Some clients prefer to manage and trade their own investments but will seek our help regarding other areas of their financial life.
Therefore, we offer a stand-alone financial planning service that provides a detailed list of actionable recommendations about your investment strategy, estate planning, retirement income, tax planning, insurance coverage, and debt management.
This is a 1-year engagement with an option to renew, or leverage our complete wealth management solution where we would act as a fiduciary to implement your financial plan.
Stand-Alone Financial Planning
Whether it’s making sure your children’s education is well funded, ensuring a smooth and stress-free retirement, or leaving a legacy for your loved ones; all these seemingly disparate components come together under a unified financial plan.
How It Works - Overview:
Our financial planning service paints a complete picture of your financial life and creates a customized strategy designed to achieve your goals. We make the recommendations, but ultimately you are responsible for the implementation of the plan and the monitoring of your investments.
Here are the steps:
- Proposal and Client Service Agreement: Before we start a stand-alone financial planning engagement, we want to understand exactly what you're seeking and how we can help before you pay us a single dollar. Therefore, we will discuss in advance the scope of work, what it will cost, and a timetable for building out your financial plan.
- Data Gathering: We collect information such as your income, living expenses, savings, and investments. This will require some work on your part to examine where you are spending your money, and how much!
- Analysis and Consolidation of Information: We compile and organize your data to create a snapshot of your current financial situation. We'll also ask some questions to fill any gaps from the initial data gathering session.
- Initial Plan Presentation Meeting: For many clients, this is the first time they get a holistic view of their financial life. With a high-level view, we can now add in other life goals and missing information from previous sessions.
- Adjustment and Review Period: We'll refine everything according to our last discussion and give you some other items to consider.
- Second Plan Presentation Meeting: At this stage, we have a comprehensive understanding of your financial situation. From here, we will provide you actionable recommendations along with a rationale for each item.
- Ongoing Review and Monitoring: Your financial plan is a living document. Through frequent monitoring and reviews, we’ll make modifications to the strategy as needed. At Glownia Financial Group, we understand life changes, and your financial plan should adjust accordingly.
At the conclusion of the financial planning engagement, you can implement the recommendations yourself, or you can leverage our wealth management services, where we could act as a fiduciary in managing your investments.
Alternatively, we could continue the financial planning relationship with an annual retainer, billed monthly.
A Year in the Life of a Financial Planning Client:
To be more specific about what you can expect, please see the timeline below:
The Onboarding Process (Months 1 and 2)
We typically recommend at least 4 meetings within the first two months of the engagement:
Weeks 1 and 2
Build Snapshot of Current Financial Position (RightCapital)
Review Spending and Conduct Cash Flow Analysis
Discuss Current Tax Planning Approach
Weeks 3 and 4
Define short-term and long-term goals
Take Risk Assessment
Weeks 5 and 6
Discuss Retirement Accounts and Employer-Sponsored Plans
Discuss Non-Qualified Accounts
Review RSU packages and/or Other Equity Compensation
Weeks 7 and 8
Discuss Risk Management Items
Review Life and Disability Insurance Coverage
Discuss Long-Term Care Considerations
Estate Planning and Guardianship Discussion
The Recommendation Phase (Months 3 and 4)
Once we have compiled a snapshot of your current financial condition and have discussed your goals, now we can move into the recommendation phase.
Here, we will give specific guidance about the various aspects of your financial life. We will also coordinate and introduce you to other professionals if needed, such as an estate attorney or accountant.
The Monitoring and Consultation Phase (Months 5 through 12)
Now that your plan has been developed and specific recommendation have been provided, it's your responsibility to put them into motion. We will support you through the process, but ultimately you have ownership of the implementation process.
For the remainder of the financial planning engagement, you can call with questions and seek additional advice whenever its needed. We will also conclude the engagement with a final review of the plan and will list action steps for any outstanding items.
Alternatively, you can get started with no cost or obligation! We offer complimentary tools that allow you to view and track your net worth, income, and spending. This is a great first step in organizing your financial life.