Financial Planning is a holistic process of determining whether and how an individual can meet life goals through the proper management of financial resources. The steps in that process are presented below:
Areas of Financial Planning:
- Cash Flow Management
- Risk Management
- Investment Management
- Tax Planning
- Retirement Planning
- Estate Planning
Financial Planning cost Schedule:
Individuals and Families with primarily W-2 income have an initial cost of $4,000. This is paid in two installments with the first half due when the Financial Planning agreement is signed by all parties. The second installment is paid once all parties agree to the final recommendations. The Financial Planning relationship is in place for 12 months from the date of the Financial Planning agreement.
Individuals and Families with more complexity like business owners have an initial cost of $5,500. This is paid in two installments with the first half due when the Financial Planning agreement is signed by all parties. The second installment is paid once all parties agree to the final recommendations. The Financial Planning relationship is in place for 12 months from the date of the Financial Planning agreement.
Individuals and Families with a high level of complexity like owning several businesses and assets located in different domiciles (including international) will have a negotiated cost. Metrics that can be used would be a percentage of AGI and net worth (not including privately held businesses or rental properties).
After the initial Financial Planning agreement has reached its 12-month maturity both parties may agree to continue the engagement using a monthly payment model (typical range is $335 to $460 per month and negotiated for high-complexity clients). This monthly payment would be discussed and agreed upon prior to a new Financial Planning agreement being completed.