Comprehensive Plans

Simplifying the Complex

A financial plan is much more than investment advice.  We take into account all factors that comprise your financial profile. In fact, our job is to make sure you understand the reasons behind our recommendations.    

Planning Process

Each client situation is interesting and complex.  We have developed a process to uncover specific planning needs.  Throughout the process we set goals and develop an action plan.

Meeting #1: Initial Meeting This is the opportunity for us to decide if we are a Win/Win fit. There is no charge for the initial meeting. You set the agenda addressing what you hope to accomplish after working with us.  Following the meeting, we ask you to fill out fact finder documents.

Meeting #2: Data Meeting  We review your fact finder documents.  Following this no-charge meeting, we prepare an Engagement Letter with a quoted fee and an Agreement.  Should you choose to engage us, simply return the signed Agreement and one-half of the quoted fee to get your plan underway.

Meeting #3: Financial Condition  The second meeting focuses on your current financial position.  We establish a Statement of Financial Position as a baseline of your plan. We analyze your liquidity and the overall diversification of your investments.  This will assist you in measuring your progress in the future.

Meeting #4:  Risk Management and College Planning  This meeting focuses on the unexpected.  We review the various insurance policies you have in place.  Using cash flow projections, we explore whether you have enough assets and/or insurance coverage in the case of death, disability, long-term care, and liability exposures.  Additionally, we will cover the issues surrounding college planning if applicable.

Meeting #5:  Investment Planning  The fifth meeting will give you a better understanding of what to expect from your investments.  By this point, you’ll have completed our Risk Tolerance Questionnaire.  We will compare your preferred risk level to what you currently have.  The goal is to educate you on Investments, Risk Tolerance, Diversification, and Asset Allocations. 

Meeting #6:  Estate Planning  This meeting focuses on your wealth transfer wishes.  We review the estate planning documents you have in place and determine if they adequately accomplish your wealth transfer goals.  We look at Federal Estate taxes and your exposure to them.  At the end of Meeting #6, your plan will be complete and the remainder of the quoted fee is due.

Coordination and Implementation:  Over the remainder of the year, we meet periodically to follow up on the action items we have established.  We have found clients consistently implement their plans when we serve as their accountability partner.  Should you choose to engage Charleston Financial Advisors for ongoing investment management services, a new contract is signed, and an Investment Policy Statement is developed. 

Fees:  Our financial planning fees are tailored to your unique needs.  Based on the complexity of your needs, a Comprehensive Financial Plan starts at $5,000.  Our planning process generally takes about a year to complete.