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Making Financial Planning Simple

Putting Together Pieces Of Individuals' Financial Puzzles

Financial planning is complex. Since 2013, iNNOVA Wealth Partners specialists in Newtown help simplify the process through the iNNOVA P.R.O.M.I.S.E., an acronym they developed for 'Prepare, Research, Outline, Measure, Implement, Simplify and Empower.'

“It’s essentially what our prospective clients can expect when meeting with one of our advisers,” explains Chip Bromley, principal and co-founder of iNNOVA Wealth Solutions. “It helps our firm implement a consistent, repeatable fact-finding journey for our clients, and allows us to better meet their financial goals and objectives.”

iNNOVA’s skilled team handles diverse financial planning needs for individuals and couples regarding planning for retirement, managing risk and implementing tax-saving strategies. “At iNNOVA, we work in a team environment since we all have unique skills. We have a certified financial planner as well an adviser skilled on tax strategies," Chip says, adding, "Being able to work in a team environment is beneficial.”

The financial planning expert says he's most commonly asked about retirement planning tips, which also is the most complicated area. “We like to think of financial planning as a puzzle. Retirement income tends to be the most complex and can include pensions, social security income, spousal social security income, investment income and real estate income. For an individual or couple, using experienced financial advisers can put all the pieces in the right places to complete retirement planning puzzles," Chip says.

One seemingly universally agreed-upon strategy among financial planners is the importance of Roth IRAs and 401(k)s, the “golden-goose of investing” for their tax-free withdrawals, says Chip. These and other types of retirement accounts provide an additional tool for retirement planning that often prove beneficial for clients’ financial futures.

In addition to Roth IRAs and 401(k)s, flexible education spending accounts are helpful for many people, says Chip. One type, a 529 education savings account, can be helpful for clients with children who plan to send them to college. “They’re a great college planning option since they offer a systematic savings option,” he says. “They also have some tax benefits associated with them.”

Chip says multiple educational funding options exist. With more people not attending traditional four-year universities, he adds, other educational savings options may better suit people's individuals’ needs. These include multi-tiered plans, which hold “a dual-goal purpose” of simultaneously funding future educational goals while also contributing to retirement planning.

Additionally, with the uncertain state of the economy, Chip recommends individuals “re-evaluate their risk tolerance” now. “If clients are concerned about volatility in their portfolios, they should plan to adjust their investment allocation when the markets have rebounded and are a little more stable,” he advises. Because the job market may become more difficult in the next 12 months, he adds, early planning is critical.

In addition, with more people working remotely for out-of-state companies, it’s important they are aware of how this can affect taxes, Chip says, as each state has its own tax laws. And, with self-employment on the rise, the financial planning expert advises these workers, whether or not they work remotely, to “document everything in case of an audit."

Since 2017, iNNOVA also has offered in-person educational workshops at local universities within small-group settings. Topics include financial lifestyle, retirement, investments and estate-planning techniques. “This creates a dialogue, rather than a monologue, where people feel more comfortable asking questions,” notes Chip.

It’s never too early to plan for retirement or to become financially savvy. Says the financial adviser, “Real-life financial education is paramount. The earlier individuals can be educated on things like the risk of credit cards and how taxes work, the better.”

CHIP'S HELPFUL TAX TIPS

Tip No. 1: Document Expenses

Manage health care and business expenses as well as charitable donations.

Tip No. 2:  Be Organized, Planful

Keeping outstanding records makes life easier.

Tip No. 3: Hire An Accountant

Unless they're experts, individuals should seek a qualified accountant for tax planning help.

Tip No. 4: Make Introductions

Financial advisers, accountants and attorneys should all be informed of important financial matters.

ABOUT THE FIRM

Led by William “Chip” Bromley Jr., CAIA, AIF, iNNOVA Wealth Partners helps individuals of all ages plan for retirement simply and effectively. The firm helps create strategies that work for clients' individual needs and values.

12 Terry Drive, Suite 203
info@myinnovawealth.com

888.270.1574
MyInnovaWealth.com

INNOVA is a SEC registered investment adviser. Information presented is for educational purposes only intended for a broad audience.

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