Financial Planning
What is Comprehensive Financial Planning?
Comprehensive Financial Planning is a holistic process that provides individuals and families with a strategic roadmap to help achieve their financial objectives. Depending on your unique circumstances, it may include planning for financial areas such as taxes, retirement, investments, cash flow, debt management, risk management, estate planning, education costs, small business, healthcare, and more. By addressing all the different facets of your financial picture, comprehensive financial planning provides financial clarity and ways to optimize your financial situation now and for the road ahead.
Who is Financial Planning for?
Financial planning is a powerful tool that can benefit a wide range of individuals, families, and small business owners seeking to improve their financial well-being at any stage in life. Whether you're just starting out in your career, planning for retirement, or running a small business, financial planning provides personalized strategies to help you achieve your unique financial goals.
What can I expect as we go through the Comprehensive Financial Planning process?
1.) We start with a short virtual Introductory Meeting (no cost) to share general information and determine a mutual fit.
2.) After we have an agreement in place, we'll have a longer Deep Dive Meeting to gather more detailed information. We'll provide an upload platform (or other means if needed) and a list of the necessary documents we need from you. Once we have all the needed documents, we can start early analysis work on your plan.
3.) We'll meet for a Preliminary Plan Review. This is where we use the planning software program to go over what we have so far, make any needed adjustments, and discuss your desired "what if we did this" scenarios.
4.) The next step, the Plan Delivery meeting, is when we present your financial plan to you, including our analysis, recommendations, and suggested action items.
5.) In the Implementation meeting, we'll discuss which action items to implement and in what priority, and the steps toward putting them into action.
How long does the Financial Planning process take?
On average, it takes about 10-12 weeks from the time you sign on with us until you have your plan. The timing can vary due to the complexity of your plan, how long it takes to collect the necessary information from you, or how many other plans we have in the queue.
How much does Financial Planning cost?
From a survey of 767 financial advisors in the US (The Kitces Report, Volume 2, 2022), the industry average cost for an initial financial plan is $3,000. Our cost per plan ranges from less than this average to more depending on the complexity of the planning required for your situation. After we learn about your specific financial plan needs, we'll be able to pinpoint the cost and discuss this amount with you, followed with a written proposal.
Ongoing planning involves keeping your plan live and active with your initial plan as a starting point. With ongoing planning, we keep your plan updated on a regular basis or as needed when life events happen. The cost of ongoing financial planning varies depending on complexity.