Comprehensive Financial Review
The Comprehensive Financial Review is a thorough review of your financial situation. We review, analyze, and make recommendations in the following areas: Financial Goals (retirement planning, education funding, etc.), Investment Management, Tax Planning, Risk Management, Estate Planning, and Cash & Debt Management. These different areas are coordinated into a single financial plan that’s centered around your goals and needs.
This service consists of 4 meetings spread out over several months.
Preparation Meeting: If you choose the Comprehensive Financial Review, we will set up a Preparation Meeting. At this meeting, we will review the main areas of planning you are concerned with, and define your future financial goals. We will gather the requested documents any additional data needed. We will also sign our service agreement and collect a check for ½ of the fee. This meeting usually takes about 40-60 minutes.
Planning Meeting: This is our interactive financial planning meeting. It lasts about 2-2.5 hours. It is usually scheduled a few weeks after the data gathering. This meeting consists of:
- An analysis of your current situation and the probability of meeting your financial goals
- Reviewing multiple “what-if” scenarios and their impact on your plan
- Determining the most appropriate strategy (one that has a high probability of success and that you are comfortable implementing)
- An in-depth discussion of investment markets and the best approach for your situation
- An analysis of the rest of your financial areas (insurance, estate planning, etc.)
Recommendations Meeting: After the Planning Meeting, we fine tune the financial plan and our recommendations. We then present our Recommended Action Checklist. This checklist provides specific recommendations and details about what you need to do and when. At this meeting, we will also give you back your documents, collect the balance of our fee, and estimate a time for our Progress Review. This meeting takes about an hour and is scheduled approximately a week after the Planning Meeting.
Progress Review: This final meeting serves two purposes. First, it is a formal review of your progress. Second, it is a time to make any necessary adjustments to your plan. Depending on your ambitiousness to implement our recommendations, the Progress Review meeting is usually scheduled about 2-4 months out. It takes about 30-45 minutes. In the meantime, you are encouraged to contact us if you have questions regarding your financial plan or implementation.
Plan Updates: Over time, things change, and life updates. You may get a new job, become a grandparent, or decide to move to a new house. It is important to update your financial plan to account for your new life plan. We recommend that you update your plan whenever a major life event occurs, but at least annually. Plan Update meetings can either be conducted in-person or via a web conference. They usually take between 2-3 hours depending on your situation. They are charged at an hourly rate.