Our Financial Planning Process
Our Financial Planning Process
Our 8-week financial planning process has the added focus on tax efficient or tax-free distribution strategies and unique investment strategies that help our clients manage investment risk designed to help “eliminate the worry and enjoy the rewards”. A typical eight-week process looks like this:
WEEK 1
Discovery
Identify the client’s needs, goals and issues. Establish the client and planner relationship, identify and agree on responsibilities of each party.
WEEK 2
Information Gathering
- Investment Statements
- Income and expense information
- Wills and other legal documents
- Life, property and casualty, Long-term care, liability, disability and other insurance documents
- Tax returns
- Retirement plan documents and statements
- Pension statements
- Social Security Statements
- Mortgage and other debt statements
WEEK 3
Review
Review information supplied by the client to ensure mutual understanding and agreement among all parties. Re-affirm or re-establish priorities of needs, goals and issues.
WEEK 4
Risk Assessment
Identify potential issues, risks and develop solutions to meet objectives for the client’s immediate focus or issue.
WEEK 5
Implementation
Present findings for the client’s immediate focus or issue. Present strategies to fulfill needs, help achieve goals and address issues. Discuss implementation and monitoring of strategies.
WEEK 6-7
Adjustment
Identify potential issues, risks and develop solutions to meet objectives for the client’s secondary focus or issues. Coordinate with other professionals, i.e. CPA, Attorney, etc.
WEEK 8+
Monitoring
Present findings for the client’s secondary focus or issues. Present strategies to fulfill needs, help achieve goals and address issues. Determine implementation and monitoring of strategies and responsibilities.
This eight-week financial planning process is generally broken down into four 1 to 2-hour meetings held every two to three weeks. The meetings are scheduled ahead of time with a clear agenda that is developed by the planner and the client based on the client’s immediate needs and most pressing issues. The focus areas of each meeting will change, depending on each client’s unique needs.
Client Engagement Models
We offer several ways to work with clients, each designed to meet diverse needs:
Comprehensive Wealth Management:
This is our most common engagement. Clients pay an annual fee based on the investment assets we are managing for a complete suite of services, including:
- Asset management
- Financial planning
- Custody services
- Full implementation of investment, tax, and plan strategies
- Ongoing monitoring and review of investment, tax, and plan strategies
- Assignment of a dedicated Financial Planner
- Annual financial planning process
Our fee schedule for this Comprehensive Service Agreement is attached.
Financial Planning Only:
Occasionally, individuals who prefer not to have an ongoing comprehensive agreement engage us for a one-time financial plan. This involves our detailed 8-week planning process, resulting in a customized financial roadmap. However, the client is responsible for implementing and monitoring the recommended strategies. Our one-time financial planning fee typically ranges from $7,500.00 to $10,000.00.
Hybrid Approach:
For clients who do not yet meet our $1,000,000.00 minimum for Assets Under Management (AUM), we offer a combination of services. This may include an Asset Under Management Agreement for accounts under our direct control or a Portfolio Monitoring Agreement for assets held elsewhere but still advised and monitored by us, alongside a Financial Planning Agreement.
Access to Specific Investments:
A few times each year, individuals who manage their own financial plans and investments require our assistance in accessing specific investment products or platforms that are not readily available to them. In these situations, we can help facilitate access to the desired investment or solution without requiring a financial plan or other ongoing services.
*Please note that tax preparation is offered separately through our affiliate, Attleboro Tax Services, as required by regulations.
Client Fee Schedule
Assets Under Management (AUM) | Advisory Fee |
|---|---|
$1,000,000 – $1,999,999 | 1.00% |
$2,000,000 – $2,999,999 | 0.85% |
$3,000,000 – $3,999,999 | 0.75% |
$4,000,000 – $4,999,999 | 0.65% |
$5,000,000 – Above | Negotiable |
Advisory Services included in Client Fee Schedule:
- Annual Comprehensive Financial Planning
- Annual or semi-annual planning reviews, as agreed upon
- Investment Management and Performance Reporting
- Estate Planning and Wealth Transfer Strategies
- Tax-efficient Lifetime Income Withdrawal Strategies
- Long-Term Care Planning
- College Planning
- Coordination with other professionals such as accountants and attorneys
- Any additional identified planning needs or services as agreed upon
Financial planning fees may be assessed at higher levels dependent on additional work that may be required that is out of the ordinary, eg. business valuation, planning in divorce matters, real estate investment.
Fees shown represent fees paid to the advisor(s)only; other fees and expenses including mutual Fund expenses, management fees, annuity costs, etc., may apply.