Family Financial Planning

When you’re single, your financial priorities can be relatively simple: pay your bills and start saving for retirement through your company’s 401(k) plan.

But once you start a family, your financial picture becomes more complex. And that complexity often grows over time.

Sound family financial planning should address:

  • Adjusting your balance between saving and spending as you move through different stages of life
  • Living within your means and budget
  • Finding ways to chip away at your ever-increasing debt
  • Developing an estate plan that ensures that your assets will be passed on to your heirs and favorite charities according to your wishes
  • Dividing your investable assets into separate pools to save for retirement, your children’s college education, or for the down payment on a home—and making sure each mix of investments aligns with your personal goals

This much planning can feel overwhelming. That’s why many families partner with a fee-only fiduciary family financial advisor who offers the support you need to solve your financial planning challenges.

Find Your Advisor Matches

Key questions about family financial planning a financial advisor can answer

  • How can we manage our spending with greater discipline?
  • How much money will we need to live on during retirement? And what will our retirement income sources be?
  • Are we contributing enough to our IRAs and 401(k) accounts? Should we change how these assets are invested?
  • Which kinds of debt should we focus on reducing first?
  • Which college savings plan makes the most sense from an investing and tax perspective?
  • How can we reduce investment taxes generated by our taxable accounts?
  • Do we need life insurance? If so, what type should we get? And how much coverage do we need?
  • At what age should we start taking Social Security benefits?
  • What can we do to help our parents when they’re no longer able to make financial decisions on their own?
  • What’s the most tax-advantaged way for us to donate to charity?
  • How can we ensure our assets are passed on to our children in the most tax-efficient manner?
Family Financial Planning Challenges

How a financial advisor in the Wealthramp network can address your family financial planning challenges

Serving as your financial advocate, your Wealthramp network financial advisor works directly for you. They’ll examine your family’s expenses, income sources, and investments to define your unique retirement, higher education, charitable giving and legacy planning goals.
They can work with you one-on-one or in collaboration with your tax advisor and attorney to:

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Create a comprehensive financial plan that addresses all of your family’s current and future spending and saving objectives

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Help you realistically estimate whether your sources of retirement income will provide enough money for your desired lifestyle

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Review your investment accounts and recommend changes that will lower costs and better align each account’s mix of stocks, bonds and cash to your financial goals

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Help you choose an appropriate college savings option for your children and guide you through the financial aid application process

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Manage some or all of your investment assets (called “assets under management”), making tax-efficient adjustments along the way to balance risk and returns

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Suggest resources to help your children increase their financial literacy

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Work with your attorney to develop an estate planning strategy that passes on more of your wealth to your children faster

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Recommend a tax-advantaged charitable giving strategy that lets you support your favorite causes today and after you’ve passed on

Put your family on the right financial track

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The biggest family financial planning mistakes

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Failing to create and follow a budget that balances monthly income and expenses

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Neglecting to build an emergency fund for unanticipated expenses like a new roof or out-of-pocket medical costs, or a pause in income from a job loss

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Damaging your credit score by consistently making late payments and amassing too much unpaid credit card debt

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Not contributing enough to your IRAs, 401(k) accounts and college savings plans

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Failing to diversify the mix of stocks, bonds and cash in each of your investment accounts to align with your financial goals

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Generating unwanted investment taxes by selling stocks and funds inefficiently

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Paying thousands of dollars in investment fees for mutual funds when index funds and ETFs offer better returns at lower costs

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Paying thousands of dollars in investment fees for mutual funds using an inadequate level of life insurance that won’t provide financial security for your family should you pass away unexpectedly

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Failing to create an estate plan that specifies how you want your assets to be passed on to your heirs

Work with an expert to create a more secure financial future for your family

We won't sell your data. You decide which advisors to talk to. And you won't receive any pushy sales calls from Wealthramp.

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