SRSSI Services

There are 3 planning areas that Business Owners ask us for most frequently:

Review, organize, coordinate, and manage my assets & benefits to get maximum efficiency and value.
Retain Key Employees with Selective Reward, Retirement & Benefit Programs
Develop a vision and path for my future Succession, Exit or Transition from my Business

Browse our client services or click on the descriptive link:

Consulting                                 Estate Planning
Insurance Planning
   Life
   Disability
   Long-Term Care
Wealth Management/ IA
Financial Planning                    The SRSSI Process
Retirement

SRSSI. Essential Solutions. Well Executed.

Consulting

SET (Succession, Exit & Transition) Planning

Succession - Develop a business “contingency plan” to ensure that the business continues, key personnel remain in place, and your family can realize maximum value in the event of your death or disability. Includes Buy-Sell document & Funding review.

      Exit - Develop a 3-10 year Exit Plan to meet your goals to Sell the Business to “Inside buyers” (Management, ESOP, Key Employees, Children) or “Third Party” buyers (Private Equity Group, Strategic Buyers, Competitors, etc.)

     Transition - Develop a plan for your transition from an “Operator” to a “Passive Owner” (or from an “overtime employee” to “part-time owner”).

     Business Value & Growth - Facilitate Business Valuation and develop strategy to increase value of business and/or minimize cash flow needs and timing of Exit Strategies.

SRSSI Vault - Coordinate business and personal planning, documents and holdings into an organized, Web-accessible format (the SRSSI Vault). Enables maximum planning efficiency among advisors while saving both time & money.

Our Process

SRSSI’s planning process involves:

Asking all the appropriate questions in order to best understand planning objectives as visioned by you today and in your the future. We review your current existing planning tactics if any;
Educating you regarding the recommended strategies to achieve your objectives;
Coordinating your existing (or assist in selecting new) advisors for input and consensus;
Monitoring your Advisory Team via a personally customized Action Checklist until Implementation is complete.

Insurance Planning

Comprehensive Policy Audit - Insurance Audit - A thorough, objective and standardized review & analysis of all of your business & personal life, disability and long-term care insurance policies to minimize premium costs and maximize program tax-effectiveness.  Thus making your insurance portfolio as economically efficient as possible today and maintaining a periodic review process to ensure future efficiencies.

    Life Insurance - A form of insurance contract on the life of a person that in exchange for the policy holders regularly scheduled payment of fees known as premiums during the insured’s life time this policy then provides for the guaranteed payment of a stipulated amount of money or death benefit to a designated beneficiary (beneficiary -- usually a family member, trust, business or institution) upon the death of the insured. The purpose of life insurance is to provide financial support to those who survive the policyholder protecting against the lost income that would result when the insured passes away. The named beneficiary receives the insurance proceeds and is thereby safeguarded from the financial impact of the death of the insured. If the insurance policy and its purchase are designed properly these monies may be paid promptly to the beneficiary(ies), free of probate’s costs and delays, income taxes and perhaps even estate taxes.

    Disability Insurance - Often called Disability Income Insurance is a form of insurance contract on the earnings potential of a person that in exchange for the policy holders regularly scheduled payment of fees to the insurance carrier known as premiums during the insured’s life time this policy then provides for the guaranteed payment of a stipulated amount money or disability replacement income payments (usually a proportion of the insured's most recent income) to the individual for a designated period of time or until the insured is able to return to work.
   The purpose of Disability insurance is to provide financial support to the policyholder in the event that the insured becomes disabled or unable to engage in his/her occupation as a result of bodily injury, disease or mental disorder. Often overlooked, your ability to earn a pay check may in fact be the most important financial asset you have.
   The distinctions in policies are numerous: types of disability covered, proportion of pay covered, period or duration of coverage, evolution of a temporary to a permanent disability, and the various definitions. Two key features of disability insurance, that greatly influence its cost, are the definition of disability and the elimination period.
     ¨Totally Disabled may mean that “due to a Sickness or Injury for which you are under the regular and personal care of a Physician, you are not gainfully employed and the Sickness or Injury prevents you from engaging in your regular occupation."
     ¨The elimination (waiting) period is the number of days after a disability begins before benefits are paid. The longer the elimination period, the lower the premium for a specified amount of disability insurance.

Long-Term Care Insurance - (LTCi) provides that in exchange for regularly paid fees known as premiums to the insurance carrier, it agrees to provide personal and family financial protection for some or all of a person's care in cases of chronic illness or disability. Policies for LTC provide insurance coverage for times when an individual cannot independently manage the essential activities of daily living (ADLs). These are universally known as feeding, dressing, bathing, toileting, and walking, as well as moving oneself from a bed to a chair (transferring). However, disabilities are not confined to these physical situations; they can be mental as well. The key element is that they limit the individual's ability to perform any of these functions.
   This care is outside the acute care hospital setting and may be provided in a skilled nursing facility (SNF); a nursing home; a mental hospital; in a person's home with a registered nurse (RN), a licensed practical nurse (LPN), or nurse's aide; or even in an assisted living facility (ALF).
   It is important to note the societal changes responsible for the increased need for professional services to care for our loved ones. People of all ages usually prefer to receive LTC in their own homes, or in homelike assisted-living facilities. More than three-quarters of older Americans in need of LTC live in their communities. Although today's families are smaller and a number of women are working outside the home, the majority of LTC continues to be provided by unpaid, informal caregivers—family members and friends.
LTCi in 10 minutes or less video

Key Employee Group Planning
Develop a program to selectively Recruit, Motivate & Retain Key Personnel. Thereby engaging these key persons in key positions in both the preservation of the existing business value and then to further engage them in the growth of the business, increase the value and increase the likelihood of a successful SET plan.

Offer Financial Planning service to key personnel as a “perk” to reward & retain them. Work toward extending their useful time with the business through developing a “phased retirement” program.

Review or Develop Retirement Plan Programs to ensure that the owner and the key employees receive the maximum amount of tax-advantaged retirement accumulations available.

Review Employee Benefit Programs to coordinate and streamline offerings and make sure every benefit dollar is spent wisely.

Financial Planning

Many people think that financial planning is a once-and-done event that starts with the numbers and ends with investments and pie charts. But that's not what true financial planning is about.

We define true financial planning as a comprehensive, ongoing approach to managing all areas of your financial life that takes into consideration your income, expenses, investments and debt; your short-term and long-term goals such as paying for college or retiring comfortably; your taxes and financial risks such as disability and death; and, finally, leaving a legacy.

What is a personal financial plan?

How financial planning makes a difference?

Retirement Planning - Our process of setting retirement goals, estimating the income needed to meet those goals, and then identifying the sources from which the necessary funds may be wisely generated.

Estate Planning - In a team environment, we explore and develop Estate Asset Protection strategies to minimize taxes, creditor attacks and market risks.

Estate planning is a process to consider alternatives for, to think through, and to set up legally effective arrangements that would meet your specific wishes if "some-thing happens" to you or those you care about.

Your estate plan helps you in preparation for the orderly administration, management and preservation of your assets while you are alive so that you can control their distribution after you’re gone. But what estate planning means to you specifically depends on who you are. Your age, health, wealth, lifestyle, life stage, goals, and many other factors determine your particular estate planning needs.

This preparation includes taking actions that will minimize taxes and distribute assets to the appropriate heirs. A well-drafted estate plan is your assurance that the taxes and costs associated with your death will be minimized. A good estate plan also keeps the process of settling your estate as simple and efficient as possible. Most importantly, your estate plan will ensure that your assets will be used to benefit the people or institutions that you choose, in the amounts that you choose.

On the financial side, a good estate plan coordinates what would happen with your home, your investments, your business, your life insurance, your employee benefits (such as a pension plan), and other property in the event you became disabled or if you die.

On the personal side, a good estate plan includes directions to carry out your wishes regarding health care matters, so that if you ever are unable to give the directions yourself, someone you select would do that for you and know when you would want them to authorize "heroic measures" and when you would prefer they "pull the plug".

What is a personal financial plan?

A personal financial plan is tailored to your unique goals and contains actionable information and recommendations to help get you where you want to go.

A personal financial plan is an effective way to manage all areas of your financial life. You might think of your personal financial plan as a map that shows you how to save, spend and invest to reach your goals. Your financial plan helps you meet the financial needs you have today while you plan for tomorrow's dreams.

Your personal financial plan should be about you and your life

That's why we take a unique approach to develop a financial plan designed just for you. Your advisor will take time to get to know you and talk with you about your current needs and your goals for the future.

The plan your advisor creates takes into consideration your income, expenses, investments and debt and shows you how to manage your money to help meet your short-term needs and long-term goals, all while protecting what you have and those you care for.

Your financial plan will identify strategies and tactics to help you:

Examine your present financial situation

In order to move forward with a solid personal plan, you'll need a clear picture of your current finances. Your advisor will ask you some important questions to help you figure out where you're headed. These questions may include:

Do you have a clear picture of your goals and dreams?
What benefits do you receive from your employer?
How do you track your current income and expenses?

Protect what's important

From life and disability income insurance to personal auto and home insurance, there are many ways to help protect your family from the financial impact of unexpected events. Which ones are right for you? Which may be unnecessary? Your financial advisor will help you decide.

How will unexpected events impact your family's goals?
What can't you afford to lose?
How have you prepared for financial risks, illness, long-term care or death?

Accumulate wealth

What are you saving your money for? Retirement? A home? Your children's education? No matter what your goals, you'll need to prioritize. Your financial advisor will guide you through the process, with questions like:

How do your current investments support your financial goals?
How much do you need, and how soon do you need it?
What has your approach been to market fluctuation? Diversification? Risk tolerance?

Manage your taxes

Keeping track of tax dividends, deductions and more can help you understand the general tax treatment of your financial service products. Consider the following:

Do you know the tax implications of the financial products you own or are considering purchasing?
Which investment products have tax-advantaged features or benefits?
Do you want your financial advisor to work with your tax advisor?

Plan for retirement

Whether you've just entered the workforce or you're getting ready to leave, retirement planning should always be on your list of financial priorities. Your advisor will help you make saving for retirement a part of your overall financial picture.

What do you dream of doing in retirement?
Do you have a plan to help make your retirement vision a reality?
Are you confident that you will be able to recreate your paycheck in retirement?

Leave a legacy

From supporting your family to funding a charity, it's important to talk about where your money will go when you're gone. Your advisor will help you take control of your financial legacy.

What purpose do you want your financial legacy to serve?
Do you have a plan to control where your assets go when you are gone?
Will your plan let you achieve all your goals? How do you know?
How will your intentions be realized?
Be remembered for being thoughtful enough to plan for those you care about - after all ... this is YOUR Life

How financial planning makes a difference?

True financial planning is based on a long-term, one-to-one relationship with an advisor and involves a comprehensive, ongoing approach to managing all areas of your financial life. For many people, having a financial plan helps them feel more confident about their financial future.

Recent reports show that 93% of couples and individuals who have a financial plan feel financially prepared for their retirement. Only 70% of people without a plan feel prepared.¹

What can financial planning can do for you?

Increase your confidence about financial matters

Recent research² shows that people who have written plans say they are:

Less likely to worry about retirement
More satisfied with the process of managing their finances
More likely to regularly review their plan – more than 1 in 3 people do so every year; more than 1 in 4 do it quarterly.

Feel more prepared for whatever the future holds

Your life changes, so your plan should too. Working with a knowledgeable financial advisor – someone who takes a genuine interest in your financial success – can help keep you on track with your objectives.

Review your plan regularly and track your progress toward your goals.
Apply new solutions, strategies and tactics as your needs change.

Develop an ongoing relationship with a financial advisor

A growing number of people have found that working with a professional financial advisor can help them feel more confident about their financial future²:

As people age and acquire more assets, the more they use financial planners.
People of higher income do less of their own financial planning and rely more on advisors.
People experiencing a major life change (new job, divorce, etc.) often realize their financial needs have changed and their plan requires adjustment.

Most people who use a financial planner feel very satisfied and maintain an ongoing relationship with their advisor.

¹ "Visions of an Ideal Retirement," a survey conducted by Roper Public Affairs in alliance with American Express Financial Advisors, 2004.

² 2004 Consumer Survey, Certified Financial Planner board of standards.

Wealth Management/Investment Advisory - Investment allocation “Best of Class” recommendation – create an Investment Policy Statement, review & develop a strategic plan to emphasize strengths of your various investment vehicles and strategies.