|
"He who fails to plan, plans to fail."
Proverb (source unknown)
Landmark Financial is approaching its 10th full year of providing objective, Fee-Only financial planning and advice to people from all walks of life. If there’s one thing that we’ve learned in that time, it’s that some people find the process of financial planning intimidating. They often don’t know how to start, what questions to ask, what’s required of them, who to trust, or how much it’s going to cost. Failure to address or resolve these questions at the outset are likely to result in a less than ideal relationship together (or no relationship at all!). For you, this could mean that your financial planning concerns go unaddressed or that you fail to realize your important financial objectives. For us, it means the loss of your business. We want to help, and we want to make this as simple for you as possible. That’s why we include so much information on our website for you, and why we ask you to please read this section thoroughly.
In a moment, you’ll read a few paragraphs under the heading, “How to Work with Us.” This is your step-by-step guide to working with us, and we ask that you read it carefully, and completely. But before you do, we’d like to address what we’ve found are the most common questions and concerns that you’re likely to have.
- What do you do?
- Here’s the process in a nutshell, as simply as we can state it: We figure out where you are now. Next, we find out where you want to go. Then we figure out the best way to get you there. We consider what obstacles might stand in your way. Then we help you to overcome those obstacles. That’s what we do.
- Is it difficult?
- It’s not rocket science, or brain surgery, but it’s not easy. Every aspect of your financial life – whether it’s saving for your child’s college education or planning for your own retirement – is intertwined. If you focus on only one or two elements, the other areas that you’ve overlooked could compromise all of your efforts. That’s why so many people need professional assistance in order to do it properly.
- Is it expensive?
- It’s not inexpensive, but if it’s done properly, the benefits will greatly outweigh the costs over the long-term. Many people have been conditioned to expect or believe that financial planning should be cheap. A broker may even have offered to do a plan for them for free. “Plans” of this type are worth exactly what you pay for them. Proper and effective financial planning requires tremendous skill, comprehensive knowledge, and thoughtful judgment on the part of the planner - and it’s time-consuming. Cutting corners to save money will only cost you more in the long-run.
- O.K. So what will it cost?
- The short answer is, “It depends.” More specifically, it depends on the simplicity – or complexity – of your situation. It will generally cost less for younger individuals or couples with fewer issues to address, and more for those with multiple issues or objectives, like paying for a child’s college education or structuring a stable retirement income stream. Questions number 14 and 15 in the “FAQs” section of our website describe our cost structure in more detail, and we ask that you review that information so that you have an idea of what to expect before seeing us.
- Is it worth it?
- Yes. We know that for many of you this will be the first time that you’ve actually had to write someone a check for this service. Please understand; nobody works for free. We maintain that many advisors simply charge too much, and that it almost never makes sense – and is much more expensive – to pay a commission on the purchase of financial products. If you consider our fee relative to the costs of our competitors, and consider all of the ways that we can save you money over the long-run, we think that you’ll find us to be the best and least-expensive choice.
- Can't I just do this, myself?
- Perhaps. If your situation is simple enough and you have enough basic knowledge to manage your own financial affairs. Or, if you simply are not willing to consider the value of and pay for professional advice, then you may have to do it yourself. But we truly believe that everyone can benefit, at some point in their life, from competent and professional financial planning. If you agree, then we ask you to consider the following:
Independent research by the Consumer Federation of America found that Americans with financial plans accumulate twice the savings of those without, and that "Americans of all income levels are more comfortable, confident, and are making more progress toward their goals -- if they have a financial roadmap."
How to Work with Us
Effective financial planning requires a commitment from both the planner and the client. Towards that end, it’s important that you know what to expect from us and what we require from you.
We are committed to making your relationship with us completely satisfying. These easy-to-follow steps will make it easy for you to work with us, will help you to understand our process and what to expect, and will help us to determine the most efficient and economical way to address your issues and concerns.
Step 1: Check Us Out Take a few moments to thoroughly familiarize yourself with our website. Reading “Who We Are,” “Our Services,” and the “FAQs” section of the website will answer most of your questions about Landmark Financial, including: the benefits of our as-needed approach to financial planning, the services we offer, our qualifications, and an explanation of our fee structure. Additional information pertaining to our hourly and retainer fee structure can be found in Schedule F of our ADV, which you can download from the "Client Forms" section of the website.
Step 2: Your Objectives Consider what it is you’d like to accomplish as a result of working with us. Is there a particular issue that you’re concerned with, like whether your 401k plan is appropriately allocated, or what the best strategy is for saving for your child’s college education? Or are you more interested in getting a handle on your entire financial situation? If your concerns are limited to one or a few particular issues, our Hourly Service may be the most convenient - and economical - solution for you. On the other hand, if you have multiple concerns or objectives that you'd like to address, prefer a more comprehensive financial planning approach, and/or would like our on-going help and assistance in achieving your financial objectives, then our Retainer Service is likely to be the most efficient and economical solution. If you're at all unsure which approach is best for you, simply call us and we will schedule a Get Acquainted meeting to plan your project and prepare an estimate for the cost of our services before we begin.
Step 3: Data Gathering While you’re on the “Client Forms” section of the site, print out the Initial Meeting Questionnaire and the Confidential Questionnaire. These are the only forms required for our first meeting together, and should take no more than a few minutes to a half-hour for you to complete. It is important, however, for you to complete them thoroughly (please be sure to sign the cover page of the Confidential Questionnaire).
Step 4: Contact Us Call us to schedule an hourly session or a Get Acquainted meeting (or if you have questions about any aspect of our services, and need clarification before committing to a meeting). We schedule appointments every business day of the week, during normal business hours, and accept evening appointments on Mondays and Thursdays. We can make exceptions if you are not available during normal business hours. Remember – we want to make this easy for you. So please ask if you require special arrangements.
Step 5: Our Initial Meeting Show up for our meeting together. Your appointment time is reserved specifically for you. If you cannot keep your scheduled appointment, please give 24 hours notice so we can offer appointments to others in a timely manner, as well. Bring the completed Initial Meeting Questionnaire and Confidential Questionnaire with you, as well as any other records or information that you think may be helpful for our hourly session or Get Acquainted meeting. Don’t worry about whether you’ve brought every last financial record or document with you. If there’s something you’ve missed, we’ll give you a list of whatever other information we require to complete your project.
Step 6: Hiring Us If we are meeting for an hourly session, we will begin and likely complete your project while you are in our office. Therefore, you should be prepared to sign our Client Service Agreement at the start of our meeting and pay for our time together at the completion. For a Get Acquainted meeting (one leading to a retainer agreement), we will determine your (annual) retainer fee at our meeting, one-half of which is due at engagement and signing of our Client Service Agreement. Please be advised that we will not begin work on any project other than an hourly session without first receiving a deposit.
Step 7: Our Process Proper and effective financial planning is a complex and dynamic process. Consequently, we meet as frequently as quarterly with our retainer clients. At each quarterly meeting we will focus on a particular aspect of your financial plan, including investment planning, tax planning, and estate planning - among others. Additional meetings, conducted by phone or in person, may be warranted. Retainer clients are given multiple contact information for us, including restricted cell phone numbers, and are encouraged to call with questions during normal and extended business hours.
Step 8: Implementation Because we sell neither investments or insurance of any type, we are free to recommend low-cost alternatives to the often higher-priced options utilized by many captive brokers, Registered Representatives, and/or career insurance agents. Consequently, we endorse and recommend whenever possible the use of "no-load" mutual funds, "low-load" or "no-load" insurance providers (generally, and where available), and discount brokerages (for any individual stock or bond trades). We receive no commissions or compensation from third parties of any sort. This is a key differentiating factor of our practice, and can save you hundreds or thousands of dollars that would otherwise be lost to commissions, surrender penalties, or other fees. Ordinarily, many of our clients choose to do their own investment or plan implementation (with simple but explicit instructions and guidance from us). This is often the most efficient way for you to implement our recommendations, and for those who work with us on an hourly basis, helps to keep the total costs of your project reasonable and affordable. Upon request, however, we can assist you with any aspect of your implementation (at the rate of $220 per hour). Implementation is included for all Retainer Service clients.
Step 9: Payment Payment for all Hourly Service clients is due at the conclusion of our session together. If additional sessions are required to complete your project, payment for such is likewise due at the conclusion of those sessions. There may be situations in which the advisor agrees to accrue time for multiple sessions. Under these circumstances, we will bill you no less frequently than quarterly for any time accrued. Payment is due immediately upon receipt of our statement. Fees for Retainer Service clients are due one-half at engagement and commencement of your plan/project, with the remaining one-half due six months later. Failure to pay retainer fees when due will result in an immediate cessation of any work in progress, and result in the termination of our agreement.
Step 10: Follow-up Hourly Service clients are accommodated on an as-needed basis. While our relationship may end at the completion of your project, it doesn't have to. We encourage you to review your financial situation at least twice a year and contact us if you have any questions or need our help with other issues. Because financial planning is a process, not an event, Retainer Service agreements are for a period of 12 months, and are renewed (at the client's and the advisor's discretion) each year.
Step 11: Feedback If you are pleased with our service to you, please tell your friends and colleagues. Referrals from satisfied customers have been the number one source of new business growth for us. If you are unhappy for any reason, PLEASE tell us. Nothing is more important to us than your total satisfaction. Thank you for considering Landmark Financial Advisory Services for your financial planning and advisory needs. We look forward to helping you to achieve your most cherished financial objectives.
|