Fee Based Financial Planning
Life Happens…Plan For It
At Pioneer Financial Group we believe that to achieve your financial and life goals you need to develop a plan to serve as your roadmap to independence and choice.
The world of financial services can seem complicated and we don’t recommend you go it alone. Whether you are planning for yourself, your family, or a business, there are countless options to consider and costly mistakes can happen. So how do you minimize the risks and potential for loss while still setting yourself up to maximize your choices?
We recommend you start with a plan.
Becoming educated enough to make sound decisions also helps as does keeping an open mind to new ideas. Engaging the services of one of our financial advisors is another.
At Pioneer Financial Group we go out of our way to make sure that you fully understand how the fee-based financial planning process works and why there is a need for developing such a plan that is tailored to your individual situation. During the discovery process, we dig deep to gain a full understanding of what is important to you and why. We then complete a full analysis tailored specifically to you. We meet for a series of rough draft meetings until we are ready to provide you with a viable plan. This plan will require action. You will need to be ready to execute your plan. This may require change. We all know that change is not always easy. We will be there to help you.
It is important to note that you will have a choice as to what to do with the information you receive. You may take the information and go it alone. For example, you may enjoy making your own investment decisions. You will have that choice. You may also have some existing relationships that you would like to utilize if possible. For example, if an insurance need is uncovered during the process, you may want to contact your insurance professional to help. You may decide to take the investment strategy that was developed back to your investment professional to review. Many times, we find that clients also ask us for help.
With your permission we will help you to understand how specific financial products work and how they can be used in your particular situation. If you have a question we encourage you to ask. It’s important that our clients become educated consumers. Separate from the financial plan and our role as financial planners, we may recommend the purchase of specific investment or insurance products or accounts. These product recommendations are not part of the financial plan and you are under no obligation to follow them. Any compensation we receive from this service is separate from any planning fee that may have been paid.
Pioneer Financial Group is an independent firm which allows us to be a resource to our clients. We are not obligated to any one particular company. We are able to navigate the marketplace for what we feel is most appropriate for you.
Understanding the Financial Planning Process
Six Steps for Financial Success
To develop a solid financial plan, it’s important to cover all your bases, including examining your current situation, setting financial goals and measuring your progress. From start to finish, our advisors can take you through the financial planning process steps to help you achieve your financial goals.
Here are the six financial planning steps:
1. Establishing and defining the client professional relationship
Your advisor will explain the financial planning services that will be provided and define each of the steps involved. Along with fee compensation, you’ll discuss how the professional relationship will progress. Throughout the process, you and your advisor will develop customized financial strategies that help turn your goals into reality.
2. Gathering client data, including goals
You and your advisor will talk about your current financial situation and gather any necessary documentation. Together, we will define your personal and financial goals, including timeframes, income sources and other factors. You will also discuss your comfort level when it comes to taking financial risks. Keep in mind that the plan is only as good as the information that is received, so it will be important to provide as much information as possible.
3. Analyzing and evaluating your financial status
Your advisor will then consider all aspects of your situation to determine what you need to do to meet your goals. Depending on the level of services that are needed in your plan which could include analyzing your assets, liabilities and cash flow, current protection insurance coverage, investments or tax strategies, asset allocation, retirement income strategies, educational planning, and estate planning.
4. Developing recommendations
Next, your financial advisor will provide your customized recommendations, explaining the rationale so you can make informed decisions. At this stage, your advisor will also listen to any concerns or questions that you may have and revise the recommendations if necessary.
5. Implementing recommendations
You and your advisor will need to agree on how the recommendations will be implemented. With your permission, your advisor may implement the recommendations if that is what you decide or serve as your coach, coordinating the process with you and other professionals, like attorneys, stockbrokers, CPA’s, or another financial advisor.
6. Monitoring recommendations
As you work towards your goals, you will need to decide who will monitor your progress to make sure you are staying on track. This will require a conversation with your advisor to determine the timing and your needs. This could include a ‘check-up’ as you encounter life changes.
The fee structure for your plan is dependent upon the amount of time the advisor will need to spend and upon the complexity of your situation.
We primarily offer a flat fee for service arrangement. You will then work with your advisor to determine the scope of the ongoing work involved. This could result in an annually renewing fee arrangement, but it is not a requirement of the flat fee for service arrangement. Each client situation is different and we try to take a common sense approach to the ongoing relationship and corresponding fee structure.
On some occasions, we find that an hourly rate service is warranted for specialized planning services.
Our advisors provide a no obligation initial consultation to determine if there is a fit for our services. Contact us today to learn more.
Separate from the financial plan and our role as financial planner, we may recommend the purchase of specific investment or insurance products or accounts. These product recommendations are not part of the financial plan and you are under no obligation to follow them. Financial Advisors do not provide specific tax/legal advice and this information should not be considered as such. You should always consult your tax/legal advisor regarding your own specific tax/legal situation.