A Financial Foundations Engagement is a detailed review of your unique financial situation combined with customized recommendations. It’s designed to help you get and keep your financial life on track while giving you clarity and peace of mind in knowing that you are making wise financial decisions.
You may think your financial situation is “simple” and you just need some quick answers. That may be true, but because financial planning issues are broad and , we often find people have financial inefficiencies or overlook critical issues altogether when they take a piecemeal approach.
Quite simply, we don’t know what we don’t know. Therefore, the most effective way to uncover these shortfalls is to start with a Financial Foundations Engagement.
What’s included in an engagement?
The core areas that are typically covered include:
- Analysis of your Current Financial Status so we can advise with a clear understanding of your income, expenses, taxes, and net worth
- Assistance with Value based Goal Planning to help you clarify what you value most in life so you can prioritize your Needs, Wants and Wishes
- Additional Special Topics to customize advice to where you are now and not a cookie cutter approach (see examples listed below)
- Goal Funding Scenarios to test your probability of reaching your goals and identify actions steps to improve the chance of success
- Investment & Savings Analysis with specific recommendations
- Bringing the Pieces Together with meeting times (in person or virtually) to collect data, discuss findings, and review recommendations contained in a written report — plus, phone calls or emails during the engagement to clarify or exchange information
- Implementation Assistance for guidance and follow up coaching to help you follow through on your action items
Special Topics that may be added to your engagement based on your planning needs:
- Developing/revising a cash flow plan
- Tax planning and savings strategies
- Planning for retirement or financial independence
- Developing a retirement income plan
- Claiming strategies for pension and/or social security benefits
- Healthcare planning
- Managing risk and insurance coverage reviews
- Education funding
- Caregiver planning and coaching
- Coordination of financial issues with estate plans
- Charitable gifting strategies
- Review of employee benefits
- Career change issues
- Stock options
- Evaluating real estate for personal use or as an investment
- Windfall/inheritance management
- Small business ownership issues
- Small business employee benefits and retirement planning consultation- such as setting up 401(k) or defined benefit plans
- Serving as a coordinator between other advisors (attorney, accountant, mortgage broker, etc.) to explore various solutions, gain consensus and avoid miscommunication between parties
- Other issues may be addressed based on client’s request or need
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How long is the engagement?
Depending on your ability to provide information in a timely manner and your scheduling availability for meetings, a Financial Foundations Engagement typically takes about 2 weeks to 1 month for our analysis, discussions and written recommendations. If The implementation or follow up coaching phase will extend beyond this and the timeline is customized to your situation.
After the engagement is completed, you may wish to re-engage our services in the future on an as need basis or on a regular schedule.There are no long term commitments required.
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What is the cost?
Financial Foundations Engagements typically range between $2,280 and $4,750. This is based on the current hourly rate of $190 multiplied by billable time — typically 12 hours for smaller engagements and 25 hours for larger engagements. Each client receives a Service Agreement and Work Order with a written quote.