Think of the financial planning process as a life story. You are the main character in this story, and we at One Day Advice serve as your guide. Think of us as the Hermione to your Harry Potter, the Haymitch to your Katniss, the Robin to your Batman, the…. I think you get the point.
Below, you will find a description of the financial planning journey, as well as examples of possible topics that financial planning may cover.
(Also check out our article 7 Ways a “True Financial Planner” Provides Value)
Since everyone is unique and different, why would we give you advice without getting to know you first!
We will meet (virtually or in-person) to discuss where you are now, where you want to go, and help you uncover what’s truly important in your life.
We’ll gather all the relevant and necessary information needed to make an informed comprehensive plan. As your trusted guide, we have to understand your current situation and where you want to go. The more you let us into your life, the more you will get out of our time together.
We will analyze and evaluate your current financial situation, and assess your strengths, weaknesses, opportunities, and threats (S.W.O.T. analysis).
We’ll present to you a living and breathing plan with recommendations on how you can become a boss of your financial life. Living and breathing you say? By this we mean that as your life and priorities change, your financial plan should change with you.
We will help you implement these recommendations and be your accountability partner.
Great Question! Here you go…
Financial Decisions
These can be everyday type decisions, or big life change types of decisions. If there is a dollar-sign attached to that decision, it’s wise to seek outside objective advice.
Cash Flow and Debt Management
Whether you are barely getting by each month, have too much money you don’t know what to do with it, or somewhere in between, we help you manage and optimize your cash flow.
Financial Independence
Let’s be real, retirement planning isn’t cool anymore. We provide in-depth analysis and projections on your likelihood of achieving your financial goals. Often times, the primary objective is to map out a plan for your financial independence.
Employee Benefits Optimization
Review and analysis as to whether you, as an employee, are taking the maximum advantage possible of your employee benefits.
Financial Goals
We help you sort out and prioritize what is important to you in your life, and then we help you execute on what’s most important.
Insurance Review
We review your existing policies to ensure proper coverage (i.e. life, health, disability, long-term care, liability, home and auto). We do not sell insurance products, so we are able to look at your situation in an objective manner.
Investment Analysis
Whether or not you invest money with us, we are able to provide a thorough review and recommendation on an asset allocation that meets your goals and risk tolerance. We also provide education on investment vehicles and strategies, allowing you to implement a strategy on your own that fits your needs.
College/Education Savings
We help you develop a plan around the cost of education, for you or your kids. The government offers many strategies, so we help you determine which fit your unique financial situation.
Estate Planning
This usually includes an analysis of your exposure to estate taxes and your current estate plan (i.e. your will, powers of attorney, trusts and other related documents). Our recommendations may include ways for you to minimize or avoid future estate taxes through appropriate strategies.
Risk Management
Review and analysis of your current exposure to major risks that could have a significant adverse impact on your financial picture. We are able to point out opportunities and strategies to mitigate these risks.
Business Planning
Consulting services for clients who currently operate their own business, are considering starting a business, or are planning for an exit from their business. Under this engagement, we work with you to assess your current situation, identify your objectives, and develop a plan aimed at achieving your goals.
Tax Planning Strategies
Advice may include ways to minimize current and future income taxes as a part of your overall financial planning picture. An example of this is providing recommendations on which type of account(s) or specific investments should be utilized for “tax efficiency”.
We recommend that you consult with a qualified tax professional before initiating any tax planning strategy, and we may provide you with contact info for accountants or attorneys who specialize in this area.
All options include access to a CERTIFIED FINANCIAL PLANNER™ Professional
Comprehensive 1-on-1 Financial Planning (On-going)
Establish your own relationship with a CFP® who will get to know you and your unique situation. They will work with you to design a financial life plan using the process mentioned in the financial planning journey above. Because you’ll have a continuous relationship with someone who knows YOU, you won’t have to start from scratch every time you need some guidance or assistance.
This service is charged in the form of a subscription that ranges based on the complexity of the engagement. Generally, our clients fall under one of the above categories. If you don’t feel you fall into either bucket, please Contact Us.
Do you have more than $500,000 worth of investable assets that you’d like us to manage for you? If so, you will qualify to receive our comprehensive financial planning services at no additional cost. Simply refer to our Investment Management services for more information on pricing.
*Both comprehensive plans have an up-front fee of $750 to cover the extra time required to develop the initial plan. There are situations where this fee may be waived or reduced.
Hourly – $250/hr
Need an expert set of eyes, but don’t need ongoing services? Then the hourly option may be the best option.
Project-Based Work – Starting at $1,000 and based on complexity
Do you think that you may need a few sessions with an advisor but don’t think you are ready for an on-going engagement?
*Upon completion of the project, the client may choose to maintain on-going relationship with the advisor. In this situation, the up-front fee for comprehensive planning may be waived
