Comprehensive Financial Planning
Simplify your increasingly complex financial life
As your responsibilities increase, so do the intricacies of your financial needs. Peace of mind comes from knowing a dedicated team of professionals is working together to keep you on the right path—your path.
Our four-step approach begins with in-depth conversations and results in an integrated action plan that grows and matures as your financial needs and objectives change.
Step 1: Assess your needs
We invest the time up front to fully understand your current situation, goals for the future, the people and causes you care about, and how you want to use your assets.
Step 2: Structure your plan
Based on the information you share, we review your goals, resources, priorities and areas of focus to create a highly customized, fully integrated financial strategy as distinctive as you.
Step 3: Assemble your team
You're supported by a dedicated team of BB&T specialists representing each area of financial expertise. Each member brings specialized knowledge and insights to optimize resources and enhance outcomes.
Step 4: Monitor your results
As part of our long-term commitment to you, we continuously monitor your plan's performance, recommend adjustments as needed, and meet with you on a regular basis.
A financial plan serves as your roadmap
A comprehensive financial plan provides direction and guidance for your future. We start with a proactive review of where you are today to form strategies for where you want to be—building in flexibility to help you navigate life's challenges along the way.
A key objective of the financial planning process is that you be able to define and fully enjoy the next stage of your life. It's never too late to start.
Personal financial planning
Know what personal questions to consider in order to feel confident in your financial decisions and create the life you want
- Available to both individuals and business owners
- Incorporates all aspects of your financial life including banking, strategic credit, investments, risk management and trust and estate planning
- Gives you a clear picture of your present, a strategy about where you are going, and peace of mind about your future
- Engagements are typically less than 1 year in length
Business transition planning
Prepare for a successful transition from your business by proactively clarifying your goals and objectives now
- Available to business owners and usually done in conjunction with a personal financial plan
- Encompasses your business resources, objectives, leadership and financing needs, evolving over time as your business continues to grow and develop
- Increases the likelihood you can maximize your business's value, minimize any tax burden, and secure your own financial future when it comes time to sell or transfer your business
- The length of these engagements will vary by the nature of the business
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BB&T Perspectives shares financial, leadership and lifestyle perspectives with the hopes of enhancing our clients' lives. Learn more about the financial planning topics our Wealth experts are discussing.
Social Security Claiming Strategies
For years, wealthy clients have discounted or even minimized the benefits of Social Security in their long-term financial plans. Social Security and the timing of claiming benefits can significantly impact a client's financial lifestyle in retirement.
Financing College – A Primer
College expenses and associated debt are becoming a more prominent concern for families of all income levels. There are still many options for financing college education.
How should I plan for retirement income?
Proper financial planning can help you meet your retirement goals.
Step 1: Determine how much retirement income you’ll need
If you plan to maintain your current lifestyle once you retire, you'll need 60% to 90% of your pre-retirement income. Other things you'll want to consider include:
- Retirement goals – Do your goals include travel or starting a new hobby? If so, consider the costs associated with these new ventures.
- Healthcare – With age comes increased risk of health issues. Plan for both expected and unexpected events, as well as rising medical costs.
- Longevity – Today's retirees are living longer. Consider that your retirement could last 30 years or more.
- Inflation rates – Inflation rates of 3% to 4% could lead to prices doubling within two decades.
- Market volatility –There are no guarantees when it comes to financial performance. Consult your financial advisor to make sure your retirement portfolio can withstand the ups and downs of the market.
- Unforeseen expenses – Build in extra savings for unanticipated financial circumstances.
Step 2: Identify existing sources of income
There are a number of ways to accumulate wealth before retirement. Some of the most common include:
- Traditional and Roth IRAs
- Workplace retirement plans (401(k)s and 403(b)s)
- Pension payments
- Savings and money market accounts
- CDs (Certificates of Deposit)
- Treasury bills
- Social Security payments
- Stocks, bonds and mutual funds
- Real estate investments
Ideally, you'll want numerous and diverse sources of income, an income-producing cash reserve (CDs, treasury bills, savings accounts and money market accounts), and long-term investment sources (stocks, bonds, mutual funds, and real estate) from which you withdraw dividends and interest.
Step 3: Add supplemental income to your retirement portfolio
Though there are a number of ways to supplement your income, there are three methods that can be particularly useful for Wealth clients.
Annuities are kinds of income insurance. An immediate annuity requires a lump-sum premium and, like a pension, provides an appointed monthly payment. Deferred annuities allow you to invest over time and then withdraw your gains in a lump sum or guaranteed percentage payments.
Charitable remainder trusts
Charitable remainder trusts allow you to donate assets such as securities, businesses or real estate (not including the home you live in) to a charity upon your death, while receiving an annual income from a set percentage of the donation, such as 5%, while you're living.
There are numerous other benefits to charitable remainder trusts. You can record the trust as a charitable deduction on your income taxes, use it to defer or potentially eliminate capital gains taxes on the donated assets, and you can allow it to reduce your overall estate tax.
Asset transfers are another creative way to supplement your income. Transfers, such as Grantor Retained Annuity Trusts (GRATs), allow you to receive income from your estate. With a GRAT, the grantor, rather than the beneficiary, receives full benefits from the transfer. To achieve this, you’ll want to set up a limited term that you're most likely to outlive. For example, if you expect to have a 30-year retirement, you could set up a 20-year GRAT. If you don't outlive it, the money will return to your estate. A family trust allows you to transfer assets but is designed to benefit your beneficiary upon your death.
The bottom line
Planning retirement income can be complex. After determining how much you’ll need, identify possible sources of income and find other ways to supplement it. Then, with the appropriate investing strategy, you’ll be on your way to a positive income situation in retirement.
Your BB&T Wealth advisor will help you create a comprehensive, strategic plan to integrate and coordinate your banking, credit, investments, risk management, and trust and estate planning services.
Retirement and investing
Bring your short- and long-term financial goals into focus with customized planning and investment strategies as well as self-directed services.
Learn how to protect your wealth with insurance options that suit your needs.
Trust and estate planning
Understand your options for building and protecting your legacy with estate planning, charitable gifting and trust services.
Find out how you can use credit to your best advantage while benefiting from relationship discounts and customized pricing solutions.