Comprehensive financial planning involves the proper coordination of four different but related planning areas.
Retirement and Investment Planning
Fringe Benefit Planning
Whether you are developing a comprehensive financial plan or addressing an individual planning area, the process is always the same. This section outlines each step in that process.
Identification of Objectives
The first step in the planning process is to develop a thorough understanding of your objectives. One of the benefits of the planning process is that it will help you refine your objectives.
Evaluation of Existing Circumstances The second step involves the evaluation of current circumstances through a review of existing documents. In each planning area you put certain documents and products in place, which create the factual foundation of your situation. These documents and products are evaluated to determine the extent to which they are consistent with your expressed objectives. Both missed opportunities and risks are identified and communicated to you.
Identification and Presentation of Alternate Courses of Action Frequently, there are several alternative courses of action that might be pursued in order to achieve one's objectives. Each alternative is evaluated to determine the degree to which it achieves your objectives and the consequences that will result from its implementation. Your feedback during the presentation process is critical to the selection of a final strategy.
Implementation One of the most important aspects of our work is to assist in the implementation of the finalized strategy. We do this through the coordination of the attorneys, accountants, valuation firms, and other professionals needed to ensure proper implementation. Periodic Review
Your situation is monitored on a regular basis to evaluate program performance in light of changes in your objectives, changes in your circumstances, changes in tax law, and changes in the competitive environment. Design/ Planning Fee For the design phase we are compensated through the payment of a fee, the size of which depends upon the scope of the assignment, and the complexity of your situation. Fees can be charged on an hourly basis or as a fixed amount. Fees for a full plan typically range from $1,500 to $10,000, payable upon completion. The hourly rate is $250. A fee is applicable in all true “financial plans” and consulting assignments, but may not apply to situations where product placement or investment management services are the specific objective of the client.