Comprehensive Financial Review
The Comprehensive Financial Review is a thorough review of your overall financial situation. It adds to the Retirement Planning and Strategies service (Financial Goals, Investment Portfolio, and Cash & Debt Management) three additional areas: Tax Planning, Risk Management, and Estate Planning. Together, these areas make up the six main areas of a comprehensive financial plan. Our analysis and recommendations, however, are coordinated into a single financial plan that’s centered around your goals and needs
In addition to the Retirement Planning and Strategies service, the Comprehensive Financial Review includes:
- Tax strategies for individuals and small business owners
- Needs analysis for life, disability, and long-term care insurances
- Review of property and casualty (auto and home, etc.) coverage
- Review of your estate plan wishes, trustees, power of attorneys, titling, and beneficiaries
This service usually consists of three meetings.
- Preparation: discuss and clarify your concerns and financial goals, gather the required documents for our analysis
- Planning: interactive planning session to review and test various "what if" scenarios, review investment portfolio, discuss several retirement income strategies, and analyze the rest of your financial areas (insurance, estate planning, etc.)
- Presentation: present our Recommended Action Checklist which provides specific written recommendations and details out what needs to be completed and when, answer questions
Follow-up is also included with this service. You may contact us up to 30 days past the Presentation meeting with questions or implementation assistance.
Ongoing clients (Investment Management clients) may contact us anytime for assistance or questions. Ongoing clients also receive a Progress Review meeting about 2-3 months out at no charge. This meeting is used to review your progress and make any necessary adjustments.
Plan Updates: Over time, life and situations change. You may get a new job, become a grandparent, or decide to move to a different state. 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.
Other Notes
Many times, traditional brokerage firms will provide a "free" financial plan and then recommend the purchase of commission-based mutual funds or annuities to "pay" for their time. We can provide better objective advice for less than the traditional brokers. For example, the cost of the Comprehensive Financial Review service will probably be less than the sales charge (commission) you would pay on a $30,000 investment into a load mutual fund.
Once you decide to work with us, we will set up the Preparation Meeting and explain what documents we need for your review. At the Preparation Meeting, please deliver all requested documents, a check for the full amount of the fee (unless agreed upon otherwise), and be ready to discuss your concerns and goals in the chosen areas. The Planning Meeting (interactive financial planning session, etc.) will be scheduled for approximately 7-12 business days later. This meeting usually runs about 2-2.5 hours, so please plan accordingly. This meeting may be broken up into two meetings if necessary. The final meeting (Presentation) will be scheduled for approximately 7-12 business days after the Planning Meeting is complete.