Wealth Building Service
The following is a description for each component of the wealth building service, as well as an outline of the standard onboarding process for new clients.
Most people have a vague idea of what their ideal lifestyle would look like. Our first step is to ensure you are crystal clear on what yours would be. Between you vision and my financial analysis, we’ll be able to establish a clear mission to work towards.
Once we’ve established your vision and mission, we’ll put together your personal financial blueprint — which will outline a clear path to reaching your most important financial life goals.
Your initial blueprint will include up to three non-negotiable goals. If your blueprint shows a cash flow deficit, we’ll adjust the goals appropriately. If it results in a surplus, we’ll discuss ways to achieve your goals sooner or set additional goals.
No matter how good your plan is, it could all come crashing down if risks aren’t properly managed. We’ll conduct a thorough analysis of your financial risks and determine how to best address them — absorb the risk, self-insure, or transfer the risk (acquire outside insurance). Reflective Wealth earns no compensation for insurance recommendations.
We will conduct a full review of your employer benefits — with an eye towards how they can help you achieve your financial goals and/or absorb your financial risks. And we’ll conduct an annual review each year during your open enrollment period. This will include investment advice on all employer-sponsored savings plans.
We’ll determine what types of financial accounts make the most sense for you. And where needed, we’ll establish new and consolidate old accounts. We’ll also determine the optimal contribution rates to your financial accounts, while setting up automated contributions, as needed. This includes ongoing investment management.
Depending on your goals, we’ll ensure you are investing toward them in the most efficient way possible. If retirement and/or college savings are part of your plan, we’ll consider things like time horizon, contribution strategies, fees, tax implications, and future withdrawal considerations.
Once your plan is up and running, we’ll review your progress quarterly. And you can reach out any time if you need assistance with anything, as it pertains to the plan we’ve designed for you. As your needs evolve, you can purchase additional services — like tax and estate planning — on an “as needed” basis. And as your wealth grows, you’ll eventually graduate into our premium wealth management service.
Onboarding Process
Week 1 - Goals Discussion
We’ll establish your most important goals. And you’ll also get a tour of my financial planning software (Right Capital). After this meeting, you'll work on getting all your data entered and I'll work on establishing your initial financial blueprint.
Week 2 - Cash Flow Analysis
We’ll review your initial blueprint — focusing on your probability of success and long-term net worth projections. If there's a cash-flow deficit, I'll provide you with an exercise intended to help you reduce your expenses (and we will pause the process until that is completed). If your expenses cannot be reduced, we will adjust your goals. If there's a surplus, we will move on to the next step.
Week 3 - Risk Analysis
Prior to this meeting, I’ll conduct a full risk analysis. And during this meeting, I’ll review my recommendations for addressing those risks (including insurance recommendations).
Week 4 - Employee Benefits Planning
Prior to this meeting, I'll conduct a full review of your employer's benefits. And during this meeting, I'll provide recommendations to maximize them.
Week 5 - Investment Setup
I’ll make recommendations on asset location, account consolidation, account titling, and beneficiary designations — and begin the process for initiating account transfers, if necessary. We'll also review the investment strategy to ensure you understand how your money is being invested (and why).
Ongoing
Once accounts have been set up and funded, we'll be ready to move to our regular quarterly update meetings. And we will address additional planning needs, as necessary. Of course, I'll be available to you any time in between as well.