What is a Financial Plan? Part 1: The Client Profile

The Franklins
Larry (age 60) and Jill (age 58) Franklin live in Ellicott City, Maryland and have two adult children, Joe (age 31) and Liz (age 33), who live, respectively, in Miami and Naples, Florida. Larry has worked for PFC Corp for 20 years. Jill stopped working while raising their children and returned to work for a small nonprofit company fifteen years ago. Larry and Jill have welcomed the arrival of their first two grandchildren in the last two years. Recently, Jill began to wonder if they could retire in the near future and move closer to their grandchildren. But Larry is concerned that they can�t afford for both of them to retire; he thinks he may have to work longer.

Larry and Jill have had many conversations about their retirement. Ideally, they would retire together in two years. But each time they discuss it there seems to be a growing list of issues they face, both financial and nonfinancial. They decided to talk to some friends, Tim and Ann Fisher, who recently retired, to see if they had any advice to offer. The Fishers were frank and said that they tried for many months to put the retirement puzzle together but found the number of issues overwhelming and sought help. They referred Larry and Jill to their Fee-Only Financial Advisor, Baltimore-Washington Financial Advisors (BWFA). Tim and Ann explained that BWFA�s objective, team approach to retirement and estate planning, taxes, and investments helped them put all the pieces of their retirement picture together. After meeting with BWFA, Larry and Jill decided to have BWFA prepare a comprehensive retirement plan, manage their investments, and prepare their taxes. Below is a summary of the questions and information they brought to BWFA.


  • Can we maintain our current lifestyle if we retire in two years, or will one of us need to work longer?
  • How do we produce an income from our investments?
  • How do we make our retirement income last?
  • What effect will retiring to Florida have on our taxes?
  • How should we invest to meet our goals?



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At BWFA we understand that it�s difficult for people to find sound financial advice. That is why our approach is to provide straightforward solutions you can understand and act on. At BWFA you get the highest quality advice available anywhere, at any price.

We are dedicating this Special Edition of our quarterly newsletter to helping you understand what REAL financial planning is by illustrating a real-life situation. We hope you have as much fun reading it as we did writing it.

~ Saxon Birdsong, President and Director of Investments 
Part 1: The Client Profile
Part 2: Retirement and Estate Planning
Part 3: Investments
Part 4: Taxes