Frequently Asked Questions

Working with a financial planner can create measurable financial value and meaningful peace of mind.

Comprehensive financial advice can improve outcomes through tax-efficient strategies, disciplined investment management, retirement income planning, and behavioral coaching. The potential impact may include:

• Tax savings through strategies like Roth conversions, tax-loss harvesting, asset allocation, and retirement contribution planning
• Investment optimization through low-cost investments, rebalancing, diversification, and reducing the “behavior gap”
• Retirement income strategies that help maximize Social Security benefits and create tax-efficient withdrawal plans
• Risk management and insurance planning to protect against financial catastrophes
• Estate and legacy planning coordination to ensure assets go where they should, when they should

In many cases, the value of advice is measured in thousands or even hundreds of thousands of dollars over a lifetime. Though just as important is the clarity and confidence that comes from knowing your financial decisions support the life you want to live.

We work with individuals, couples, and families with investable assets of $1 million or more, particularly those experiencing or anticipating significant life transitions.

Common situations include:

• retirement planning
• divorce
• loss of a spouse
• inheritance or sudden wealth
• career transitions
• sale of a business

Our firm is experienced in working with women and families navigating life changes, where financial decisions often intersect with emotional and personal challenges.

No, we typically work with individual women, couples, and families.

With decades of experience serving women navigating life transitions, we are passionate about changing the fact that women have historically been underserved and excluded from financial conversations.

Our goal is to create an environment where:

• everyone’s voice is heard
• financial concepts are explained clearly
• decisions are made thoughtfully rather than rushed, so your wealth can be aligned with your life goals and values

Many couples choose to work with us specifically because they value a planning relationship where both partners are equally involved in shaping their financial future.

For many people, financial planning takes on new importance during a major life transition. This might include retirement, selling a business, divorce, widowhood, receiving an inheritance, or stepping into a more active role managing family finances.

These moments often bring important decisions and uncertainty.

At Northstar Financial Planning, our mission is rooted in a simple belief: everyone deserves to feel heard, respected, and understood when making financial decisions.

For many women, that has not always been the experience within the financial industry. Too often, women have felt overlooked in financial conversations or excluded from decisions that affect their financial future.

We believe financial planning works best when everyone at the table feels informed, confident, and involved.

That is why we focus on supporting women and their families, especially during times of transition. Many of our clients are women who want to be fully informed and engaged in their financial lives, as well as couples where both partners want to actively participate in decision-making.

Our approach also begins with something many people rarely experience in financial planning.

The space to pause.

Rather than rushing into big financial decisions, we first take the time to understand what matters most to you. This includes your values, priorities, concerns, and long-term goals.

At Northstar, we help clients connect their financial decisions to the life they want to live, so financial planning becomes not just about managing money, but about creating clarity and confidence for the future.

An important part of any financial advisory relationship is working with someone you trust to guide you through important decisions and help you stay focused on what matters most.

Many people spend years focused on the mechanics of money.

Saving. Investing. Trading. Watching markets move.

While those things are important, they are only part of the picture. A strong financial advisory relationship should help you understand why your money is invested the way it is and how it supports the life you want to live.

If you are currently working with an advisor, it may be helpful to pause and ask yourself a few questions.

Do you clearly understand the strategy behind your investments?

Are you following a disciplined investment approach, or do decisions sometimes feel reactive when markets change?

If someone else is managing your investments, do you feel confident you understand the strategy?

Do you feel comfortable asking questions and participating in financial decisions?

Has anyone helped you step back and ask deeper questions such as:

What is the purpose of your money?

For many people, wealth is meant to support something much larger than market returns. It may represent the freedom to retire comfortably, the ability to care for family members, the opportunity to step back from a demanding career, or the flexibility to navigate life’s unexpected transitions.

A meaningful financial planning relationship should help connect your financial resources with your personal goals and life values.

If you feel uncertain about your strategy, disconnected from the decision-making process, or unsure how your financial plan supports the life you want to build, it may be a sign that it is time for a different kind of conversation.

At Northstar Financial Planning, we believe financial advice works best when it is collaborative, transparent, and grounded in what matters most to you.

Every financial journey is different, especially during periods of major life change such as divorce, widowhood, and retirement. At Northstar Financial Planning, we recognize that each transition unfolds on its own timeline.

For some clients, decisions need to happen quickly. For others, the most important step is simply creating space to pause and gain clarity before moving forward.

Because of this, our planning process is designed to offer both flexibility and structure.

We begin by meeting clients exactly where they are, emotionally, financially, and practically. Some clients arrive with a clear set of goals. Others come to us during a time of uncertainty and need help understanding what decisions lie ahead.

From there, we work together to:

• clarify priorities and values
• identify the most important financial questions to address
• organize financial information and resources
• develop strategies aligned with both your goals and your comfort level
• guide implementation and ongoing decision-making.

While every client’s journey is unique, our approach provides a clear framework for navigating complex financial decisions without feeling rushed or overwhelmed.

Planning at Northstar is not a one-time event. It is an ongoing partnership designed to evolve alongside your life and your goals.

You can learn more about our planning approach and the steps involved in our process here.

At Northstar Financial Planning, Wealth Management is a comprehensive, coordinated set of services designed to help you make smart financial decisions through every stage of life. It may include:

Financial & Planning Services

• Retirement planning
• Cash flow optimization
• Estate planning
• Legacy and charitable planning
• Social Security maximization
• Tax planning and proactive tax strategy
• Risk management and insurance review
• Long-term care planning
• Executive / company benefits guidance

Investment Management

• Disciplined investment strategy aligned with your goals
• Target asset allocation design
• Tax-efficient portfolio strategies (including tax loss harvesting and Roth conversions)

Life Planning & Transitions

• Explore your values and priorities
• Identify your most important goals
• Career, inheritance, divorce, loss of spouse, business sale, and other transitions support
• Emotional as well as financial decision-making guidance

Support & Facilitation

• Collaboration with your CPA, attorney, or other professionals
• Implementation assistance
• Ongoing education and engagement
• Estate and retirement plan coordination
• Progress monitoring and proactive support

Together these services help you protect your assets, optimize your financial life, and confidently pursue your goals. Planning is an ongoing collaboration, not a single deliverable. For more details, please visit our services page.

We are a fee-only, fiduciary advisory firm, which means:

• We are paid directly by you, meaning no commissions from products.
• We are legally and ethically obligated to act in your best interest.
• Fees are typically based on a percentage of assets under management (AUM) and include both investment management and ongoing financial and life planning.

This structure helps ensure our advice is objective and aligned with your goals. For more information regarding fees and compensation, please review Forms CRS and ADV.

Northstar emphasizes long-term, evidence-based investing and disciplined strategies based on academic research rather than market-timing or short-term predictions. Our team incorporates:

• Target asset allocation
• Low turnover and cost-efficient strategies
• Attention to tax impacts
• Coordination with your broader plan

Our Investment Management Process begins after we have had a thorough discussion and understanding of your vision and financial goals. We custom-build investment portfolios tailored to your specific financial needs, time horizon, emotional tolerance for risk, financial capacity to endure risk, and tax situation. Your portfolio is designed and regularly monitored with the current economic environment in mind. Investments are not managed in isolation but integrated into your broader financial plan.  

If you still have questions or want to learn more about how Northstar can assist you, please don’t hesitate to reach out. We look forward to hearing from you!

Losing a spouse is one of the most difficult life transitions a person can experience. During the first few months, it is common to feel overwhelmed by the number of financial and administrative decisions that suddenly appear.

The most important advice is often not to rush major financial decisions.

In the early stages, it is helpful to focus on a few essential steps:

1. Gather Important Documents

Locate and organize key documents such as:

• wills and estate planning documents
• insurance policies
• retirement and investment account statements
• Social Security information
• property records and mortgage documents

2. Notify Key Institutions

Certain organizations may need to be informed, including:

• Social Security
• insurance companies
• financial institutions
• pension providers
• employers or former employers

3. Avoid Major Financial Decisions Too Quickly

Large decisions such as selling a home, making major investment changes, or significantly altering long-term plans can often wait until emotions and circumstances stabilize.

4. Build a Support Team

Working with trusted professionals can help reduce the burden of navigating unfamiliar financial matters during a time of grief.

At Northstar Financial Planning, we help widowed clients slow down decisions, prioritize next steps, and create a thoughtful plan for the future when they are ready.

The goal is not to rush forward, but to create space for both grieving and thoughtful decision-making.

Divorce often brings both emotional stress and financial complexity.

During this transition, financial planning can help provide clarity and structure, so important decisions are made with a full understanding of their long-term impact.

A financial planner can help with:

Understanding the True Financial Picture

We work with clients and their legal team to analyze:

• assets and liabilities
• retirement accounts
• investment portfolios
• tax implications of settlement options

What looks equal on paper is not always equal once taxes and long-term consequences are considered.

Evaluating Settlement Options

Different settlement structures can produce very different long-term outcomes.

Financial planning can help evaluate:

• division of retirement accounts
• spousal support scenarios
• keeping or selling a home
• investment allocation after the divorce

Planning for Financial Independence

After a divorce, many people must rethink:

• their cash flow
• retirement plans
• housing decisions
• career considerations.

A coordinated financial plan can help create a roadmap for moving forward with stability and confidence.

At Northstar Financial Planning, we often collaborate with divorce attorneys and other professionals to help clients make informed decisions during this important transition.

One of the most common questions we hear is:

“How do we know if we can retire comfortably?”

The answer depends on several factors that go far beyond a single savings number.

A retirement readiness analysis typically evaluates:

Income Sources

We analyze how retirement income may come from:

• Social Security
• pensions
• retirement accounts
• investment income
• part-time work or other sources

Spending Needs

Understanding expected retirement spending helps determine whether current assets can sustain the lifestyle you want.

This includes:

• housing
• travel and lifestyle goals
• healthcare costs
• taxes

Longevity and Risk Planning

Retirement plans must account for:

• longevity risk
• inflation
• market volatility
• healthcare and long-term care costs

Tax-Efficient Withdrawal Strategies

The order in which assets are withdrawn can significantly affect how long your savings last.

A thoughtful withdrawal strategy can help reduce taxes and extend the longevity of your portfolio.

At Northstar Financial Planning, we help clients model different retirement scenarios, evaluate trade-offs, and build a retirement plan designed to support both financial security and personal fulfillment.

Many women business owners are balancing multiple roles at the same time. In addition to running and growing a business, they may also be managing responsibilities such as caregiving for children, supporting aging parents, or maintaining household financial stability.

At the same time, the business itself often introduces a growing set of financial decisions, including:

• hiring employees
• choosing the right retirement plan
• managing taxes and cash flow
• evaluating changes to business structure
• planning for long-term wealth and retirement.

These decisions are rarely isolated. In many cases, business decisions directly affect personal financial planning, and the timing of those decisions can make a significant difference.

For example, a business owner may be contributing to a SEP IRA while operating as a single-member business. But when hiring employees, retirement plan rules can change. In some cases, the owner may be required to contribute the same percentage of income to employee accounts as they do for themselves. Without proactive planning, this could significantly affect business cash flow and long-term retirement savings strategies.

Similarly, changes such as:

• bringing on employees
• restructuring a business entity
• implementing a new retirement plan
• preparing for a potential sale or succession

can have ripple effects across taxes, personal income, retirement planning, and long-term wealth.

At Northstar Financial Planning, we help business owners step back and look at how these decisions connect before major changes are made.

Our role is to help coordinate:

• business growth decisions
• personal financial planning
• tax strategy
• retirement planning

so that progress in one area does not unintentionally create problems in another.

For many business owners, this planning process provides something incredibly valuable: clarity and confidence that the decisions they are making today support both their business success and their personal financial future.