- Please tell me about the financial planning process.
- How do you build the financial pyramid?
- This sounds like a lot of work, is it?
- Who can benefit from your services?
- Do you provide only integrated financial planning?
- I understand the benefits of working with an hourly, fee-only financial planner, but I might need to obtain financial products. Do you provide financial products?
- For what types of investments and financial planning matters do you provide advice?
- My spouse and I are just beginning to build for our financial future. There is so much to learn! We need help and guidance to get started. Will you accept us as clients?
- What is your investment philosophy?
- How much will my financial plan or advice cost?
- Are your fees tax deductible?
- Once my financial plan is completed, will our relationship end?
- Do you have weekend or evening hours?
- I have limited funds and time, so why should I get started now?
- How do I get started?
1. Please tell me about the financial planning process.
Proper financial planning is a process. It should not, cannot and does not happen overnite. For you, it begins by contacting me for your complimentary meeting, either by phone or in person. After the appointment is made, you will receive a Financial Questionnaire to be completed as best you can. It should be returned to me in advance of our meeting. Completing the questionnaire is a critical first step. It tells both of us if you are serious about the process.
Our meeting will be an opportunity to discuss your needs and which services are right for you. Most importantly, you will be able to judge if we are ” a good fit/’ If so, I will provide you with an Engagement Letter that outlines how I will help you and the related estimated cost. The cost is determined on an hourly or project basis and is dependent on the breadth and complexity of your situation and the nature of the work you request. I will always provide a good faith estimate of my fee.
After returning the signed Engagement Letter to me along with a retainer, the construction of your financial pyramid begins by gathering financial data and in some instances completing a cash flow and risk tolerance questionnaire. Upon receipt of your data, I will begin to review and construct your plan.I will discuss with you, usually by phone, the information you have provided and use the opportunity to clarify and further refine your goals and objectives.
Your customized plan is constructed by analyzing the information provided in conjunction with any research that may be required. I produce the final report and a detailed plan of action based on your unique situation.
Your customized plan is delivered to you at a Presentation Meeting. During the meeting we will review all aspects of the plan, making sure that you understand the recommendations made and the instructions for their implementation. Full payment for all fees is due at the conclusion of the meeting.
Taking prompt action to implement your plan is crucial. Your plan is designed to enable you to carry it out without further fees. I will be glad to answer any questions you may have and refer you to other professionals that may be needed as part of your plan.
Once your project is finished, there are no further obligations to work together in the future. I would recommend periodic update meetings and reviews to ensure that your plan is being carried out as constructed and that it still reflects your current financial situation. However, this is completely up to you.
If you’ve made it this far, you are more than 75% of the way home!
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2. How do you build the financial pyramid?
The construction process includes:
- Commitment to the process
- Definition of goals
- Analysis of current situation
- Formulation of customized plan
- Implementation of plan
- Monitoring of plan
3. This sounds like a lot of work, is it?
Yes. But the good news is that the “return” on your customized financial plan is directly proportional to your commitment to it and that adherence to the plan produces results.
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4. Who can benefit from your services?
Any individual, couple or family, regardless of income level or profession, searching for financial peace of mind can benefit from my services. We have flexibility to work together on either a one-time, as needed or ongoing basis.
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5. Do you provide only integrated financial planning?
No. Although an integrated financial plan provides great benefits and is often less expensive than taking a segmented approach, we can limit your choice of services to your specific needs.
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6. I understand the benefits of working with an hourly, fee-only financial planner, but I might need to obtain financial products. Do you provide financial products?
I can offer specific recommendations and opinions regarding the purchase of various financial products that may be appropriate for you. So, if you need to purchase insurance, invest in stocks, bonds and mutual funds, find an estate or marital attorney I can direct you to some of the most competent and experienced professionals located in the New York metropolitan area.
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7. For what types of investments and financial planning matters do you provide advice?
We can discuss most types of investments including stocks, bonds, mutual funds, etf’s and bank deposits. I can advise you on cash and debt management, 401(k)’s and 403(b)’s and other retirement and college funding, insurance and income tax planning or almost any other major life event. Such events include a new job, marriage, birth of a child, death of a spouse or parent, divorce, purchase or sale of a home or starting a new business.
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8. My spouse and I are just beginning to build for our financial future. There is so much to learn! We need help and guidance to get started. Will you accept us as clients?
Yes. There are no minimum income or net worth levels at Nevitt Financial Planning because financial planning happens everyday to everyone.
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9. What is your investment philosophy?
Flexibility. Every client requires their own investment strategy because every client’s combination of age, risk tolerance, financial objectives and income level is unique. Different strategies can apply to the same investment due of the type of account in which it is held. For example, investments that could turn out to be more short term in nature, defined as less than 12 months, I prefer to use tax deferred accounts such as IRA’s, 401(k)’s and 403(b)’s because all gains are tax free, regardless of how long the investment is held for. We can discuss stocks (common or preferred), bonds (corporate or municipal), mutual funds (load or no-load), exchange traded funds (ETF’s), master limited partnerships (MLP’s), income or growth, active or passively managed, concentrated or diversified portfolios. Flexibility.
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10. How much will my financial plan or advice cost?
Fees for Key Issue or one time engagements are based on the actual time involved in meeting with you in person or by phone, researching and analyzing your current situation , and providing specific recommendations and implementation assistance if appropriate. The hourly rate for this type of engagement is $175/hour and requires a minimum fee of five hours. A standard integrated financial plan would generally run between $3,000 to $3,500 with more complex plans costing in excess of $3,500.
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11. Are your fees tax deductible?
Yes, with certain limitations. The Internal Revenue Code allows a deduction for tax and/or investment advice as a miscellaneous itemized deduction, subject to a “deductible” of 2% of your adjusted gross income.
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12. Once my financial plan is completed, will our relationship end?
I hope not, but that is entirely up to you. I am available to monitor and review your plan on a periodic or as needed basis because financial planning happens everyday.
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13. Do you have weekend or evening hours?
Yes. With advance notice, we can speak or meet in the evening or on the weekend. Special needs or emergencies will be accommodated as they arise.
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14. I have limited funds and time, so why should I get started now?
Time is financial planning’s greatest asset. The longer you wait, the less time you have. Accessible financial planning options are available for beginners as well as those with limited budgets.
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15. How do I get started?
The first step is an initial inquiry from you. Call me at 516.933.7313 or complete the requested information in the Contact section of the website.
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