What I do as a financial planner and portfolio manager:
If you have 401Ks that need to be rolled over and/or consolidated, I have managed many of these transitions to help simplify the investment management duties and distribution strategy (RMDs) of the client. Same with IRA's depending on whose they are and if Traditional vs Roth (ie. tracking basis and/or sources of contributions ie. Inherited/Beneficiary)—this is done to ensure any reorganization doesn't negatively impact required/allowable distributions, for optimal drawdown and/or for tax treatment/savings purposes. There's many nuances to be aware of that just aren't obvious unless you deal with them often. If you don’t have the technical knowledge, this process can be quite aggravating to do yourself and mistakes take even more time/cost to correct.
I do comparisons to show clients whether paying down a mortgage is worth it. Often not if the rate is low, but it requires taking a look at your broader finances to decide.
I’ve helped clients understand when to start taking Social Security benefits, reviewed statements to verify earnings/payouts, joined calls with clients and SSA agents to get questions answered (ie. Windfall Elimination Provision). There are other related issues to consider like how much business owners should pay themselves. or for medicare, your change in coverage benefits, premium costs, etc.
I’ve gained life experience from helping my own Mom/Dad with their Medicare and SS, and especially my Dad's caretaking. This has given me first hand experience with geriatric care consultants, hiring caretakers, working with a care agency, interviewing/visiting memory and assisted living care facilities, and caring for my Dad’s needs as he faces a gradual decline in health.
I've helped coordinate trust/will updates, sourced/vetted attorneys depending on the location and expertise needed. Also have navigated execution/settlement of estate matters with a few clients.
As far as portfolio analysis goes I can simply review accounts and give feedback on this and/or help manage if necessary, but need to know more about the assets and how it fits into your overall “big picture”. I have gained first hand experience analyzing security investments since 2018 and managing my own investments since 2008. Today I directly manage client assets of a little under $8MM (and additionally as a sub-advisor). I do this on a discretionary basis which means I am responsible for making buy/sell decisions and incorporate as much client direction as desired/needed, something determined by mutual planning. But I do not trade. I allocate investments for the long-term (3-5 years or more) and make changes strategically. And for those that manage their own investments I can do planning only and give advice/guidance on their current picture and can make recommended adjustments.
I have a mentor and others I look to who have decades of experience managing high net worth clients and can help with planning and/or managing complex estates or situations.
My practice is fee-only. I bill $250/hr for planning and estimate the effort in advance. If managing accounts directly I bill 1% or less annually depending on the amount. I purposefully do not push/sell any product (ie. no 12b-1 fees or commissions). Watch out for advisors who force your hand or twist your elbow at every opportunity.
I have structured and grown my practice in such a way that I am not working just to pay for an expensive office or fancy lifestyle. This is more important than clients know because it affects how much an advisor charges, their incentives in serving clients, and ultimately their investment philosophy. I also see myself as responsible for setting an example of what I believe is good stewardship and living within your means.
I manage my own investments alongside those of my clients. There is intentional alignment of interests on my part in achieving financial independence together with you, treating you like a partner. This means I only take investment risks according to your time horizon and objectives that I myself would be prepared to accept and commit to personally, for me and/or my own family. Essentially I see my fiduciary duty as absolutely vital to your success.
Value_Provided.pdf - See a more comprehensive list of technical items I have assisted with in planning. Items are highlighted in blue.
To learn more let’s have a chat. Give us a ring.