The purpose of our On-going Financial Planning service is to serve you long after your Initial Plan has been created. We can help you avoid the angst that many people feel regarding the implementation and staying on track with their Financial Plan.
On-going Financial Planning is professional assistance for the implementation and staying on track with your Financial Plan.
A study by Schwab / Koski Research shows that “Staying on Track” with a Financial Plan can be a drag on the Modern Wealth Index. “Staying on Track” scored the lowest of the 4 areas of the study. See the reference publication at the bottom.
Our On-going Financial Planning Service
To help you implement your Financial Plan and stay on track, we have a flexible on-going service available to meet your needs. This service can be tailored to your specific situation, as each client is different in what may be needed.
The cost is $100 per month minimum (billed quarterly) which includes 2 hours of Financial Planner time per quarter. Cost may be higher if you want or need more consulting hours.
You also have any-time-access to our Financial Planning software from the convenience of your home. You will have the ability to change your Plan’s parameters and create your own “what-if” scenarios. (Your changes are not saved, hence protecting the integrity of the original Plan).
Each quarter we will perform a deeper dive in an area of your Plan that you have a particular interest in. Each client will have a different focus area each quarter, depending on your needs. This is an example of a quarterly review over a 1-year period. Your situation may vary and require a different mix of services:
Qtr 1 Review: Estate Planning
We will walk you through your existing estate planning documents such as Power of Attorney, Medical Power of Attorney, Will, and Trust to make sure they are up to date with your beneficiaries, executors, guardians, and trustees that meet your current criteria.
With proper estate planning, your entire family benefits!
Qtr 2 Review: Medicare plan assessment
Once per year, it is a good idea to review your Medicare plan coverage to get the best plan at the lowest cost that meets your needs. As your medical needs change, your best Medicare plan may change also. Your location, diagnoses, and prescription requirements all play a role in determining which is the best Medicare plan for you. It is even possible that you and your spouse will be on different plans. That is normal and can fluctuate from year to year.
Qtr 3 Review: Tax Planning
Many times, an improvement to your financial situation can be obtained by better tax planning. We do not perform tax returns. However, we do look at your tax situation with respect to the amount of assets in taxable accounts vs tax-deferred vs tax-free. We look for opportunities to convert IRA’s to Roth IRA’s if it makes sense in your situation. Our goal is to maximize your tax-free assets throughout your retirement time horizon.
We perform this service in the last quarter of the tax year, to help you better prepare any changes needed prior to December 31.
Qtr 4 Review: Risk Tolerance / Asset Allocation
At the 1-year anniversary of your original Financial Plan, we recommend a portfolio review. It’s important to assess if the asset mix has changed from the original design due to the fluctuations in various market segments. It is recommended to rebalance the portfolio once per year to reset the asset mix back to its’ original design.
At this review meeting, we will review your investment goals, risk-tolerance levels, and any other pertinent investment documents such as 401(k) and IRA statements. You will receive a written action plan update on any new recommendations.
Benefits of On-going Financial Planning
You just spent anywhere from $1,200 to $5,000 for a professionally written Plan. Why should you consider spending more money to implement it? Because the truth is that most people do not implement their Plan or stay on track with it. The results shown by the Koski study and similar studies is that staying on track is very difficult.
Whether it’s a matter of time available or skill required, most people need help following through on their Plan. The risk is that if the Plan is not implemented properly, you will not achieve the desired goals. Some benefits of our On-going Financial Planning service may include:
- Accountability partner to keep you on track
- Financial professional access (not a salesperson)
- Fee-only, non-commissionable advice
- Advice goes well beyond just investment management
- Bundled services at low subscription level cost
- Access to our financial planning software (more than just the Dashboard and budgeting)
How Do I Proceed?
Secondly, consider the On-going Financial Planning service described on this page. We will help you determine which combination of these services is the best fit for you.
Thirdly, consider our flat-fee or very low AUM Investment Management Services. We will help you determine which is best for you.
You will now have an on-going Financial Plan at a very reasonable cost that will provide you with many benefits for you and your family. All at subscription-level cost.
Schwab / Koski Research Study included “Staying on Track”
An online study among a sample of the general public was conducted by Koski Research. 1,000 Americans aged 21-75 completed the study. It was found that “Staying on Track” scored the lowest of the 4 areas of the study. Ironically, consumers ranked “Confidence in Reaching their Goals” as the highest.
View full report at Charles Schwab Koski study results.