Flat Fee Financial Planning
Worthen Financial Advisors offers Flat Fee Financial Planning for a one-time fee. A client’s financial plan is as broad-based or narrowly focused as they desire. The incorporation of most or all listed below assessment areas allows not only a thorough analysis but also a refined focus of the client’s plans so that the firm is able to assist them in reaching their goals and objectives. Each financial planning client will receive a written plan in printed or digital format at the end of the process that is tailored to their situation.
WHO IS THIS FOR?
This service is meant for Clients who will implement the financial plan on their own, without ongoing support or assistance from the firm outside of designing the plan, as described below.
Cash Flow Analysis and Debt Management
A review of income and expenses may be conducted to determine the client’s current surplus or deficit. Based upon the results, we might recommend prioritizing how any surplus should be used, or how to reduce expenses if they exceed income. In addition, advice on the prioritization of which debts to repay may be provided, based upon such factors as the debt’s interest rate and any income tax ramifications. Recommendations may also be made regarding the appropriate level of cash reserves for emergencies and other financial goals. These recommendations are based upon a review of cash accounts (such as money market funds) for such reserves and may include strategies to save desired reserve amounts.
A risk management review includes an analysis of exposures to major risks that could have a significant adverse impact on the client’s financial picture, such as premature death, disability, property and casualty losses, or the need for long-term care planning. Advice may be provided on ways to minimize such risks and about weighing the costs of purchasing insurance versus the benefits of doing so and, likewise, the potential cost of not purchasing insurance (“self-insuring”).
A review is conducted, and analysis is made as to whether the client, as an employee, is taking maximum advantage of their employee benefits. We will also offer advice on the client’s employer-sponsored retirement plan, deferred compensation, stock options, along with other benefits that may be available.
Personal Retirement Planning
Retirement planning services typically include projections on the likelihood of achieving a financial goal(s), with financial independence usually the primary objective. For situations where projections show less than the desired results, a recommendation may include showing the impact on those projections by making changes in certain variables (i.e., working longer, saving more, spending less, taking more risk with investments). If a client is near retirement or already retired, advice may be given on appropriate distribution strategies to minimize the likelihood of running out of money or having to adversely alter spending during retirement years.
Advice may include projecting the amount that will be needed to achieve post-secondary education funding goals, along with savings strategies and the “pros-and-cons” of various college savings vehicles that are available.
Tax Planning Strategies
Advice may include ways to minimize current and future income taxes as a part of the overall financial planning picture. For example, recommendations may be offered as to which type of account(s) or specific investments should be owned based in part on their “tax efficiency,” with consideration that there is always a possibility of future changes to federal, state, or local tax laws and rates that may impact a person’s situation. Our firm does not provide tax preparation or accounting services, and we recommend our clients consult with their accountant or tax attorney. Contact information for an accountant or an attorney is available if a client does not have one on retainer. We do not receive compensation for such introductions.
Estate Planning and Charitable Giving
Our financial plans typically include an analysis of a client’s exposure to estate taxes and their current estate plan, which may include whether they have a will, powers of attorney, trusts, and other related documents. We may assess ways to minimize or avoid estate taxes by implementing appropriate estate planning and charitable giving strategies. We are not a law firm, and we encourage clients to consult with an experienced attorney when they initiate, update, or complete estate planning activities, and we may provide contact information for attorneys who specialize in estate planning (we are not compensated for these referrals).
Separation or divorce can have a major impact on a client’s goals and plans. We will work with the client to help them gain an understanding of their unique situation and provide them with a realistic financial picture so that they are in a better situation to communicate with legal counsel, a mediator, or soon-to-be ex-spouse. We can assist in the completion of cash flow and net worth projections, and budgetary analysis, as well as help them to understand the financial consequences of a settlement.
Investment consultation services often involve providing information on the types of investment vehicles available, employee retirement plans and/or stock options, investment analysis and strategies, asset selection, and portfolio design.
Flat Fee Financial Planning Cost
Our financial planning fee is $3,000 and we require a deposit of $1,500 to initiate the engagement.
Does this describe the kind of financial plan you’re looking for? Let’s get started!
Worthen Financial Advisors, Inc. has designed its services to meet the diverse financial planning and investment management needs of its clientele. Following are the principal service offerings that Worthen Financial Advisors, Inc. personalizes to each Client’s specific needs: