Our Focus Retirement PlanningThe amount you will need in retirement depends upon a number of variables, including the age you plan to retire, your desired retirement lifestyle, how long you expect to live, and the rate of return that you expect to earn on your investments. Social Security and employer-sponsored pension plans will likely provide a smaller percentage of your retirement income than they provided for your parents' retirement income.One or more of the following strategies could help you to maximize your retirement income:Retiring at a later ageSaving more before retirementSpending less during retirementInvesting to earn a potentially higher rate of return on investments while still feeling comfortable with the level of risk involvedAn advisor can help you determine which strategies make the most sense given your retirement objectives. Education PlanningEducation planning for your children can be a major financial consideration. Planning early allows you to take advantage of the time value of money and help minimize the savings requirement.Consideration should be given to one or more of the following strategies when trying to maximize your college planning:Prioritizing your education objective with your insurance needs, retirement needs, major purchases and current income needsDeveloping an effective savings strategy that considers asset allocation and takes advantage of education plansConsidering the various education funding accounts -- Qualified State Tuition Plans (also known as 529 Plans#), Uniform Transfer to Minor Accounts (UTMA) / Uniform Gifts to Minor Accounts (UGMA), Coverdell Educational savings accounts and prepaid tuition plansEnsuring college expenses are realistically calculated and include tuition, room and board and living expenses. There are many factors to consider such as the inflation rate for the rising cost of tuition, whether your child will attend post-graduate studies and whether your child is likely to receive scholarships or financial aid. Investment PlanningYou can now receive similar portfolio management services as many institutional investors-whether it is a separately managed account or a investment wrap portfolio.Some potential benefits of managed portfolios include:Providing access to top-tier investment management professionalsTailored portfolios to meet specific investment needsOwnership of individual securitiesEase of pre-designed investment portfoliosEvery investor is unique, and investment advisory services provide you with professional investment advice and a personalized investment strategy. Whether you're seeking a tailored, professionally managed portfolio, or the convenience and simplicity of a diversified wrap program, your investment choice should focus on pursuing your financial goals. During this process, you should consider current and future growth objectives, income needs, time horizon and risk tolerance. These considerations form the blueprint for developing a portfolio management strategy. The process involves, but is not limited to, the following important stages.Set investment objectivesDevelop an asset allocation strategyEvaluate/Select investment vehiclePortfolio review -- Ongoing portfolio monitoring JM Franklin & Company LLC, Stratos Wealth Partners and LPL Financial do not provide legal or tax advice or services. Please consult your legal and/or tax advisor regarding your specific situation.There is no guarantee that a diversified portfolio will enhance overall returns or outperform a non-diversified portfolio. Neither diversification nor asset allocation ensure a profit or protect against loss or market risk. Risk Management PlanningA sound financial plan must address the insurance coverage you, your spouse and family members may require.Life insurance is used to pay for funeral expenses, repay outstanding debts, make charitable donations and provide living expenses for surviving family members. It can also be used to cover estate taxes and probate fees to enable your estate to be liquidated in the most appropriate manner.Disability income insurance§ is to help partially replace income of persons who are unable to work because of sickness or accident. In terms of its financial effect on the family, long-term disability can be just as severe as death. Disability income protection can come from several sources: social insurance programs, employer-provided benefits, and individually purchased policies.Long Term Care Insurance is a relatively new type of insurance product. Many people do not understand what Long Term Care insurance policies cover, how and when the policies benefit, and who should obtain coverage.Guarantees are based on the claims paying ability of the issuing company. Estate PlanningWhat you value may be more important than what you own. To follow through on your commitments -- to yourself, your family, and your ideals -- you need to think ahead. A personalized estate plan is important in helping to protect your family and your legacy.A well-constructed strategy can help address your specific estate planning needs including:Minimizing income and estate taxesTransferring wealth from one generation to the nextDeveloping charitable gifting strategiesAligning existing portfolios and retirement accounts with your estate plan JM Franklin & Company LLC, Stratos Wealth Partners and LPL Financial do not provide legal advice or services. Please consult your legal advisor regarding your specific situation.Business PlanningThere are a number of issues that business owners face, including providing employee benefits, obtaining business insurance and transferring the business upon death, disability or retirement. For most small business owners, their business lives and personal lives are inseparable. The financial planning process helps business owners to manage both business concerns and personal concerns so that they can pursue all of their goals and dreams.A personalized financial plan can help you, the small business owner, address concerns such as:Protecting your business assetsEnsuring the continuation and succession of your businessPromoting, recruiting, retaining, and rewarding your key employeesMaximizing your compensation benefitsProviding for estate equalizationPromoting family harmonyBusiness planning services offered through Stratos Wealth Partners, a registered investment advisor and separate entity from LPL Financial.