Financial planning is the process of organizing and managing your finances in a comprehensive fashion. Its purpose is to increase the probability of achieving your objectives -- both financial and non-financial -- through wealth accumulation, wealth preservation, and prudent risk management. In essence, it is a tool to help you address the financial demands of everyday life.
The basic elements of a financial plan can be broadly categorized as:
• Household Cash Flow and Budget
• Risk Management/Insurance
• Asset Allocation and Investments
• Major Goals/Purchases
• Tax Planning
• Estate Planning
Our Financial Planning Process
AFCG follows the Certified Financial Planner Board of Standards' six-step financial planning process:
Step 1: Establish and define the client-planner relationship and the scope of the planning engagement.
Step 2: Gather client data and review personal goals.
Step 3: Analyze and evaluate client financial status.
Step 4: Develop and present financial planning recommendations and/or alternatives for consideration.
Step 5: Implement the financial planning recommendations.
Step 6: Monitor the financial planning recommendations after implementation.
Fee Schedule
Our fee for Financial Planning is charged in one of two ways:
1. As a fixed fee, typically ranging from $1,250 to $3,000, depending on the nature and complexity of each client's circumstances. 50% of this fee may be due upon signing the Financial Planning Agreement, with the balance due upon presentation of the completed financial plan to the client.
Clients have the option of electing an annual review and update of the initial financial plan. AFCG will charge a fixed fee of $300 per annual review. The annual review fee is charged in addition to the initial fee for the planning engagement. The fee for an annual review is due and payable upon completion of the annual review.
2. On an hourly basis
billed at $200 per hour. An estimate for total hours will be determined at the start of the planning engagement. 50% of the estimated fee may be due upon signing the Financial Planning Agreement, with the balance (based on actual hours) due upon presentation of the completed financial plan to the client.
Typically, the financial plan will be presented to the client within ninety (90) days of the contract date, provided that the client has promptly provided all information needed to prepare the financial plan. For clients who receive periodic financial plan reviews and/or updated written financial plans, the review and/or financial plan will be presented to the client as contracted for in the Financial Planning Agreement.
For annual reviews of clients' financial plans, AFCG will charge fees calculated as a certain percentage of the initial fee charged for financial planning, depending on the nature and complexity of each clients' circumstances. AFCG may elect to reduce or waive financial planning fees for clients who retain AFCG for Investment Management services.
Please contact us to learn more about our Financial Planning services and our New Client Process.