Financial Planning Services

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YOUR LIFE WELL PLANNED…

Are YOU On-Track For Your Dream Financial Life?

A devastating problem I see is people not planning their finances or their retirement correctly.

Or worse… not planning at all. This is a shame because often, with just a few adjustments, those same people would otherwise be in for a much brighter present and future.

Ask yourself these questions:

  • What does it cost you by not knowing if your money is invested correctly?
  • Are you taking on too much risk – or not enough?
  • Do you know how much money you need to save right now? If not, how does not knowing affect you today? How might it effect you in the future?
  • Will you be able to afford to live the life you want? How do you know for sure?
  • Will you have the financial freedom you want or will you become a prisoner of circumstances?
  • How do your financial decisions impact your family? Are you living up to your responsibilities towards them?
  • Do you have a plan to adjust your financial life as you advance through your different life stages? (Buying a home, raising your family, sending the kids to school, preparing for retirement, retiring. These are each very different circumstances and you optimize your financial life if you adjust your finances differently as you enter each phase.

These are all good questions.   And if you come up with the wrong answers (or no answers at all) it can mean anxiety, wasted time, wasted money and a future that’s left up to a roll of the dice.

Financial planning isn’t just about retirement. It includes retirement planning of course but it goes much further. A proper financial plan tells you what you need to do now in order to make best use of your time and money so that you can enjoy a much better today and tomorrow.

When you put us on your team, we create a plan that tells you:

  • How to get out of bad debt and how to minimize the cost of good debt.
  • How to invest your savings and retirement in order to best achieve your financial goals while respecting your own unique risk profile.
  • How to save on life insurance – if you need it at all.
  • How much you need to save each month, where to save and how to invest that money.
  • Are your current investments too expensive?
  • Is your current advisor honestly working on your behalf?
  • Where your current path is leading and what specifically you need to change in order to have a different outcome.
  • Can you retire early? If so, when?
  • How to maximize hidden sources of retirement income you may not have considered.
  • How much does it cost you to live now? What will it cost you to live 10,20, 30 years from now?
  • Should you buy a house or rent? If you already own your home, is it a good investment?
  • How long will you need your money to last?
  • Is your estate plan sound?
  • Etc………

Are you surprised that your financial plan will answer all these questions and more? James and Sophie were too.

James thought that if he bought a ton of life insurance and saved as much as he could, his retirement plan would work. Sophie thought this made sense too. This was a terribly flawed approach. Here’s why.

Because they hadn’t run the numbers and seen the “what if” scenarios they had no idea that they could retire 10 years earlier than they thought they could. And once they saw the roadmap, they understood that they had a lot more options than they thought they did. This was a game changer for both James and Sophie.

They started traveling more. Sophie realized that she can stop working whenever she wanted and James understood that he could call it a day at work 10 years before he first thought he could. That plan was empowering to say the least.

Is A Financial Plan Only For Retired People or Those Nearing Retirement?

If you are already retired and built up a nice nest-egg, having a solid plan will tell you if are you doing everything you can to protect it. It will also help you determine if you are safely maximizing the income you can create from your assets.

But if you are still working and building your assets, the plan can be even more powerful. Don’t you want to be sure you are optimizing the opportunities with the least posible risk? Why make things more difficult on yourself by winging it? Your plan shows you how to achieve your most important goals without taking undue risk….and more.

When is the best time to run a plan?

Of course it’s never too late to build a retirement plan, but the sooner you do this, the better. Here’s why.  Think of a ship leaving port to make a long voyage. If that ship is off course, it’s far easier to correct the problem early in the journey. The longer the captain takes to correct the error, the more energy it will take to get back on track. The same holds true for you and your finances.

You might be fine with only a few minor tweaks to your savings, spending or investing now. But if you try to correct the same problems 5 or 10 years from now, it may be much harder to correct – or even impossible. That’s why this is important to take care of now.

Use your finances to fund your dreams.
Make sure it lasts – not just for a few short years, but forever. You do that by having a plan.

What Your Financial Plan Includes?

Here’s a partial list of what your plan includes:

– 75 minute discovery meeting with Neal Frankle, CFP – one on one.   Sometimes this takes less time but we like to have it covered so we allow enough time to go over each item – one at a time.

– As many hours as it takes for Neal to run your plan. Neal drafts a tailor made unique plan specifically for you.  That’s why the discovery meeting is so important and it’s why retirement calculators can’t do the job. Your circumstances are unique so you need a specific plan to take your particular situation into account.

Often during the planning phase Neal will come back to you with questions. This helps clarify your needs and helps make the plan that much more useful.

– 1 to 2 hours discussing “what if” scenarios between you and Neal.  Once we run the plan, we can optimize spending, saving and investing to see which changes (alone or in concert) help you best achieve your most important goals.

Remember, no two people are the same. You need your own personal plan which reflects your own personal goals and values. The same holds true for risk – not everybody has the same risk profile.   During the discovery and discussion sections of the planning process we’ll talk about your risk profile and financial goals and the trade offs of using different investments to achieve what is most important to you.

– A tailor made “to do” list you can implement in order to put your plan into place. Having a financial plan without getting into action is a worthless exercise.   Neal will create a customized list of all the steps you need to take in order to implement the plan you agree to. Together you’ll work out a timeline and Neal will check in to make sure you put the plan into place. This accountability is the “secret sauce” that changes lives and it’s what makes the financial plan Neal creates for his clients so powerful.

-Email support during the year as needed. This way, if you have questions about implementing the plan, or if things change during the year, you aren’t left in the impossible position of having to figure it out all on your own.

What Does A Plan Look Like?

Your plan could run anywhere between 30 to 120 pages – depending on your situation. Here’s a summarized peek at few of the highlights of the typical plan:

retirment plan 1

When we input your data we have to make some assumptions about when you want to retire (unless you are already retired) and how long you think you’ll be around and need the money to last.   Of course there are hundreds of variables like these.   And once we run your basic plan, we can change some of these variables to see how well the plan runs. Can you retire sooner?   Do you want to work longer? How do these decisions impact what you do now? Once we run your plan, we’ll know.

retirement plan 2

Other important variables to consider are your current assets, whether or not you plan on contributing more into these accounts, how much and for how long and the returns they make. These are all inputs we can change. And this gives you a great deal of flexibility. Many people are surprised to see how small shifts in contributions and/or investment choices can result in tremendously different options down the road.

retirement plan 3

How much do you earn now? How long will you continue working? When will your pensions and Social Security kick in? How about post-retirement employment? All this information is critical. Once we run your plan you may determine that you have more than enough to create the income you want at retirement. That might translate into starting your retirement years earlier than you imagined.

Of course the above is just a small sample of some of the data we input into your plan.   Lets now look at some of the reports this information helps generate:

retirement plan 4

Before we start planning for the future we need to know where you stand now. Your Net Worth Statement provides exactly that information.

retirement plan 5

Now let’s consider future cash flow. After we gather all your information, we determine how much money you’ll have coming in each year for the rest of your life and plot that against expenses. Notice how the amount of income differs from year to year. This is because you might work less or more, tap into retirement or stop doing so and/or start drawing down on savings. This is very unique to your own situation and this is why we run our projections – to make sure you have enough income when you need it.

You can see that the squiggly yellow line above represents expenses while the bars represent sources of cash. Do you notice that there is a deficit and that this person is spending more than is coming in? This isn’t always a problem (and it isn’t in this case) but it’s important to be aware of and not be taken by surprise. Wouldn’t you agree?

retirement plan 6

Let’s take a closer look at your expenses. They also change year-by-year. In this example, the house will be paid off when Jim turns 64 so the expenses drop. Likewise, when he reaches at 72, the couple plans on traveling a little less. And the plan projects that Jim and Mary will live to age 91. Since Mary is younger than Jim, her expenses will decline when Jim passes away.

Obviously it’s impossible to know for certain how life will unfold – but it’s far better to make a plan with imperfect information than to face the future unprepared. Right?

Next we’ll look at current income (below). You can see that the current situation calls for Jim and Mary to be able to save almost $60,000 a year. They never would have realized that had they not run the plan. As a result, they decided to set up an automatic investment plan to get that money invested rather than just having it sit around doing nothing – or getting spent.

retirement plan 7

And next comes projected spending.

retirement plan 8

You can see that age 65, Jim will start spending more than the couple has coming in. Again, in this case, Jim and Mary are fine. They have sufficient assets to carry them through these deficits.

But without running a plan, the couple would never know that the deficit was coming and wouldn’t know they didn’t really need to worry about it. As a result, they might have mistakenly concluded they had to go back to work or delay retirement.

Do you think having these kinds of reports and projections would be helpful to you and your family?

Of course they would. When you have this kind of clarity, you have more flexibility and more freedom of choice to have the lifestyle you want.

How Your Long-Term Plan Will Help You Today?

If you think having a long-term financial plan only pays off over the long-run, think again. There are at least 2 huge benefits you’ll enjoy today by crafting a financial plan today.

First, you might be far better prepared for your future than you realize. It’s great to sock away money for the future but it’s also important to enjoy the here and now. A plan helps you find this balance.

One couple I met, Steve and Erica were faced with this exact problem. They were maxing out their retirement plans plus putting another $1,000 away each month. They were doing a great job of course but they were actually overdoing it and this created a great deal of stress for them both. They weren’t enjoying the present as much as they wanted to because they were worried about the future.   And they found it difficult to find a balance.

By doing the financial plan, we learned that they could scale their monthly savings back to $500 a month and use the other $500 to do more traveling currently (which was very important for them). Had they not done their plan, they never would have realized they could do this and would have given up years of enjoyment striving to achieve a goal they had already accomplished.

Second, and perhaps more important is the emotional payoff you get today by having a good solid plan for the future. Imagine how good you will feel once you take care of your planning.   I can’t think of anything more satisfying that crossing this all-important task off your “to do” list.

People who have a vague sense of what their financial future might look like are often plagued by the uncertainty of not being completely sure.   But once you have your plan and you run the “what if” scenarios, you’ll have a far greater sense of security knowing you have a strong Plan A, B and C in your pocket. That way you are covered almost regardless of what happens. Why walk around worried about your future every day when you can get rid of that problem so easily?

Future Value

Of course you’ll see an even greater payoff once you get close to retirement age and in the years thereafter. For many people, transitioning from work to retirement is stressful. It’s one thing to manage your finances while you are still getting a paycheck from work every month. But when that check stops coming, it becomes a different story. It’s nice to know you have a plan that will keep that money coming in for as long as you need it. That’s called having sleep at night and that’s what a good plan gives you. You can’t put a price tag on that.

Still On The Fence?

Do you wonder if your ASSETS should be working harder for you?

Do you want your RETIREMENT fund to outlive you, so you can leave a legacy to your loved ones or at least not become a burden to them?

Do you want to have more control of your ESTATE and affairs?

Let’s face it…

The days of relying on Social Security and pensions

     to carry you through decades of retirement are over for most of us

If you want to have a thriving, abundant retirement without financial worry,

It’s up to YOU!

To get your finances in order, you must:

  • Secure your financial wealth
  • Make sure you will have sufficient retirement income
  • Protect your assets
  • Ensure that your net worth grows with time, instead of shrinks
  • Minimize your financial risk

If you were to do this alone, you’d probably spend countless hours with online calculators and you still run the risk of overlooking some critical information.. You are a undoubtedly a very bright person but if you have never run a financial plan before, do you really want to experiment when your own financial future is at stake? Probably not.

That’s where we come in…

I am a Certified Financial Planner that focuses on all the KEY elements of financial planning to ensure you have a well-structured plan to grow and protect your income and wealth. I aim to dramatically improve your clarity and confidence regarding your retirement and answer the key questions…

Do I have enough?

Will it last?

Am I investing the right way now?

Will there be any left over?

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When you retire:

  • Will you be able to travel?
  • How much income will you need?
  • How should you invest now so you’ll have that income when you need it?
  • Can you afford to buy your next car?
  • Should you stay in your home or move?
  • Can you afford to help your kids out financially?
  • How long will you need your money to last?

If you haven’t had a professional financial plan set up before that answers these questions, you could be losing your hard earned wealth and jeopardize your financial security!

Having a financial plan lets you answer all these questions confidently.

Professionally Guided Retirement Plans

It’s NEVER too early or late to set up a financial plan. But as far as planning is concerned, the earlier you start the better.

The sooner you map out your financial future, the sooner you can stop worrying about it and start taking advantage of the present.

Can I Afford To Get A Financial Plan Set Up?

In truth, a plan is ridiculously inexpensive – we charge $750 for a comprehensive plan. But that’s not the real question. The real question is can you afford NOT to have a plan like one I’ve described above?

Ask yourself:

“What has it cost me to NOT have a financial plan in place over the last 5 years?”

“What will it cost me if I delay creating my financial plan for another 5 years? Or 10 years?”

Take Mike & Nancy, for example…

1 out of money image

The graph above shows the “before” picture for Mike & Nancy’s financial health.

They reached out to create a financial plan, and good thing, too. After running some numbers, we discovered that if they continued doing what they were doing, they would be out of money by age 77.   Yikes.

After running the plan they made a few minor tweaks to their investments and spending plan. Mainly, they realized they had to cut spending a bit, increase savings, and invest differently.

The result of making a few painless changes? A projected situation with a VAST improvement – which you can see below:

2 not run out of money

IS A FINANCIAL PLAN RIGHT FOR YOU?

That depends.

Answer the following questions below to determine how knowledgeable, confident, in control you are regarding your finances:

Do you feel like you are doing everything you need to do in order to secure your future? Are you sure? What happens if you are wrong?

Do you know how much you should be saving and how to invest that money?

How much money does it really cost you to live right now? What will it cost you to live when you retire?

Will you be able to retire? When?

Do you feel like your money is invested appropriately?

How much will it cost you to live when you retire?

How much does it cost you to live now?

How much can you spend when you retire?

Will you be able to travel?

Can you afford to buy your next car?

Should you stay in your home or move?

Can you afford to help your kids out financially?

How long will you need your money to last?

Are your assets sufficient?

Are they invested the right way?

Are your liabilities too high?

Have you done all you can to reduce your cost of debt?

Have you done everything possible to increase your income?

Do you have the right life insurance? Is it enough? Are you paying too much for it?

Are you paying taxes unnecessarily?

Do you have the right estate plan in place?

If you can’t answer each of these questions adequately, you need a financial plan that does.   The good news is that when we set up your plan, you’ll gain clarity to ALL of these crucial questions, (and many more).

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What’s Included In Your Financial Plan?

When we do a financial plan together, we go through a step-by-step process:

Step 1 – Discovery

-You and Neal will spend from an hour to 75 minutes going through every financial detail possible to make sure the data we input into the plan is accurate and tells your entire story. Together you’ll figure out what it costs you to live, how much your current investments are earning, what your sources of retirement income are or will be and much more. Often during this interview process clients reveal a great deal about their most important financial goals and fears as well as information about assets and income sources they may have overlooked. This helps Neal craft a tailor made plan for his clients that actually works.

Step 2 – What If Scenarios

-Once Neal is sure he has all the information he needs, he runs a first draft of your plan. Sometimes the outcome shows that by doing nothing, you can achieve your goals. But often, the projections show that you need to make some minor changes in order to have a better result.

This is the beauty of having a professionally created customizable plan. You and Neal will discuss the outcome and the potential you have to change the results. You both will take as much time as needed in order to look at the alternatives and select the path that makes most sense for you.

Step 3 – Implementation

Once you and Neal go through the plan, make the necessary changes, and agree on a path, it’s time to get to work implementing your financial roadmap.

Neal will make recommendations on areas that can strengthen and protect your current financial status, such as:

  • income
  • debt
  • spending
  • investing
  • family and estate planning
  • risk reduction
  • taxes
  • and more…

 Neal will create a master “to do” list which you will go over together. Once you feel comfortable with this action plan you and Neal will set up a time-line to implement each item. Then, Neal will check in on agreed upon intervals to make sure you’ve actually taken care of these tasks.   This accountability makes all the difference in our experience and is what sets our planning services apart from most other firms.

Summary – What’s Included In Your Financial Plan?

Creating a NEW Financial Plan   – $1295

This includes:

  • One-on-one discussion with Neal to discover your goals, resources and opportunities.
  • Extensive “what if” scenario discussion weighing the alternative plans and options.
  • Financial coaching to help you decide which alternative might make the best fit for you given your unique situation.
  • Detailed “Action Plan” – all of the ‘to-do’s’ in order to get back on track and stay there.
  • Accountability calendar to make sure all your hard work pays off by actually putting your plan to work.
  • The “Financial Planner’s Toolkit” – a handy resource guide to equip you with useful financial planning resources, (different calculators, credible websites, etc… )
  • Ongoing email for Q&A, for financial guidance and to answer any questions on implementing your plan.

If you want to stop worrying about your current and/or future financial situation…

If you want to KNOW (not hope) that you’ll have enough money to get you through a comfortable retirement…

If you want me to set your finances up for success, so that you can start generating more wealth than you spend…

If so,

Then I’m ready to meet with you and get you on-track to meet and possibly exceed your goals!

During your 15-Minute FREE Financial Consultation, we’ll ensure that both parties are a mutual “fit”. Together, we’ll determine whether a Financial Plan is the next appropriate step.

No risk, no obligation, and only 15 minutes of your time.

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