I love traveling, but sometimes exploring new places and trying new things stresses me out.
One of the things I have learned about myself over the years is that learning as much as I can about a new place before I go is one of the best ways I can proactively manage my anxiety in unfamiliar places and new situations. I do a lot research and homework ahead of time so I know what I'm getting myself into.
Yes, this means I plan my vacations using spreadsheets. (What can I say? The "P" in "CFP" stands for PLANNER!)
Many people have never worked with a financial planner before. Like traveling to a new destination, the unknown can be both exciting and a little scary. My goal is to help you feel more comfortable and confident with your finances, so the last thing I want is for you to feel anxious about working with a financial planner because you're not quite sure what to expect. I do provide a high-level overview about how we get started on my website here: Next Steps. But if you'd like to know even more about what it might be like if we work together, keep reading!
As I mention in the Next Steps overview, I will first send you a Welcome Package that will include my Client Agreement, Privacy Policy, Trusted Contact Authorization Form, and my Form ADV 2A and 2B (you can also find my ADV 2A and 2B here). I operate a virtual, paperless practice, so this Welcome Package will come to you via DocuSign. Once we have both electronically signed it, you will receive a completed copy of the Welcome Package that you can keep for your files.
If you are going to be an Accelerate or Launch client, you will receive an invoice from AdvicePay, the third party electronic payment system I use. Half of our agreed-upon financial planning fee is due and payable when you sign the contract, with the other half to be paid when we finish our work together. You can learn more about AdvicePay here: AdvicePay Data Security Practices.
Once the Welcome Package is complete (and the initial fee has been paid if you are an Accelerate or Launch client), I will provide you with access to your own personal virtual ShareFile folder that you can use to upload copies of your sensitive financial documents securely. You can read more about ShareFile's Security Information here.
(I apologize in advance, but I'm going to ask you for a lot of information! This is the part no one likes, but it's essential for me to have as much information as possible about you and your financial situation in order for us to do our best work together.)
Next you will receive a copy of this Document Request Checklist. There might be some items on here that don't apply to you - totally fine! Skip them. One of the nice things about ShareFile is that you can upload files to your personal folder whenever you want to, so you don't have to tackle this entire list all in one sitting. Perhaps one day you upload your bank account statements, then tomorrow you track down your tax returns. You can work at whatever pace is easiest for you, but keep in mind that the sooner you provide your information, the sooner I can start working on things!
I will also ask you to complete this Financial Planning Questionnaire so that I can collect some additional information about you that won't be included in your financial documents. I ask for information about your family, your employment situation, resources and debts, expenses and goals, and a few other things.
It's also important for me to gain a good understanding of who you are outside of just numbers. You are more than just your account statements, tax returns and pay stubs. Your attitudes and beliefs about money, your core values, and your ideas about money's purpose in your life will all influence our work together. In addition to the Financial Planning Questionnaire, I will ask you to complete a couple of exercises that will help me more deeply understand your personal attitudes, beliefs and values so that I can better help guide you on your financial journey. You can see an example of one of those exercises here: Understanding Your Why.
Once I have all of your information I can start reviewing and analyzing your situation. It's a lot of information for anyone to absorb all in one sitting, so we typically will meet a handful of times (over Zoom) during the financial planning process to review and discuss my findings and recommendations. Everyone's situation is unique so our actual meeting cadence will reflect that and be adjusted as necessary, but a typical series of meetings will be spread out over the course of several weeks or several months and might look like this:
- Meeting #1 to explore the results of your assessments, discuss your balance sheet and go through an initial analysis of your cash flow.
- Meeting #2 to review your spending plan, tax situation, and debt paydown strategies.
- Meeting #3 to examine your risk tolerance, investment accounts, asset allocation and investment strategy.
- Meeting #4 to talk through your retirement income sources, insurance coverage, and the importance of estate planning.
- Meeting #5 to recap your financial goals, analyze your long term projections, and discuss alternate scenarios for the future.
As you can see, we will cover a lot in our work together! It's my goal that by the end of the process, I've answered all the questions you have as well as the ones you didn't know you should be asking.
Happy Planning!