In this second meeting, we review the Engagement Proposal, which outlines the work we will do together over the next 12 months. And, most important, we gather the necessary data to help ensure a thorough understanding of your situation. Our goal in this meeting is to step into your financial shoes, so we can begin to understand your thought processes. This becomes the basis for the creation of a financial model, which is used to evaluate your current financial situation. It will show your current asset allocation; net worth; the direction and rate of its change; your cash flow, income, and estate tax liability; and other items. In addition, we review your wills, trusts, life and disability insurance, investments and, tax returns. We also discuss your goals, views, attitudes, and concerns. We do not offer legal or tax advice.
Step 4 entails the development of recommendations—specific strategies for implementation. Equipped with the pros and cons of each alternative, as well as an economic model to determine their impact, you will be in the best position to determine which strategies are right for you. The key is to objectively allow "no stone to remain unturned," so that you know you are arriving at the best possible solution for your situation. All of our recommendations are made in writing in logical progression: objectives, observations, recommendations.
REVIEW AND SERVICE:
Step 6 is the ongoing review process. At the end of each year, we will review where we have come to date and what needs to be done on an ongoing basis. The majority of our clients retain us annually because planning is a process that always changes. Our renewal fee is typically 50 percent to 75 percentof our then-current planning fee.