Perhaps you have only one or two specific questions. “What investments should I choose for my 401k?” “How quickly should I pay off my student debt or my credit card debt?” “Should I buy a house or continue to rent?” “Do I need life insurance?” “Should I sign up for traditional Medicare or a Medicare Advantage plan?”
This option is appropriate for someone who has questions that are limited in scope, or who perhaps is not yet ready to embark on a comprehensive financial plan. It is perfect for a second opinion or a quick financial check-up.
We can do our consultation in-person, by telephone, or by web conference.
Comprehensive Financial Planning
More comprehensive planning looks at a number of different related issues: retirement planning, estate planning, investment strategies. Each client’s needs will be somewhat different. We typically structure this engagement as a project and quote a fee for the project as a whole. Below are some common project scenarios with ranges of typical fees. If you do not see your situation described below, do not worry; the variety of financial planning projects is almost limitless and we tailor our work to the needs of the client.
BEGINNING THE JOURNEY
Typical fee range $500 - $1500*
This option is ideal for younger people. The goal is to help you identify broad goals, provide you with a snapshot of your current financial health (compared to benchmarks appropriate to people of your age and income), and make some basic recommendations to help you start your professional life on the right foot.
HITTING YOUR STRIDE
Typical fee range $2000 - $3500*
This is the most comprehensive financial plan and is ideal for people in their prime earning years, typically people who are ten or more years from retirement. A comprehensive financial plan involves review of the client’s goals and an analysis of your financial data (the data is culled from tax returns, financial statements, etc. that you provide), and may include one or more of the following: a review of your insurance and estate planning needs, a review of employee benefits, a projection of retirement income based on different levels of saving, and planning for other financial needs (saving for one’s children’s college education, buying a vacation home, etc.). The result is a set of recommendations for meeting the client’s financial goals and includes monitoring of the plan for the first year.
REAPING THE REWARDS
Typical fee range $1000 - $2000*
Perhaps you are now in or getting close to retirement and ready to enjoy the fruits of your financial planning. Congratulations! You deserve it! But you may still benefit from help with legacy planning (including charitable giving); withdrawal strategies to make sure your nest egg lasts; rebalancing your portfolio in accordance with your risk tolerance, income needs, and new horizon; adjusting your budget; making decisions on when and how to start collecting Social Security; and making Medicare and pension elections. This is a good time to start your retirement on the right foot.
*All plan price ranges given are a guide. Your situation may be different. Prior to the engagement, specific pricing is fully disclosed and agreed to by all parties. Based on the details of your needs, your plan price may fall outside (above or below) the fee ranges stated above.
Investment Consultation and Management
Typical Range $200-800**
Let’s say you are do-it-yourself investor or have another financial advisor advising you, but would like a second opinion. This may be the option for you. A portfolio review typically focuses on letting you know what you have (your current allocation) and how much it is costing you (what kinds of fees, “hidden” or disclosed, you are currently paying). This option is not really tailored to a client’s specific financial goals; for that, we recommend combining it with an investment plan (see below).
Typical Range $1500-2500**
This is a detailed plan for investment that should last five years (with regular rebalancing) and can be fully implemented by you. It is appropriate for every kind of client, from someone just starting out to those who have been saving for retirement for many years to folks already in retirement. This requires learning more about you: (1) your general financial goals; and (2) your investor profile (risk tolerance, investment horizon).
Percentage of Assets under Management
Under this option, you turn active management of your assets over to us. It must be combined with an Investment Plan (see above). This option is typically billed as a percentage of assets under management, under the following schedule: .75%-1.00% of the first $500,000 under management, .50%-.75% for the next $500,000, .50% for the next $1 million, and negotiable for amounts above $2 million. The fee is determined by the complexity of the client’s needs and of the portfolio selected to support those needs.
** Fee can go higher depending on the complexity of the client’s current investments.