Financial planning is life planning: a process of evaluating your life, making decisions about goals and adapting to changes over time.
Good financial planning can positively affect the lives of your family members for generations. You can pay a flat fee for a plan we write together and/or you can add an annual retainer to get help implementing your plan over the course of usually a year.
Having a professional, objective party on retainer allows for making informed financial decisions much easier. As "life happens" you will have someone to talk with as an individual or a couple. Below is a standard outline of the JHCo. financial planning milestones for the first year.
MONTH 1: Discuss financial history, career and define our scope & milestones
MONTH 2: Collect financial facts and organize statements into an on-line system
MONTH 3: Analyze current financial status while uncovering irregular expenses
MONTH 4: Deliver financial status and recommendations in a simple report
MONTH 5: Create a discretionary savings, spending and debt management plan
MONTH 6: Connect with current advisers (insurance agents, estate planners, CPAs, etc.)
MONTH 7: Discuss tax returns and connect with a new tax professional if necessary
MONTH 8: Review insurance (life, property, casualty, health) and refer agents
MONTH 9: Review current beneficiaries, charitable decisions & refer estate planners
MONTH 10: Discuss annual credit report, former habits and identity protection plan
MONTH 11: Discuss, review and document financial behavior best practices
MONTH 12: Review open items, goals and any changes in plans
The goal is to accomplish the milestones above in one year (or less). After the first year, it will be time to compare your goals to the progress made, life goals that may have changed and financial decisions left to be made. This is the financial planning and JHCo. process.
Questions? Just contact JHCo. to discuss this further.