Financial Needs Analysis

Protect

Most people build their financial portfolios upside down, based upon specific products rather than strategy. Since there is no foundation to this type of planning one way or another, there is a good chance this plan will fall short, or even fail. We want to turn this portfolio around by focusing on a process. The first level of this process is what we call ‘Risk Management’.

Risk Management, or the foundation, is designed to ask and answer the question, “What would happen to me and my family if my income stopped?” To answer this question, we analyze the reasons that your income may stop:

  • Death, which is the easiest to plan for, because it is final.
  • Disability, which is most overlooked
  • Other Health Concerns, including extended periods of care

Isn’t it a good idea to protect what you have before you look to accumulate more?

Plan

At New York Life El Paso, we are focused on your goals. We can help ensure a sound financial future for you, your family, and your business by providing customized recommendations based on your individual situation and goals. Our customized approach includes five steps:

  1. Set your goals
  2. Set priorities on those goals
  3. Initiate a specific plan of action
  4. Review your plan and make adjustments as needed
  5. Achieve financial success

Our agents are problem solvers, and our job is to help you meet your long-term financial goals, which may include business and personal affairs, family decisions regarding planning for heirs and successors, estate conservation, retirement planning and creating lifetime income. The only problem is that this is time-sensitive. The longer you wait to get started, the harder it is to reach financial independence.

Prioritize

We work with our clients around the three financial stages of life, which we refer to as Protection, Accumulation, and Distribution. Some of the typical concerns for a family in each of these stages include:

  • Protecting a family’s lifestyle
  • Starting a savings plan
  • Protecting savings and retirement nest eggs
  • Living well through retirement
  • Leaving a legacy

For example, in the protection phase, the family is generally concerned with protecting the family's lifestyle, should the breadwinner die, and supplementing their savings for the future. What stage do you see you and your family at this point in your life?

Pass Along

And finally, we will address transferring wealth from your estate to your heirs. This part of the process, called Estate Planning, is where we position your assets so that the money it took so much effort to accumulate is not lost due to improper planning. Most people leave a legacy by spending savings to meet their retirement needs; and then, at death, whatever is left is their legacy.

So we want to help you protect what you have…build from the ground up, and diversify…spend it…and give it away. At New York Life your Planning is always based upon a process, not a product, O.K.?

Calculators