What We Do
At Northern Financial Management, our aim is to provide our clients with financial security in both good and bad economic times. In every investment decision we make, we carefully consider the current financial and economic news as well as lessons learned from historical trends.
In addition, our focus is on our relationship with each individual client as there is no such thing as a one-size-fits-all investment approach.
We would welcome the opportunity to discuss our approach to investment management in a no-obligation complimentary initial meeting.
Our approach is to evaluate your retirement needs and resources to help you determine the probability of successfully reaching your goals. In reality, many times plans need to be adjusted to meet those goals… By running different “What If” scenarios, the planners at Northern Financial Management will help you determine the optimal solution for your individual situation.
We would welcome the opportunity to discuss our approach to Retirement Planning and Wealth Management in a no-obligation complimentary initial meeting. To contact a Northern Financial Management retirement planner, please contact us.
Financial Planning and Wealth Management
First, we analyze your total financial picture and then help you to set realistic goals. After establishing these goals we work with you to design a plan to accomplish your objectives. Our planners also focus on issues concerning your estate, the transfer of wealth, retirement income planning and insurance needs that are applicable to your unique situation. Many times this involves coordinating information as well as meeting with your attorney and CPA which we provide as a value- added service.
We would welcome the opportunity to discuss our approach to Financial Planning and Wealth Management in a no-obligation complimentary initial meeting. To contact a Northern Financial Management planner, please contact us.
Business Retirement Plans Including 401(k)s
Our Value Proposition in working with employers includes:
- Helping design the optimal plan
- Taking work off your shoulders
- Providing a cost-effective program
- Benchmarking plan investment options
- Educating plan participants
- Managing plan risks and overseeing your fiduciary progress
For a sample listing of some of our clients or information on different types of retirement plans, click one of the links below:
Northern Financial Management’s goal is to help you manage and preserve your assets while you are alive and to conserve and control their distribution after your death. Age, health, wealth, lifestyle, objectives and goals are some of the many factors that determine an individual’s estate planning needs. Proper estate planning is important whether you have a small estate and just need to be concerned with who will receive your personal effects or a large estate and need to focus on minimizing potential estate taxes.
Estate planning also answers other very important questions such as:
What happens if I am incapacitated?
Who will take care of my children in the case of my death?
Who will make medical and financial decisions for me if I am unable to?
As you can see, estate planning is not just for the wealthy. It deals with so much more than asset management and distribution. It is important for the young and single, unmarried couples, married couples, the wealthy and the elderly. In other words, for everyone! At Northern Financial Management, we work together with you and your estate planning attorney so that the proper documents are created to ensure that your dying wishes are met and that assets are distributed efficiently.
We would welcome the opportunity to discuss our approach to Estate Planning in a no-obligation complimentary initial meeting.
401(k) and 403(b) Rollovers
Therefore, it is important that you speak to your advisor and carefully consider the differences between your company retirement account and an investment in an IRA. Our advisors can also assist you in evaluating your options.
Roth IRA Conversion
A Roth IRA is beneficial because:
- You avoid the uncertainty of tax rates, which most experts predict will rise.
- There are no Required Minimum Distributions on a Roth IRA unlike a traditional IRA so you can decide to withdraw your money when tax conditions are favorable.
- As the taxes are paid up front on the conversion, funds are withdrawn tax-free at a later date if certain conditions are met (held over 5 years and over age 591/2).
- Withdrawals are tax-free provided that certain conditions are met (held over 5 years and over age 59 ½).
- The Free-Look provision gives you the option to switch your converted Roth IRA back to a traditional IRA before October 15th of the year taxes are due, without a penalty. They say hindsight is 20/20; in the spirit of that truth, this provision is a significant convenience.
- Some taxpayers have special tax situations, such as net operating losses, charitable deduction carry-forwards, and investment tax credits, which make a Roth conversion very advantageous.
- There are many Roth IRA conversion strategies. The entire IRA does not need to be converted; it can also be split up into separate IRAs. This can reduce your tax liability and let you have more control over how much you want to leave in the Roth IRA versus how much you want to put back in your traditional IRA or 401(k).
A Roth IRA is likely not beneficial if:
- You anticipate your marginal tax bracket to be much lower in the future than it is now.
- You anticipate the value of your IRA will decrease between the time of conversion and the time you would have received distributions from your traditional IRA.
- You plan to leave a substantial amount of your IRA to a charitable organization. Charities do not pay taxes; therefore, they do not need the tax-free benefit.
If you are considering a Roth conversion, it is a wise decision to consult a financial advisor so that you make the best decision possible. To see how Northern Financial Management can help you make your decision, feel free to consult with one of our Roth Conversion experts
Individual Life and Disability Insurance
Fact: The odds of becoming disabled for 90 days or longer are much greater than dying during one’s working years. Disability insurance is designed to replace income when wages are lost due to a disability. It provides a guaranteed flow of periodic income payments while you are disabled. Our professionals have access to industry leading products and the knowledge to help you choose the right policy to fit your needs. Learn more…
Life insurance is often called the most heartfelt gift you can give a love one. At Northern Financial Management, we take this message seriously and work with you to find the best policy for you. Since individual needs and goals are important in choosing the best life insurance policy, Northern Financial Management has the ability to offer life insurance quotes from dozens of different companies. Learn more..
Long Term Care Insurance
At Northern Financial Management, we believe it is important to insure against the unexpected and unknown. According to the U.S, Department of Health and Human Services, at least 70% of people over the age of 65 will require long-term care services at some point in their lives. However, contrary to popular opinion, private health insurance and Medicare does not cover the majority of necessary long-term care. We understand that most people would like to live in their own homes for as long as possible. Although long-term care policies do cover nursing home expenses, many long-term care policies also make it possible for you to stay out of a nursing home as long as possible, covering the expenses of 24/7 assistance.
Planning is essential, and depending on the individual, certain long-term care policies are better than others. Based on our clients’ individual needs, we can target the best long-term care policy for each situation. To learn more about how we can help you with long-term care planning please Contact Us.