Is It Time for a Comprehensive Planning Review?

Is It Time for a Comprehensive Planning Review?

June 25, 2017

It’s summertime and the living is easy, right? While you may be looking forward to taking some vacation time, using the BBQ more often, and getting out and enjoying the sunshine, don’t let your finances fall to the wayside in the midst of the fun.

When you look at your overall financial picture, what do you see? Do you see a unified, strategic, and focused portfolio with every piece of the puzzle working together to get you to a specific goal? Or, do you have a 401(k) here, an IRA there, a life insurance policy somewhere else? Do you remember why you purchased certain products or opened particular accounts, or is your financial plan all over the place? Carve some time out this summer to do some financial CPR.

What is a Comprehensive Planning Review (CPR)?

In the medical world, CPR is used to restore circulation when the heart has ceased pumping on its own. Financially, a comprehensive planning review does the same. It gathers up every moving part of a financial planning strategy and makes sure they are circulating together to bring life and success to the financial plan as a whole. Every element of your financial plan plays an important role in your journey to obtain retirement peace of mind.

A CPR analyzes these integral pieces of your financial planning strategy:

  • Tax planning
  • Estate planning
  • Risk Management
  • Retirement income analysis
  • Social Security optimization
  • Pension settlement planning
  • Protection of income and assets

This isn’t something you do once and then hope it all works out when you get to your retirement years. A financial plan is a living document, something that needs to be reevaluated and updated to continue meeting your needs, and a regular CPR makes this happen.

What To Expect From a Comprehensive Planning Review

When you sit down with me, we will work through all aspects of your financial life to create a plan, reduce risk, cut down on fees, minimize taxes, and address the things that need to be addressed to move you forward.  

We’ll get your assets organized, develop a custom financial roadmap so you can make your goals a reality, make sure your risk matches your current life situation. Then we will align your portfolio with your needs and goals. You will be able to see everything in one place with our eMoney financial management system, helping you keep your eyes on the prize and stay motivated to make your long-term goals a reality.

Do You Need Retirement CPR?

How long has it been since you’ve revisited your retirement planning strategy? Have you experienced any major life milestones since then? Have you added any products or assets to your portfolio? A successful retirement plan needs to be cohesive and therefore requires regular check-ins to make sure that all the pieces are working together to reach your goals.

If you answer yes to any of the questions below, it’s time to schedule a Comprehensive Planning Review!

  • I haven’t looked at my statements in detail in several months.
  • I’ve had changes in my life, income, or goals since the last time I reviewed my finances.
  • I’ve never had one advisor review all accounts from all vendors.
  • I’m not sure what my management fees are.
  • I don’t have a Social Security maximization plan.
  • I don’t have a pension maximization plan.
  • My advisor has not discussed structuring my retirement accounts for the best possible tax management.
  • I don’t have an income plan.
  • My advisor has not suggested a systematic strategy for withdrawals from my accounts in retirement.
  • My advisor has not discussed what will happen to my income plan if either I, or my spouse, pass away first.
  • My advisor has not discussed healthcare costs in retirement and how I will cover them.
  • My advisor has not discussed the best tax strategies for passing assets on to my heirs.
  • I’m not sure how much I could stand to lose in the event of a major market decline.

How did you do? Do you see any gaps in your current plan? Many of today’s retirees and pre-retirees place a high value on peace of mind. They want to know that they have predictable, secure income, that their families are taken care of, and that healthcare costs won’t diminish their standard of living. Working with your advisor to conduct a comprehensive planning review will give you the confidence you desire.

If you have a hard time managing all the pieces of your financial plan and fear that you won’t be able to retire when you want to, then it’s time for us to sit down and work through the details. We want to see you thrive and live your life by design, not by default, so let us help you evaluate the variables in your financial plan to ensure everything is aligned with your objectives. To schedule an appointment for your comprehensive planning review, please contact me at (626) 529-8347 or email me directly at

About Ricky

Ricky Biel, CRPC® is a wealth manager with Haydel, Biel & Associates, an independent financial advisory firm serving individuals and families near Pasadena, California. The firm was founded in 2004 by Chris Haydel and Ricky Biel with a desire to provide unbiased, client-centered, community-based financial advice. Together, they have built a practice that has grown into a family of caring, smart professionals committed to blending proven investment methodologies with creative financial technologies that make it easier than ever to accomplish your goals. They strive to keep things simple and fun to give their clients peace of mind and alleviate financial stress. HBA Wealth takes care of their clients’ needs first and foremost and goes the extra mile to make their clients’ finances grow. To meet and see how the HBA Wealth team may be able to help, contact them today at (626) 529-8347 or email Ricky directly at