Let Us Do the Heavy Lifting!
Implementing a Financial Plan can be challenging for most people. The 3 key questions to ask yourself are:
- Do I have the ability?
- Do I have the time?
- Am I willing to take the risk?
If you have the financial and analytical skills, and the time, then implementing your Plan yourself may tempting. But the burden is heavy and most people are better off leaving it up to a financial professional. Select a finance professional that is a full-time fiduciary that will look out for your best interest in all your decisions.
The purpose of our On-going Financial Planning service (sometimes referred to in the industry as a “Retainer” or a subscription service) is to serve you long after your Initial Plan has been created. We help you execute, monitor, and adjust the Plan over time to help you stay on track with your long-term goals.
Trying to climb the steep hill carrying such a heavy burden all by yourself can be both laborious and futile! Roll that burden back over to us.
Why is On-Going Financial Planning Important? Pre-Retirement
If you are pre-55 with family obligations, you may benefit from On-Going Financial Planning if you face:
- Career decisions that affect your income and retirement savings
- Decision on upscaling your living arrangements
- College expenses for your children
- Decisions regarding a spouse working or not working
- Debt that is strangling your livlihood
- Lease vs buy decisions
- A host of other financial and life decisions
If you are at or near retirement, On-Going Financial Planning can help you in a number of different ways:
- Model your Long-Term Care options
- Help you with Roth Conversion strategies
- Assist with a tax-efficient withdrawal strategy
- Help you manage your financial “buckets” (income, cash reserves, and investable assets)
- Assist you and your spouse as you go through diminished capacity
- Assist you with legacy planning for your loved ones
- …and many other financial situations that may arise
How Does our On-going Financial Planning Service Work?
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.
Cost: The cost is $100 per month minimum (billed quarterly) which includes 2 hours of Financial Planner time per quarter. The cost may be higher if you want or need more consulting hours.
What you get: 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. In addition to access to a professional Financial Planner, you will receive:
- Full-time-access to our Financial Planning software from the convenience of your home.
- View all your accounts aggregated into one convenient dashboard
- 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).
- A quarterly update to your retirement projections
- Periodic white papers and flowcharts that are not available on the website
Benefits of On-going Financial Planning
You just spent anywhere from $1,200 to $5,000 for a professionally written Initial Plan. Why should you consider spending more money to implement it? Because the truth is that most people do not implement their Plan properly or stay on track with it. Studies show that staying on track is very difficult. See the Schwab/Koski study below.
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
- Access to a Personal Finance professional (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
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 a team from Schwab and Koski Research. 1,000 Americans aged 21-75 completed the study. The Schwab / Koski Research study shows that “Staying on Track” with a Financial Plan was the lowest-ranked factor in the Modern Wealth Index – an index indicating how well Americans are planning, managing and engaging with their wealth. “Staying on Track” scored the lowest of the 4 factors making up the index. The 4 factors and their respective rankings on a scale of 1-100:
- Goal Setting and Financial Planning (43)
- Saving and Investing (52)
- Staying on Track (24)
- Confidence in Reaching Financial Goals (64)
Ironically, consumers ranked “Confidence in Reaching their Goals” as the highest.
Interestingly, there was a significant difference in the 4 factors ranking for those that had a written financial plan, although Staying on Track was still the lowest factor:
- Goal Setting and Financial Planning (100)
- Saving and Investing (67)
- Staying on Track (46)
- Confidence in Reaching Financial Goals (100)