Accumulation planning addresses an individual's investment needs, asset allocation, and the suitability of different types of securities in light of your goals and risk tolerance. 

Accumulation planning also involves the choice of securities for your investment portfolio. Basic securities are stocks, bonds, and mutual funds. Separately managed accounts, indices, option strategies, short-term assets, and annuities are also used to optimize your portfolio. 

Risk management is intended to minimize financial and other losses potentially associated with risks to your assets, business, or health.

Some examples of risk are personal and professional liability, business ownership, property loss, and catastrophic illness or disability. Your first line of defense is to identify your sources of risk and then to either avoid or minimize the major exposures. Your last line of defense is insurance.

Business planning focuses on issues specific to business owners and shareholders. For most business owners, the business is their most significant asset, and the financial success of that business has an immediate impact on the economic security of their families.

Without proper planning, you may have difficulty tapping the value of your business to support your retirement, or your family may lose the value of your business at your death. 

Tax planning considers the tax implications of individual, investment, or business decisions, usually with the goal of minimizing tax liability. While decisions are rarely made solely on their tax impact, you should 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 1) reducing taxable income through income deferral or shifting 2) deduction planning 3) investment tax planning 4) year-end planning strategies.

Retirement planning involves evaluating your current financial standing and creating an accumulation strategy that will help to ensure a desired retirement lifestyle. Because an individual's retirement years can span decades, retirement planning generally dominates other financial goals.

A successful plan put into place during the wealth-building life span should address ways to maximize growth and tax-efficient distributions, as well as how to leave retirement assets to the next generation.

Estate planning creates a master plan for the management of your property during life and the distribution of that property at death. For most people, estate planning will:

• Give you more control over your assets during your life
• Provide care when you are disabled
• Allow for the transfer of wealth to whom you want, when you want, at the lowest possible cost

Common estate planning issues addressed in the wealth management process include 1) the transfer of wealth 2) the minimization of transfer taxes 3) asset protection 4) charitable giving.