FINANCIAL LIFE PLANNING FAQ
- How does your advisor help you reach your Financial Life Planning goals?
- What are the characteristics of a good Financial Life Plan?
- How will my Advisor work with me to develop my Financial Life Plan?
- What specific issues will be addressed in your Financial Life Plan?
- What are the steps involved in preparing your Financial Life Plan?
- How much of my time will the Financial Life Planning process require?
- How much does the Financial Life Plan cost?
- What if I am not satisfied with the plan?
- What is my role in the planning process, and what are my responsibilities?
- Q. How does your advisor help you reach your Financial Life Planning goals?
A. By using a disciplined process consisting of:
- A written financial PLAN
- A PROCESS to continuously monitor actual results against the plan
- A focus on the areas that you can CONTROL such as: goal setting/tracking, savings, spending, taxes, risk management, asset allocation, communication, and discipline.
- Q. What are the characteristics of a good Financial Life Plan?
- It is based on your unique needs
- It is easily understood
- It can be economically and efficiently monitored
- It is built upon timeless financial truths
- It is focused on those areas that you can control
- Q. How will my Advisor work with me to develop my Financial Life Plan?
A. Your Advisor will work with you to:
- Define your goals and dreams according to your unique purpose in life
- Assemble all of your current financial information
- Analyze the probability of achieving your goals
- Develop and maintain a disciplined process to adapt your plan to your changing needs
- Continue to encourage and support you as you work toward your goal of financial peace of mind
- Q. What specific issues will be addressed in your Financial Life Plan?
A. The following will be addressed:
- Goal setting – We will facilitate the process of establishing short and long term goals and prioritizing them.
- Spending and cash flow - We will analyze your current debt levels, expenses and savings and recommend strategies to eliminate personal debt, manage on-going expenses and achieve your desired level of savings.
- Corporate benefits - We will review and analyze the corporate benefits available to you and help you take maximum advantage of your benefit options. We will then integrate these benefits into your overall financial plan.
- Risk management (Insurance) - We will quantify the financial impact of events such as disability, premature death and the need for long term health care and provide an objective analysis of your existing coverage. If changes are needed we will identify at least three financially sound companies that offer solutions and evaluate the cost effectiveness of each.
- Retirement planning - We will help you answer the key questions you have about your plans for retirement, including;
- How much will I need to save and invest for retirement?
- What level of earnings will I need from my retirement fund investments?
- How much retirement income will I need from all sources?
- When will I need to start withdrawing funds from my retirement accounts?
- Your Advisor will identify and quantify sources of retirement income and recommend investments that will help you meet your needs in retirement.
- Education planning - We will help you determine what financial resources will be required to provide the support you wish to give to your children or grandchildren for their higher education. We will then recommend a tax-efficient strategy to achieve those educational goals.
- Investment Advisory - We will objectively analyze all of your investments to assess overall performance net of fees, the balance between risk & return and how your assets are allocated among various types of investments. If this analysis reveals the need for change, we will recommend such changes for your consideration, including specific investments and asset allocation models that have long term track records of success.
- Estate planning - We will analyze your current Will, Trusts, Durable Powers of Attorney and Living Will Declaration to ensure that your plans and wishes will be carried out upon your passing or becoming disabled. We will recommend strategies to care for your loved ones, by transferring assets in a tax efficient manner to your children, grandchildren or your favorite charities.
- Charitable Giving - We will discuss interest in giving to your church, charities, institutions and causes about which you care deeply, and incorporate them into your plan tax saving strategies to turn your intentions into reality.
- Q. What are the steps involved in preparing your Financial Life Plan?
A. Your advisor will:
- Define the relationship you will have with Triune throughout the planning process, discuss your current situation and desired goals, and outline the scope and cost of Triune services.
- Obtain from you both qualitative information regarding personal and financial goals, as well as quantitative data such as investment statements, insurance contracts, employee benefit booklets and estate planning documents.
- Analyze and evaluate your current financial status.
- Develop and present financial planning recommendations to you in a manner that can be easily understood.
- Define who will be responsible for implementing each step of the plan and select the products and services required.
- Monitor actual performance against the plan.
- Q. How much of my time will the Financial Life Planning process require?
A. The amount of time will vary depending upon the level of complexity in your plan. However, we are very respectful of your time and will make every effort to keep the process as efficient as possible. Our goal is to complete the initial plan within 45 days. Face to face meetings generally require 90 minutes, and typically two or three meetings are needed to develop and finalize the plan. Once the plan is implemented, you will have at least one 90 minute meeting with Triune every six months. However, we are available to meet to discuss your planning at any time you desire. Generally, those meetings will be held at our offices in Overland Park.
- Q. How much does the Financial Life Plan cost?
A. As a general rule our first year fee is equal to 1% of your gross household annual income, but may vary somewhat, depending upon your circumstances and services needed. Planning fees (if any) for future years will depend upon your situation at the time. In any event, all fees will be disclosed in advance.
- Q. What if I am not satisfied with the plan?
A. Triune is not in the business of "selling financial plans". Our services are most effective if we can develop a long term, trusting relationship with you. If at any time during such a relationship you are not satisfied with our performance you may terminate our services. If termination occurs before the plan has been implemented, Triune will return all of your materials to you and give you a full refund of any fees you have paid.
- Q. What is my role in the planning process, and what are my responsibilities?
A. While Triune can be a valuable resource to you, the financial plan is your plan. Your personal commitment to setting goals and implementing the plan is the ultimate key to success. You will need to provide documents to Triune in a timely manner, provide open and honest feedback to your Triune advisor, and maintain communication throughout the process, letting us know when important changes take place in your life that impact your financial plan.
