The Five Main Areas of Financial Planning

Too often, advisors focus only on investments. At Krpalek Financial Services, we believe there are five main areas of financial planning that deserve equal attention. Think of it in terms of a doctor. If you visited your doctor complaining of a headache, your doctor wouldn't just investigate your head, but may also see if there are other issues at work. Your financial needs all connect together and should be addressed as so. 

When conducting your financial analysis, we take a look at the five main areas of financial planning:


Just as you implement risk management strategies to protect your investments, you should have strategies in place to protect yourself. Insurance is a key element of any financial strategy. We take a look at the policies you have in place, from life insurance to personal umbrella policies to ensure they are up-to-date and aligned with your needs.

Estate Planning Strategies

Regardless of your age, it’s important to have an estate plan in place. You may need a will and you may want to consider a living trust, as well as other key documents, such as a durable power of attorney and an advance directive. If you have a business, then a succession plan or a buy/sell document should be reviewed and discussed too. We recommend having your estate plan reviewed every three years, along with having your beneficiaries updated on all of your retirement, insurance and investment accounts. We can work with your attorney to ensure all of your bases are covered.

Retirement Planning

It's never too early to plan for retirement. As you advance in your career, it's important to take advantage of your company retirement plan. We help you evaluate your options and identify other important elements of your future retirement, including cash flow, income needs, and more.

Investment Planning

Early in our conversations, we'll take a look at your current investment holdings and identify opportunities for improvement or updates. As your goals or financial situation change, you may need to adjust your portfolio. We aim to create a diversified portfolio that aligns with your risk tolerance and focuses on pursuing your goals, not chasing the markets.

Tax Planning

While decisions are rarely made solely on a tax impact, it’s important to have a working knowledge of the income or estate tax issues and costs involved. A major goal of tax planning is minimizing federal income tax liability. This can be achieved by reducing taxable income, deduction planning, investment tax planning, and year-end planning strategies. Working with your CPA, we guide clients through a full range of tax planning decisions with strategies that aim to minimize their tax liabilities and maximize their cash flow.