Comprehensive Financial Planning is designed for clients who want a thorough review of their entire financial life, including goal planning, asset allocation, risk management, retirement planning, estate planning and specific investment advice, including 401(k)s and other qualified retirement plans. Clients subscribe for one-year of service that can be extended on an annual basis.
We believe that Comprehensive Financial Planning is the cornerstone of the services we provide. Clients are expected to be actively involved in the planning process, and for married couples, the participation of both spouses improves the process and the results. When someone schedules a no-fee, no-obligation Initial Interview to discuss their financial planning needs, we encourage them to complete our Initial Interview Questionnaire and submit it to us at least two business days prior to our meeting. By understanding in advance your unique situation, we will be able to better use our time together.
At the Initial Interview, we strive to determine your wants and needs and encourage you to evaluate our capabilities and your comfort in working closely with us. At the end of the meeting we will use the information we gathered to quote a fee for the first year of service. Fees generally begin at $2,500 and are based on a formula that considers the client’s assets, income, and the complexity of their situation. Engagements are open-ended with no limited number of appointments or time allocation.
Six Step Financial Planning Process
- Establish client-planner relationship.
- Gather client data and determining goals and expectations.
- Determine the client’s financial state by analyzing and evaluating.
- Develop and present the financial plan.
- Implement the financial plan.
- Monitor the financial plan.
Financial planning is a process, not an event. Yes, we provide each client with a written plan, but in reality, the written plan is merely a summary of the conversations that occur during our various meetings.
Once someone decides to use our firm, an engagement agreement is prepared outlining the services to be provided, as well as the cost for the first year of service. After the engagement agreement is signed, we schedule a Data Collection Meeting to accumulate your important financial information. This information is then used as the basis to analyze your financial life. Several weeks later we will schedule the first of several meetings to present your plan in a series of written reports. At one of the meetings, we will discuss your current asset allocation, along with our observations on your investment holdings. You will have ample opportunity to review the plan, ask questions and have it modified as we fine tune it throughout the process. Once the plan is near completion, we will furnish you with our written recommendations, tying together our conversations from our various meetings. Finely, we will assist you in implementing your plan and monitoring the results.
If you renew your service, we will ask you each year to furnish us updated information on key areas of your financial life so we can maintain the usefulness of the plan. We will input your revised data as we continue to meet and you will be able to monitor your progress in achieving your goals.