Introduction

The Bittners family has been trying their daughters' family after retirement. However, they are
faced with certain issues that can affect their financial stability in the near future. These include:

1. Financial planning was not thorough

The case study states that their financial planner did not perform a deep discovery when drafting
up a plan. This meant that he did not discover any family-related possibilities or liability that
might arise regarding the Bittners financial plan. This deep discovery would have helped the
planner make appropriate recommendations to the family and perhaps help improve their saving
plan.

2. Making an unplanned supplementary withdrawal

When the family decided to make a supplementary withdrawal, they failed to follow the first
financial planning concept, which states that a good financial plan should be tailored to oneself.
The subsequent withdrawals didn't help either, and it prompted their financial planner to offer
them a new projection.

3. Size of their portfolio

When the Bittners decide to retire, the projections from their financial planner stated that they
had enough money to meet their expenses. However, it seems the family did not have money for
contingency and unplanned expenditure.

4. Family Dependency
The Bittners had a good financial plan. However, their daughter ad son-in-law are too dependent
on them for living expenses and property. This is demonstrated when they stopped subsidizing
their living expenses and led to huge credit card debts. Just like before, the Bittners are the ones
who had the burden of clearing these debts. Their financial plan did not take into consideration
this dependency from their daughter. Otherwise, the planner would have mitigated against it.

5. Scant Financial Policy

Their financial plan was not thoroughly thought, and it exposed them to risky decisions such as
buying property for their financially burdened child. Through their financial advisor/planner, the
Bittners would have developed an effective financial policy that prevented direct financial
dependency on them and instead paid for financial advisors and ensured "capital preservation
rule" prevented budget overruns.

6. Source of income
both the Bittners and their daughter's family don't have diverse sources of income to support their
expenses. for the retiree, they are completely dependent on their portfolio for daily expenses.
Similarly, their daughter's family does not have enough disposable family to cover the extra costs
of their assets and living expenses.

Thesis statement - While offering direct financial support depleted their portfolio, the Bittners'
financial plan was inadequately drafted and did not address all their needs.
Outcome of the analysis
The case study has demonstrated that during financial planning, it is important to;
1. Perform deeper research for financial planning.
2. Discourage direct financial dependency.
3. Create a budget for your portfolio.
4. Include surplus money as a contingency.
5. Consider maintenance when purchasing assets.
6. Engaged preservation rules to prevent overspending