Goal Setting and Data Gathering
Our comprehensive financial planning process begins with setting goals. We work with you to help you define your long-term personal and financial goals, understand your time frame for results, and discuss how you feel about risk. Whether you would like to spend your retirement traveling or leave behind a charitable legacy, we can help you set realistic expectations as you move towards your goals.
To chart an appropriate course for the future, we must fully understand your current financial position. We will need to acquire certain financial documents that will allow us to perform analysis and make recommendations.
Evaluating Your Financial Status
Through detailed analysis we will determine what steps must be taken to reach your goals. We consider future inflation, changing tax laws, social security, the cost of healthcare, and many other factors.
Depending on the results of our analysis, we may determine that you are well on your way to reaching your goals. Perhaps you have adequate reserves and can afford to take less risk in your portfolio. Alternately, we may find that in order to achieve your goals, a combination of an increased savings rate, a delayed retirement, or a more aggressively-positioned portfolio is required. We will discuss all parameters in depth to arrive at a strategy to which both parties can comfortably commit.
Implementing the Plan
Once the best course of action is determined, the next step is implementation. We will adjust your investment strategy to align with our overall planning strategy. We may shift around your assets in order to optimize tax treatment.
Monitoring and Adjusting the Plan
As your life continues to change over time, so must your financial plan. We will work together, making updates regularly to keep your plan on track. We encourage our clients to play an active role in the process by keeping us informed of new developments in their lives.
Depending on the complexity of your situation, the initial plan generally costs $1500. Plan updates are generally $500 or less depending on the complexity of the required adjustments.
Upon receiving our investment recommendations, if you choose to appoint Fineberg Wealth Management as your Portfolio Manager, the initial planning fees are waived.