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 month of our 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.
You don't want to wait months for your personalized financial plan? No problem, just indicate your preference and I will work with your timeline.
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...
Some financial planners manage your investments and charge either a flat fee or a so called AUM ("assets under management") fee for that service.
I am an advice-only planner, which means I do not take custody of your money and I do not manage your investments directly. But it doesn't mean you're on your own with investment- related tasks. Through screenshare, I can help you with rebalancing, contributions, recurring transfers, and more.
I don't want to stand between you and your money.
Yes! After I complete and present your financial plan, you have 30 days of follow-up support included in your fee.
Many clients recognize the value of continued guidance, so I also offer ongoing yearly engagements for those who want long-term support.
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. I am an "advice-only" planner as I don't want to stand between you and your money. My goal is to help you feel confident handling investment- related tasks on your own. However, I also offer hourly support and yearly subscriptions if you'd like me as your co-pilot for longer.
I do not prepare tax returns. Most people with straightforward situations can file on their own using low-cost or free online tools. If your circumstances are more complex, I will recommend working with a CPA to ensure everything is handled correctly.