Financial Planning involves evaluating your current and future financial state by using what we know currently about you to project future cash flows, asset values and withdrawal plans. You will receive a detailed financial plan designed to help achieve your desired financial goals.
Potential Financial Planning Topics Include the following
More details can be found in Form ADV.
Fee-Only Financial Planning – The Process1
Wondering what financial planning with Wealthwyzr, LLC looks like? Here’s the process explained in 9 easy steps. When we work together, the topics of each meeting may vary based on your personal priorities as a family. After all, personal finance is personal.
Your First Year with Wealthwyzr, LLC
START HERE
START HERE
Schedule a Call
- Schedule a 15-30 minute discovery call to discuss your goals, concerns and determine if we are a good fit.
- Schedule a longer discovery call to dive deeper into your goals explain our process.
BECOME A CLIENT
BECOME A CLIENT
Onboarding
- Sign agreement & set up payment.
- Share financial documents using a checklist I will provide.
MEETING # 1
MEETING # 1
Data Organization
- Verify data accuracy in planning software
- Overview of your current income, spending, and saving
- Discuss goals, constraints and risk tolerance
MEETING # 2
MEETING # 2
Investment Analysis
- Review net worth, asset allocation and asset location
- Discuss specific investment recommendations
MEETING # 3
MEETING # 3
Retirement and Tax Planning
- Review retirement projections
- Discuss tax-saving strategies
MEETING # 4
MEETING # 4
Insurance & Estate Planning
- Review risk exposure and provide options to reduce your premiums or increase coverage
- Discuss strategies to protect your assets and pass them efficiently to your loved ones
MEETING # 5
MEETING # 5
Other Topics 2
- Ad-hoc topics specific to your situation
- College Savings
- Starting a business
- Equity Comp
- Sabbatical
- Real Estate
MEETING # 6
MEETING # 6
Final Review
- Review final financial plan
- Discuss implementation timeline for outstanding items
- Discuss next steps
1 Sample Financial Planning process. Actual progression may vary based on individual circumstances
2 These topics may be specific to your unique situation and circumstances
Beyond Year 1 with Wealthwyzr, LLC
Winter Season / Beginning of Year
- Prepare CPA Tax Summary Letter for Prior Year
- Review Income and Expenses for the Year
- Analyze Company Benefit Plans
- Establish Distribution Plan for the Year
- Preliminary Roth Conversions
- Retirement Plan Contributions
Spring Season
- Semi-Annual Investment Deep Dive
- Mid-Year Tax Strategy Review
- Financial Plan Update
- Spring Reivew Meetings
- Estate Plan Review
Summer Season
- Tax Return Review
- Financial Progress Review
- Insurance Review
- Roth Conversions
Fall Season / Year End
- Final Tax Return Review
- End of Year Planning Opportunities
- Year-End Review
- Final Roth Conversions
Step 1
Consultation Call
This is your chance to talk with Avanti Shetye, CFA about what you want to achieve through financial planning, and understand how she can help you achieve your goals. Think of this call as a screening interview. In this meeting, we will dive deeper into your life goals, and what matters the most for your family. I will explain how financial planning works. This meeting is a chance for both of us to see if we are a good mutual fit.
Step 2
On-boarding & Data Collection
Once we mutually sign the financial planning agreement, I will provide a checklist of documents we need to start working on your financial plan and share a link to upload your documents securely. These documents include tax forms, investment statements, insurance documents, employment documents, debt statements, estate planning documents, employment documents – basically any document with a number on it. We will also schedule our first planning call.
Step 3
Investment Analysis
Once your financial planner analyzes your documents, she will present your financial picture as it currently stands – your net worth, distribution of assets across different tax buckets, and allocation across various asset classes. We will fill out a risk tolerance questionnaire.
Step 4
Tax Planning & Retirement Planning
Based on your goals and financial analysis, your financial planner will discuss strategies to make your goals possible. She will run different scenarios to determine what is possible and what can change. She will make specific investment recommendations with and help you implement those recommendations. One specific focus would be on minimizing your taxes over your lifetime.
Step 5
College Planning
Whether your children want to attend a state school or an elite private university, your planner will analyze the feasibility of those decisions and the impact of attendance on your finances.
Step 6
Other Goals
You may specific goals such as early retirement, starting a business, taking a sabbatical, buying a home or investment property, your planner will help you through those decisions.
Step 7
Risk Assessment
Your financial planner will review your insurance needs and determine if there are any gaps in your current coverage – life, disability, home, rental, and auto. I will connect you to an independent broker to get insurance quotes that may help you increase your coverage or lower your premiums. Note that I don’t sell insurance or earn from you engaging with the broker.
Step 8
Estate planning
We will discuss about your future, the legacy you want to leave, and how to build generational wealth. Your planner will review existing trusts, powers of attorney, wills, and more. Note that we do not produce any estate documents. Only an attorney is able to produce legal documents but we will guide you through the process.
Step 9
Final Review and plan
We will review the completed financial plan together and come up with an implementation timeline. Although this is the final step of the one-time planning process, it is not the end of our relationship. My ultimate goal is to help you achieve financial success and peace of mind. After this review, most clients prefer to meet on a quarterly basis and update their financial plans regularly.
Frequently Asked Questions about Financial Planning
Once you’ve had your discovery call and initial consultation and decided to work with me, it takes approximately 4-6 months to complete all the phases of your financial plan. Between meetings, it takes 3-5 hours of work. After the complete financial plan is reviewed and delivered, I’ll meet with you on a regular basis and as frequently as your situation requires to make sure everything is still in alignment with your goals and values.
Initial financial plans in our full-service financial planning arrangements start at $7,500 and go up with complexity. More details can be found here.
I believe in simplicity. Research shows that passive investing has historically outperformed active investing. Asset allocation impacts investment returns more than security selection. I use a combination of indexed funds and ETFs in my investment portfolios.
Absolutely! We can work together as long as you reside in the United States and have internet connectivity.
No. I am a fee-only financial planner. The only way I get paid is by providing you with financial advice based on your circumstances and my professional experience, not motivated by external forces. The only time I get paid is when you pay me.
Fee-only advisors don’t get paid for any products or services they recommend. The only way they earn money for advising is through their clients. This makes conflicts of interest less likely.
Advice-only advisors don’t manage any assets. They only provide advice and help with the implementation of that advice.
I am an advice-only planner at the moment. I may add investment management services in the future. But if you need help managing your investments, I will hold your hand and make sure you have all the necessary information to trade in your accounts.
The CFA charter is a graduate-level professional designation established in 1962 and awarded by CFA Institute. To earn the CFA charter, candidates must pass three sequential, six-hour examinations over two to four years. The three levels of the CFA Program test a wide range of investment topics, including ethical and professional standards, fixed-income analysis,
alternative, and derivative investments, and portfolio management and wealth planning. In addition, CFA charterholders must have at least four years of acceptable professional experience in the investment decision-making process and must commit to abide by, and annually reaffirm, their adherence to the CFA Institute Code of Ethics and Standards of Professional Conduct.
CERTIFIED FINANCIAL PLANNER™ professionals have earned formal recognition in 72 areas of financial expertise. From budgeting, to planning for retirement, to saving for education, to managing your taxes and your insurance coverage, personal “finances” doesn’t mean just one thing — and “financial planning” means much more than just investing.
Owned and awarded by the Certified Financial Planner Board of Standards, Inc., the CFP® designation is awarded to individuals who successfully complete and maintain the CFP Board’s requirements for education, examination, thousands of hours of experience, and ethics.
Schedule a call with us. We will find a way to work together.