Financial planning is a collaborative process that involves creating a long-term strategy to manage your finances, reach your life goals, and ensure long-term stability.
First you upload your financial documents to a secure location. It may feel overwhelming to gather all your documents but I will give you a checklist to make it easier.
We will meet virtually where I want to hear your story, what makes you tick, what brings you joy, what you want to achieve in life.
Once I learn about your values, dreams and financial situation we agree on some attainable goals.
After I analyze your information I will present you with some scenarios on how to achieve them.
Finally we agree on the best course of action for you I will prepare the official recommendation, the so-called Financial Plan.
The financial planning process usually takes place over 3-4 meetings within 2-3 months. During the last months of our 6-month engagement I'm there to to help if you need assistance handling the action steps in your plan. Meetings are virtual unless you live in the Rockville, Maryland area, in which case I'm available to meet in person as well.
Each financial plan is unique and tailored to the individual or couple's situation. They usually have some common elements though:
- Tax optimization - no reason to pay more taxes than you need to.
- Cashflow guidance- is your spending aligned with your values and goals?
- Debt repayment - it does not always make sense to pay off all debt.
- Workplace benefits - don't ignore your employee handbook.
- Retirement planning - I want to make sure you have a successful retirement.
- Education planning - learn about the options to pay for education.
- Investments - stocks, bonds, mutual funds - let's make sense of the choices.
- Risk Assessment - do you have enough insurance? or maybe too much?
- Legacy Planning - you should be familiar with the estate planning documents you need.
And more...
I will not sell you anything. I am a fee-only advisor. I do not get commissions, kick-backs, referral fees. My only compensation is what you pay me.
I am not a lawyer, therefore I will not be able to create any of your estate planning documents, such as a will. However, I can provide you with the knowledge that will prepare you how to get the best out your time and money from an attorney or even from an online legal service if your situation is simple enough.
I do not manage investments. My goal is to for you to be able to do it by yourself by the end of our engagement. Trust me, it's not that difficult. However, I also offer hourly rates if you need help from time to time.
I do not prepare tax returns. Most people without complicated situations can do it themselves using available online tools for no or low cost. However, as part of the full financial plan, 6-month engagement I can walk you through tax preparation using one of these tools at no additional cost. Outside of our engagement I also offer hourly rates.