work
  • Saving For Your College Education - Section 529 Plans and Beyond
  • Review of Important Business and Estate Planning Concepts

    Personal Investing

  • Women and Investing
  • Stock Market Update
  • Investment Policy: Considerations in Setting Objectives to Risk Controls
  • Evaluating Retirement Accumulation Needs 
  • Saving for Your College Education - Section 529 Plans and Beyond
  • How To Design Investment Policy Statements (IPS)
  • Asset Allocation Strategies for the Long Haul 
  • How to Make Your Retirement Income Last as Long as You Do 
  • Points to Keep in Mind when Selecting Your Asset Allocation Strategy 
  • What Issues to Consider When Deciding How to Invest Your Money
  • Successful Long-Term Investment Strategies
  • What Does It Take to Succeed in the Financial Markets
  • Preparing to Invest Wisely

    Wealth Management

  • Wealth Transfers and Asset Protection Strategies
  • Protecting Assets From Long Term Care Costs
  • Creative Wealth Strategies - Doing Well While Doing Good
  • Charitable Trusts and Charitable Giving  
  • Saving for Your College Education - Section 529 Plans and Beyond
  • Review of Important Business and Estate Planning Concepts
  • Wealth Building through Investment & Tax Planning Strategies
  • Six Critical Steps to Building Wealth

    Retirement Planning

  • Retirement Planning 101
  • Retirement Plans for Small Businesses 
  • Developing An All Weather Portfolio for Your Retirement Funds
  • Evaluating Retirement Accumulation Needs
  • Building A Foundation for A Successful Retirement
  • Retirement Income: Perception vs. Reality
  • How to Make Your Retirement Income Last as Long as You Do
  • Calculating the Cost of Retirement and Estimating Your Retirement Income Need
  • What to Do if You Retire Early
  • Which Retirement Plan Distribution Method will Best Match Your Retirement Income Needs 
  • Who Should Be the Beneficiary of Your Retirement and IRA Plans - Understanding the Required Minimum Distribution Rules

    Small Business Owner

  • Business Continuation Planning: The Buy/Sell Agreement
  • Choosing a Business Entity
  • Retirement Plans for Small Businesses
  • Review of Important Business and Estate Planning Concepts 
  • Why is a Business Valuation Important

    Financial Planning Topics

  • Developing An All Weather Portfolio for Your Retirement Funds
  • Saving for Your College Education - Section 529 Plans and Beyond
  • It's Now Time To Think About Income Tax Savings Strategies - 10 Strategies to Reduce Income Taxes
  • Your Unbiased Guide to Life Insurance
  • The Seven Circles of Financial Planning 
  • The Impact Inflation has on Your Income
  • IRAs/Roth IRAs/IRA-Rollover Accounts
  • How To Pick A Financial Advisor

Click here to be contacted about our workshops

 

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Life can be a lot more comfortable when you have an advisor to turn to whenever any issue in your life develops that even remotely impacts personal finances.
 
Please call our office today to discuss your financial planning needs!
 

 

*Life Settlements are not suitable for every investor. There are fees and tax implications that should be considered. Consult a financial advisor to discuss all of the risks and costs involved with this type of investment prior to making a decision.

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