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Part Two: What We do at Varra Financial

Part Two: What We do at Varra Financial

| November 11, 2016
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In Part One of “What we do at Varra Financial”, we shared how we are comprehensive Financial Planners who look at goals, strategies, and actions to provide advice to you.  Our process is personal, guided by high level principles, and provides practical direction.  

We are committed to a 3 step comprehensive planning approach. 

1. A broad scope considering a wide range of goals and strategies
Why broad? Personal and family goals are not about money as such, but rather about quality of life and values. There can be a wide range of financial issues to consider when planning to work towards those goals.  These might include plans for short and long term spending and saving, managing risks that have economic consequences, as well as managing financial risk, saving, and investing.  Some households have to plan better budgets before they can save, others may need to protect the earnings of a primary worker, still others may have assets for the future but no cash flow for immediate needs. Broad or comprehensive analysis will identify as many issues as are relevant to family goals, prepare strategies for all, and direct you to the appropriate resources as needed.

2. Detailed plans of practical action 
Details are important for action: too few and it’s hard to be effective, too many and it’s hard to know where to start. Individuals and families can benefit from general guidance about personal financial management, but to make their money get them what they want, most clients need to have detailed steps to follow. For example, most of us know we need to save for retirement, but how much do we need to save? When do we need to save and in what forms?  From where do we save, and how much of our income and our investments do we need to insure? Answering these kinds of specific questions really lets us accomplish change in our financial lives. “Detailed action planning” means determining the right level of specific help for a given family.  It means knowing enough about the range of variables that can affect your quality of life to ensure that the important ones get the financial planning attention they deserve.

3. Change
Life Happens: situations change, goals change; families start, stop, grow, and evolve; jobs and careers are chosen, sometimes they are chosen for us, sometimes they just go away. When you suddenly need cash, you don't want all of your investments locked up in products that can't be redeemed in a timely way.  How do you keep a retirement nest egg growing when you can't work?  Can you change your plans for your children’s education, confident that the way you have structured savings for that goal can be quickly redirected? How will your strategies change in the event of death or illness in your family, divorce, or needs to care for parents and adult children? A comprehensive plan handles change with ongoing review and by building in flexibility.

Now we can refine our earlier definition of how we do Financial Planning:


Not every client will need every aspect of comprehensive planning to the same degree, but we believe that we can better address our clients' needs by approaching everyone's case as Planners first, and then focusing on the specific needs that appear to be high priority.


ABOUT MICHAEL LIVESAY

Michael is a LPL Registered Representative and LPL Investment Advisor Representative. In 1994, Michael began work as a financial advisor, serving with MetLife and Allstate Financial Services as well as operating his own financial planning firm, Sapphire Services Inc. He has held offices in the National Association of Insurance and Financial Advisors, actively participated in Rotary, and has previously held numerous certifications and designations in financial planning and insurance, including the CFP®, CLU, and LUTCF. He is experienced working with other professionals to assist with estate planning and in helping clients prepare for their financial needs after retirement. His current licenses include Life and Health insurance and FINRA Series 66 and 7 held with LPL Financial.

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These articles are historical and based on information that was current at the time of initial print. They contain information that may have or has changed. Information including staff and business names may have changed and we now offer access to securities through LPL Financial. Investment markets have changed and retirement plan rules have changed, in addition to other content that may have changed. Varra Financial Associates has transferred its assets to LPL Financial.

The opinions voiced are for general information only. They are not intended to provide specific advice or recommendations for any individual and do not constitute an endorsement by LPL Financial. To determine which investments may be appropriate for you, consult with your financial professional. Please remember that investment decisions should be based on an individual's goals, time horizon, and tolerance for risk.

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