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Financial Planning Menu of Services

Financial Planning Menu of Services

 

Weyers McKeever Financial Partners provides three different categories of hourly financial planning services, which vary in complexity and cost. They are in order from the simplest to the most complex:

 

1) Asset Allocation: Create a simple or detailed Asset Allocation assessment to review your current asset allocation, establish your risk tolerance and create a proposed allocation. Compare your current allocation to the proposed allocation. The areas that are covered in the plan are:

  • Analysis of Current Asset Allocation
  • Asset Allocation Recommendation
  •  

Information needed from Client: Risk profile questionnaire and listing of all current investment and savings accounts, both qualified and non-qualified.

                        Estimated time to prepare: 2 to 3 hours

                        Estimate Total Cost of Plan: $500

 

2) Financial Needs Assessment: Basic needs assessment to identify your current financial situation and to clearly illustrate what is required to meet your goals. This is meant to be a checkup of your financial standing. The areas that can be covered in the plan are:

 

  • Current Financial Position/Net Worth
  • Retirement (optional)*
  • Education (optional)*
  • Major Purchase Objective (optional)*
  • Insurance (optional)*

*Must choose one or more of the options

 

Information Needed from the Client: Listing of all current investment and savings accounts and savings strategies, and the assumed return rate; listing of all current expenses and expenses expected in retirement; listing of current income, projected retirement income (such as pension or Social Security), and projected income needed at retirement; current and expected tax rates; and employee benefits provided through employers.

Estimated time to prepare: 3 to 10 hours

            Estimate Total Cost of Plan: $500 to $1,500

 

3) Financial Needs Analysis: A comprehensive analysis of your asset allocation, as well as a wide variety of planning topics, at a very detailed level. Depending on what topics you plan to address, not all sections may be utilized. The areas that can be covered in the plan are: 

  • Current Financial Position/Net Worth
  • Asset Allocation
  • Social Security Analysis
  • Cash Flow Analysis
  • Retirement (optional)*
  • Education (optional)*
  • Major Purchase Objective (optional)*
  • Insurance (optional)*
  • Estate Planning (optional)*
  • Monte Carlo Probability Analyses on Goals Covered

*Must choose one or more of the options

 

Information Needed from the Client: Listing of all savings accounts and savings strategies, along with current statements; listing of all current expenses and expenses expected in retirement; listing of current income and retirement income sources (such as pension or Social Security), and projected income needed at retirement; listing of any active insurance policies, along with current statements; current and expected tax rates; and employee benefits provided through employers. There is typically some correspondence with the client during plan data input in order to ensure accuracy of information in the final plan product.

Estimated time to prepare: 10 to 24 hours

            Estimate Total Cost of Plan: $1,500 to $5,000


Financial Planning Grid of Services

 

Consultation

Planning

Asset Management

Decision Support

Tax Review*

Planning & Goal Setting

  • Review planning process
  • Discuss goals
  • Set expectations
  • Establish current financial position
  • Determine goals and needs
  • Develop action plan
  • Determine required returns
  • Determine asset allocation
  • Incorporate situational changes/ life events info action plan (e.g. college planning after having kids)
  • Working you’re your tax advisor to make adjustments to plans based on changing tax circumstances

Risk Management

  • Review risk concepts
  • Discuss insurance
  • Discuss risk tolerance
  • Determine risk tolerance
  • Compare current insurance vs. needs
  • Ensure assets are protected through proper insurance
  • Reduce risk where possible
  • Review and update insurance policies as client situations change
  • Review pre-tax contributions to insurance products

Employee Benefits

  • Review employment situation and benefits offered
  • Discuss benefit uses
  • Gather available benefits
  • Suggest additional uses/allocations
  • Incorporate 401k/403b plans into portfolio
  • Determine optimal allocations
  • Evaluate new benefit options
  • Review/adjust retirement plans
  • Working with your tax advisor to incorporate contributions to or distributions from retirement plans, stock options, etc.

Tax Information*

  • Understand your current tax prep strategy
  • Discuss potential tax strategies
  • Gather tax data
  • Suggest tax reduction opportunities
  • Manage assets in a tax efficient manner.
  • Review tax situation with your tax advisor and make annual decisions (IRA/Roth IRA contributions, timing of charitable giving, etc.)
  • Work with tax advisor to accurately file tax returns

Investments

  • Review current investible assets
  • Discuss investment philosophy
  • Determine desired returns
  • Determine asset allocation
  • Buy/sell investment assets
  • Monitor portfolio accounts
  • Evaluate new investment opportunities
  • Adjust portfolio if goals change
  • Discuss tax efficient strategies

Retirement Planning

  • Review retirement plans
  • Discuss potential improvements
  • Determine retirement needs
  • Suggest implementation methods
  • Simulate results
  • Manage retirement accounts
  • Implement and monitor retirement plan
  • Ongoing evaluation of plan
  • Adjustments to saving strategy as needed
  • Self-employed plans
  • Discuss incorporating contributions to employer retirement plans, IRAs, Roth Accounts, etc.

Estate Planning*

  • Review estate planning concepts
  • Discuss current implementation
  • Gather estate planning docs
  • Working with your legal advisor to suggest edits/modifications
  • Working with your legal advisor to implement estate plan: asset titling, necessary docs, gifting strategies
  • Periodic review of plan and documents
  • Changes as needs of family evolve
  • Work together with legal team
  • Assist executor/administrator and your legal/tax professional team with estate tax returns

TC97122(0917)1


*We do not offer tax or legal advice.  For advice concerning your own situation, please consult with your appropriate professional advisor.