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Things to Expect From Our Team
Comprehensive Financial Plan
A Comprehensive Financial Plan (the “Plan”) is a thorough review of all aspects of your financial life. In order to develop this Plan, in-depth discussions will be held regarding your financial goals, worries, and, in short, where you want to go. These would include the more “obvious,” such as saving for college tuition, retirement, etc. It will also, however, deal with more abstract ideas... what does “retirement” mean (volunteer work? A new career? A vacation home or relocation? What do you want to leave for your children (both financial and non-financial considerations)?The Plan will cover:
- Current Financial Position
- Contingency Fund
- Debt Management: Good vs. bad debt; mortgage options
- Insurance: Review of existing coverage; recommendations regarding appropriate types and levels of coverage
- Investments: Review of current investments; calculations of amounts needed for financial goals; recommendations for investment vehicles (ownership, etc.) and specific investments
- Tax Considerations
- Estate Planning Issues
Assistance with implementation of recommendations in Plan are included in the Plan Fee
Ongoing Services
The Plan is a stand-alone product, one that clients find extremely valuable on its own. However, many clients choose to develop an ongoing financial planning relationship (through an annual retainer for a fixed fee). An annual contract is tailored to the unique needs and preferences of the client, and may include, but is not limited to:
- Ongoing monitoring of interest rates for mortgage refinancing opportunities
- Investment monitoring and/or management — Monitoring consists of periodic reviews of portfolios managed by others, reviews of investment recommendations provided by others, as well as review/monitoring of employer-sponsored retirement plans (401k, 403b, etc.); management consists of ongoing, active investment management (either buying and selling securities using Limited Trading Authorization (with or without prior consent of client, at client’s discretion)
- Communications with other professionals as needed (tax accountant, estate planning attorney, investment broker, etc.)
- Annual update/review of all projections included in Plan (i.e., college funding scenarios, retirement scenarios, etc.)
- Analysis, advice, and assistance on any other issue, as directed by the client. Such issues might include (but are not limited to) new cars (buy vs. lease, financing options); what to do with unanticipated cash receipts (larger bonus, inheritance, etc.); review of proposals (i.e., someone “suggests” a certain insurance policy or investment); new benefits offered through employer (or professional association)
