Subscription-Based Financial Planning | the new method
How is it different? | While the first step is to analyze a client’s goals, current financial situation in light of the economy and tax environment, that is only the first step.
Onboarding Phase | Instead of charging a large one-time fee to prepare a point in time “plan,” The client pays a smaller “onboarding” fee to enable the advisor to gather all relevant personal and financial information. The client is then guided through the process of inputting the information into collaborative software where both the client and the advisor see the same information.
Initial Analysis | "The Starting Point" After the data is accurately entered, the advisor prepares an initial analysis of the client's current situation and how effectively their short and long term goals will be met if they make no changes.
Focused Planning & Collaboration Begins | The advisor and the client jointly examine various “what it” scenarios together, subjecting each to probability analysis and stress testing for various economies. Meetings will focus on planning, implementation (if desired), and periodic update / check-ins. In summary, the client and advisor continually collaborate together to help the client progress toward their financial goals with no implied obligation to invest money with the advisor.
- Since the client has entered into a subscription arrangement, they have access to the advisor for questions and advice whenever necessary.
- The client situation is updated on an annual basis and compared against the client’s goals.
- Any time there are material changes in the client’s situation the data is updated and the plan is updated as necessary.
For further information, please schedule an initial consultation.
Budgeting
Create and track a monthly budgetCustomizable categoriesLink and aggregate data feeds for transaction accounts.
Debt Management
Analysis of current debtModel debt reduction strategiesModel refinancing strategiesModel principal only payment strategies
Student Loan Debt Analysis
Model different income-driven repayment plansModel refinancing and loan consolidation optionsModel working towards public service loan forgiveness (PSLF)
Investments
Basic 401k review and strategyAsset allocation analysisSector and style analysisConcentration analysisTax allocation analysis
Retirement
Social Security optimizationMedicare planningModel dynamic retirement spending strategiesModel impact of various projected long term care costsModel impact of projected healthcare costsModel and compare different scenarios
Managing Risk and Insurance
Life insurance needs analysis Model potential impact of premature deathDisability insurance needs analysis
Model potential impact of unexpected disabilityLong Term Care insurance needs analysis Model potential impact of long term care costsProperty/Casualty analysisICE “In-Case of Emergency” planningVault document storage checklist
Education Funding Analysis
Project future cost of education - National average costs are from CollegeBoard.org published data. Specific college costs are taken from the Department of Education published data.Analysis of current fundingProject future funding strategies
Tax Planning
Estimate and project taxes on annual basis into the future in both detailed and graphical views. Illustrate effective tax rate, ordinary income tax rate, and capital gains tax rate throughout the financial plan. Review your federal tax Form 1040, Schedules 1-4, Schedule A, Schedule B, Schedule D, Form 6251(AMT), and taxable Social Security worksheet.Model impact of potential tax strategies for saving
Tax Advantaged Savings (401k, 403B, IRA, Roth, SEP, Solo 401k, HSA, etc, cash value life insurance, backdoor Roth, etc)Model impact of potential tax strategies for distributionModel Roth conversion strategiesTax incentivized donation strategies
Estate Analysis
Track significant estate planning objectives & beneficiariesVisualize how your finances will flow to your beneficiariesModel various trust options to strengthen the client's financial goals
Goal Planning
Retirement, financial freedom, work-optional lifestyle – Whatever you may choose to call it.Major purchases (home, vacation home, rental property, land, renovation, relocation, boat, car, business, etc)Life event (marriage, wedding, birth, adoption, travel, divorce, inheritance, providing care to aging parents or other adults)Charitable givingLegacy
Real Estate Blueprinting
Real estate cash flow analysisAcquisition planning Develop a plan to acquire real estate that is efficient, feasible, and financially wise.Exit planning Develop a plan of exit that is suitable to your needs and financially wise.Hypothetical scenario modeling Purchases, dispositions, exchanges, conversion from residence to rental, conversions from rental to residenceModel impact of changes in property financials Rents, expenses, liabilities, taxes, accumulated and annual deprecation, passive loss carryover, appreciation, vacancy rates.
Aggregation of Accounts
Link data feed for available accounts - Bring together your bank accounts, credit cards, and investment accounts all in one place. It’s finally easy to see your full financial picture.
Update Meeting Topics
Balance sheet update and review Cashflow update and review Goal review meeting Beneficiary update and review Tax return review meeting Tax plan review meeting