financial planning

Frequently Asked Questions

How often do you meet?

The most common frequently asked question is: How many meetings per year do you have with clients?

Short answer, at least 5 in first year and 3 every year thereafter. In addition, we have many phone calls, texts and zoom meetings as we bring together all of your financial information. Fully Comprehensive Financial Planning is like a large ship that is changing course. It takes time, effort and communication to effectively move the vessel. The meetings are all designed with an agenda specific to the priorities.

Every client is different, so the timing and order of the changes varies. For example, we may start with reallocation of investment assets then move onto legal and insurances. In other cases, we start with insurances and move onto legal and tax. By the end of the first fiscal year, we have all 5 areas (Cash flow, insurances, investments, legal and tax) in place.

How are fees paid?

The second most common frequently asked question is: How are your fees charged?

There are three ways compensation is paid. The details are in the ADVII form.

There are three areas to financial planning. The first is an actual fully comprehensive plan. I charge a fee of $6,000 for the planning which includes the 5 meetings in the first year (see above), data gathering, analysis, recommendations and implementation of the plan.

The second area is Assets Under Management (AUM). The breakdown of the fees for assets under management is detailed in the ADVII. This fee is a percentage (up to 1.35%) of the assets under management. For example, if I manage $500,000, total annual fee would be $6,750. Please note this fee is negotiable. Some clients are charge a lower fee. Some clients choose to engage a flat fee for planning and assets under management.

The final compensation are commissions from insurance based products. I will NEVER make a recommendation for a commission base product that is not in the best interest of the client. In many cases, a life insurance or annuity product is right for a client’s particular situation. All commissions and fees are fully disclosed to the client prior to any purchase. The client can always decline the product or choose to purchase elsewhere.

Have more questions? Contact Me Today

You may have many more questions, I’m here to answer them. Contact me today to schedule an initial phone call, there’s no charge or obligation.