Master Key Financial Services |
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In the hectic everyday world of performing professional services, we feel blessed and excited with golden opportunities to help our clients. Clearly, as CPAs, we can prepare your tax returns and financial statements with “the best of them”. This is however, where one story ends, and another begins. And, while so much has been written regarding Personal Financial Planning (PFP), there remains two haunting questions which call for reflection:
How can I use my CPA to help me, and for that matter,
Why should I use my CPA?The answer to these questions gives rise to another question, that being, “What does Master Key Financial Services (MKFS) do in the financial planning process?” PFP is a process, and as such, it is important to understand that plans evolve in their creation as they are uniquely crafted for each client’s circumstances. Keeping that in mind, we begin the PFP process by gathering your financial information while gaining an understanding your risk tolerance (comfort level) and defining your goals. At this point, together with members of our Professional Alliance Team (PAT), Joe Carlozo (who is a Certified Financial Planner (CFPs) as well as a CPA), provide the following:
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INVESTMENTS – Services include development of a disciplined “investment policy” for your portfolio and follow-up implementation thereof. Once investment into a structured portfolio is established, there is an ongoing monitoring of funds performance. As we closed 2007, MKFS as a (RIA) Registered Investment Advisor had in excess of $7,000,000 under management with our PAT members.
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INSURANCE – Services includes analyzing insurance policies in place, corresponding needs, funding alternatives and placement of new policies and/or replacement of old ones as needed.
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RETIREMENT – Services include analyzing retirement funds and/or the plan you currently have in place, along with your corresponding goals/needs, analysis of investment alternatives and implementation of a new plan and/or investment of funds.
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ESTATE TAX PLANNING – Services include development of a personal financial statement to be used in conjunction with the update or creation of your will and trusts (as prepared by an attorney) and taking into account your life insurance protection.
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COORDINATE THE PLAN – More than any one factor, the lack of a coordinated effort in the marketplace catapulted the creation of MKFS and this is why having your CPA as your CFP is the equivalent of “supercharging a naturally aspirated car engine to high performance levels previously unimaginable”. While both are good in and of themselves, there is no comparison when they are bonded together. Plain and simple, our experience as CPAs has taught us that there was and is a clear “disconnect” of the right and left hands working together. Plans need to make sense when taking into account all the various aspects of your personal and business financial affairs. This is especially critical for business owners, but is unfortunately many times ignored. As your CPAs, more than any other professional advisor, we have the knowledge and understanding of your situation which is truly unique and thus, cannot be duplicated.
DEDICATED TO UNLOCKING THE DOOR TO YOUR FINANCIAL GOALSMaster Key Financial Services, LLC is a Registered Investment Advisor
