Services

At Milligan Wealth Management, we recognize that our clients have many different needs so our investment process varies, based on those needs.  For many of our clients, we use a systematic method for managing your investments:

(Step 1) Establish Goals and Risk Tolerance

We begin with a discussion about financial goals, time horizon, risk tolerance, and specific investment preferences.  This helps us determine the appropriate investment strategy.

(Step 2) Investment Policy Statement (IPS)

Depending on the type of investments, we may enhance communication with our clients in the following areas, through the use of Investment Policy Statements: 

• Investment Objective
• Time Horizon
• Risk
• Investment Guidelines
• Benchmarks for Investment Review
• Account Monitoring

(Step 3) Asset Allocation

Based on goals and risk profile, we determine an appropriate asset allocation strategy. Asset allocation involves allocating your investment portfolio across different asset classes, such as stocks, bonds, and cash, considering factors like expected returns, volatility, and diversification.

(Step 4) Investment Selection

Once the asset allocation is determined, we select specific investments that align with your objectives. This step involves evaluating different investment options, such as mutual funds, exchange-traded funds (ETFs), individual stocks, bonds, and alternative investments. We consider factors like historical performance, fees, risk characteristics, and your preferences.

(Step 5) Portfolio Construction

We then construct your investment portfolio by combining selected investments in the desired proportions determined by the asset allocation strategy. The goal is to create a diversified portfolio that balances risk and return potential.

(Step 6) Ongoing Monitoring and Performance Reporting

Using our LPL Market Research analysis and Morningstar research, we review investment performance, track market trends, and assess asset allocation. If necessary, we may rebalance the portfolio to maintain the desired asset allocation or make adjustments based on changing market conditions or the client's evolving needs.  We analyze the performance of portfolios with our clients at least annually, and often semi-annually or quarterly.

The financial planning process can bring structure, clarity, and discipline to personal finances. It helps individuals take control of their financial future, make informed decisions, and work towards their desired financial outcomes. By taking a proactive approach to financial management, individuals can work toward financial independence.  We believe it is important for our clients to have a financial plan, and our process typically includes:

Establishing the Client-Planner Relationship

We establish a professional relationship with our clients, which includes defining the scope of the engagement, clarifying responsibilities, and discussing compensation arrangements. This ensures mutual understanding and sets the foundation for the financial planning process.

Gathering Client Data 

We collect relevant information about our client's financial situation, including income, expenses, assets, liabilities, insurance coverage, tax information, investment holdings, and financial goals. This step involves comprehensive fact-finding to understand the current financial picture.

Identifying Financial Goals and Objectives

We work with our client to identify short-term and long-term financial goals. These goals can include retirement planning, education funding, debt reduction, estate planning, or any other specific financial aspirations our client may have.

Analyzing and Evaluating the Client's Financial Situation

We assess our client's current financial situation by analyzing the collected data. This involves reviewing income, expenses, assets, liabilities, insurance coverage, tax implications, and investment performance. It helps identify areas of improvement and potential opportunities.

Developing and Presenting the Financial Plan 

Based on our client's goals, objectives, and financial situation, we build a personalized financial plan that outlines specific recommendations and strategies to achieve these goals.  This may include some or all the following:   investment strategies, retirement planning, risk management, and tax and estate planning strategies. We then review the plan with the client, explaining the proposed strategies and addressing any questions or concerns.

Implementing the Financial Plan

Upon the client's approval, we assist in implementing the recommended strategies outlined in the financial plan. This may involve opening investment accounts, setting up retirement plans, establishing insurance coverage, or executing any other actions necessary to put the plan into effect.

Monitoring and Reviewing the Plan

We then monitor progress toward these financial goals and review the effectiveness of the implemented strategies. This involves tracking investment performance, assessing changes in the client's financial situation, and adjusting as needed. Regular communication helps ensure the plan remains relevant and aligned with their evolving needs.

Providing Ongoing Financial Guidance

As an experienced advisor, we can provide ongoing support and guidance to the client, addressing financial concerns or questions that arise. We act as a resource for the client's financial decisions throughout their life stages.

Periodic Plan Revisions

Over time, circumstances and goals may change. We periodically review and update the financial plan to reflect these changes. This ensures that the plan remains effective and continues to support the evolving financial objectives.

Insurance is an essential aspect of financial planning as it helps manage risk, provides financial protection, replaces lost income, supports business continuity, facilitates estate planning, and ensures compliance in borrowing. By incorporating insurance into your financial plan, you can protect your financial well-being and safeguard your assets.  

At Milligan Wealth Management, I am an independent advisor.  We are not tied to any individual company and are able to work with many different carriers.  The process for insurance selection can be complex, and most people have different needs.  That’s why we use a carefully designed process for identifying appropriate risk management (insurance) strategies:

1. Assessing Current Insurance Coverage
2. Evaluating Personal and Financial Circumstances
3. Identifying Insurance Objectives
4. Analyzing Insurance Gaps
5. Determining Insurance Coverage Requirements
6. Recommending Insurance Solutions
7. Reviewing and Implementing Insurance Policies
8. Ongoing Monitoring and Adjustments

At Milligan Wealth Management, we work closely with our employer clients to carefully craft an employee benefits program that addresses their needs.  Some products and services we provide are:

• 401k design and selection
• Financial Wellness education programs
• Financial Planning for key employees
• Solo 401k for individual professionals or business owners
• SEP IRA
• Roth IRA
• SIMPLE IRA
• College Savings Plans
• Deferred Compensation Plans
• Supplemental Executive Retirement Plans (SERPs)
• Key Person Life Insurance
• COLI (Corporate Owned Life Insurance)
• Disability
  

Our Financial Wellness program is customizable to evaluate the needs of our employer clients and is usually a combination of the following services:

• Financial Wellness presentations on financial topics of interest
  We will provide in-person or virtual presentations, based on the needs of employees.  We are professionally trained presenters and are happy to demonstrate our skills prior to any engagement with employees.
• Discounted financial planning
• One-on-one consultations