Advanced Financial Review

Advanced Financial Review

The Advanced Financial Review is our most comprehensive financial plan.  It is usually for people looking for a thorough review of their overall financial situation as they approach retirement, and/or analysis on more complex issues. The Advanced Financial Review covers these areas of financial planning:

Financial & Retirement Goals

  • Goal and lifestyle definition (retirement, education, travel, larger purchases, etc.)
  • Accumulation and funding strategies
  • Review and selection of strategies from the Retirement Income Playbook including:
    • Social security and pension selection options
    • Cash flow buffer
    • Lifetime retirement income
  •  “What If” planning scenarios with various plan testing
    • Retirement cash flow
    • Probability analysis (Monte Carlo)
    • Stress testing
    • Withdrawal rate sustainability

Assets & Investments

  • Investment education and strategy
  • Portfolio allocation and asset location
  • Tax considerations
  • Investment selection
  • Stock option and RSU planning
  • Rental real estate
  • Business ownership and retirement plans

Tax Planning

  • Review current tax exposure
  • Current and future tax efficiencies
  • Advanced strategies

Cash & Debt Management

  • Net worth and cash flow
  • Mortgage and other debt analysis
  • Emergency and short-term savings

Risk Management

  • Review the following insurance coverage*:
    • Health
    • Life
    • Disability
    • Long-term care
    • Auto
    • Home
    • Liability
  • Other liability reduction strategies

Estate Planning

  • Review wills, power of attorneys, trust(s)
  • Asset titling
  • Beneficiary designations
  • Philanthropy / legacy planning
  • Advanced strategies

Delivery of Service

This service usually consists of three or four meetings.  Here’s what you can expect:

Preparation

    • Meeting 1 – initial meeting
    • Meeting 2 – discuss and clarify your concerns and financial goals, gather the required documents for our analysis, sign the service agreement and collect payment.

Planning

    • Meeting 3 - interactive session to assess financial and retirement goal planning and test various “what if” scenarios, review investment portfolio, review all other financial planning areas (insurance, taxes, etc.) and present initial recommendations.

Presentation

    • Meeting 4 or email/phone – Present and review our final Recommended Action Checklist, which provides specific written recommendations and details out what needs to be completed and when, and provide link to online retirement plan.

Progress

    • We’re available for 30 days past the Presentation Meeting if you have questions about the plan or implementation.
    • Ongoing clients (Investment Management clients) may contact us anytime for assistance or questions.  Ongoing clients also receive a Progress Review 2-3 months out at no charge.  This meeting is used to review your progress and make any necessary adjustments.

Plan Updates

Over time, life and situations change.  You may get a new job, become a grandparent, or decide to move to a different state. It is important to update your financial plan to account for your new life plan. We recommend that you update your plan every 12-18 months, or sooner if a major life event has occurred. Plan Update meetings can either be conducted in-person or via a web conference. Plan updates are charged at an hourly rate and usually take between 2-4 hours depending on your situation.

Notes

The base price of the Advanced Financial Review does not cover advice on business ownership transitions or ex-patriate / living abroad situations.

Many times, traditional brokerage firms will provide a "free" financial plan and then recommend the purchase of commission-based mutual funds or annuities to "pay" for their time. We can provide better objective advice for less than the traditional brokers. For example, the cost of the Advanced Financial Review is less than the sales charge (commission) you might pay on a $35,000 investment into a load mutual fund.


* Blue Water provides a general analysis of your insurance coverage.  We look at overall benefits and deductibles and gauge appropriateness and adequacy.  Our analysis does not include an in-depth review of each policy’s language and limitations.  We cannot ensure that you are getting the best insurance coverage for your situation from the best company at the best price.  In addition, the review of health insurance is limited to making sure you have coverage prior to Medicare and general guidance on Medicare supplemental insurance (Medigap).