How can I get started?
1. Please tell me about the financial planning process.
We believe that financial planning is a process, not an event.
Working together, we provide
you with two important things: (1) An in-depth review of your current financial situation, and (2) a blueprint that shows
you how to achieve your goals and objectives for the future. We believe the financial planning process consists of seven distinct steps. (See
Our Seven-Step Planning Process for details of our unique approach.)
2. How do you create this blueprint?
First we focus on your goals, objectives, priorities and values. For instance: saving money on current or future income taxes, funding a quality education for your children and/or grandchildren, and enjoying a secure financial future in your retirement years. Another goal in life for some people is creating wealth and/or leaving a legacy for your chosen beneficiaries or charities.
You may already be on the road to meeting these objectives and simply need a new strategy, professional insight, or to fine-tune your plan. You may just be starting out, or you may be somewhere in between. Whatever your unique situation may be, everyone needs a periodic assessment of where they are on the road to meeting their financial goals. That's why we do an in-depth review of your current financial situation.
Next, you need to know how you can set about achieving (or continue working toward) your financial goals. By focusing
on cash flow, investments, taxes, pensions and retirement plans, estate planning, insurance issues, savings opportunities and other general
financial matters, we design a custom financial plan for you.
Finally, to achieve the intended results, you must implement and monitor your plan.
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3. Sounds like a lot of work!
It may seem like that at first, but the good news is, if you follow your plan and maintain a disciplined approach, you can rest well knowing you can reach your stated goals.
We try to make the process as easy as possible for you. In addition to providing professional advice on your most important financial concerns, we can also provide implementation and ongoing asset management services, if appropriate for your needs.
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4. Who can benefit most from your services?
Any individual seeking financial peace of mind can benefit from our services. We serve people at all income levels, from all walks of life.
Clients have the flexibility to work with us on either a one-time, as-needed basis or an ongoing basis. We welcome clients who simply need a one-time financial consultation or a second opinion, as well as those who need comprehensive financial planning and possible ongoing asset management services.
In addition, any corporation or organization seeking quality, unbiased financial education for their employees or members can benefit from our financial education programs.
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5. What is "Fee-only" financial planning and why should
that be important to me?
Fee-only compensation helps assure objectivity in the financial planning process.
No compensation is derived from third parties or commissions. Fee-Only planners sell no products and work solely for their clients.
There are no third-party relationships or outside influences to color our thinking and financial recommendations.
In addition, we are Registered Investment Advisers and must comply with a host of regulations designed to protect the consumer.
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6. I understand the benefits of working with
a Fee-only financial planner, but I might need to obtain financial
products. How will I be able to
do that?
While we do not sell financial products, we will offer specific recommendations and opinions regarding the purchase of the various financial products that may be appropriate for you. So, if you need to obtain an insurance policy or a new mortgage, invest in a portfolio of mutual funds, or find an estate planning attorney or tax professional, we can direct you to the resources you need and/or help you obtain these products and services.
If appropriate, we can also help you implement your plan and set up your accounts.
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7. Do you provide only comprehensive
financial planning?
No. Although a comprehensive financial plan can provide the greatest benefits, we can limit our advisory services to your specific needs, such as cash management and budgeting, investment analysis or college education funding.
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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. Some firms have income levels and/or net worth minimums, but we realize that everyone has financial needs.
We are proud to work with people from all income levels, and all walks of life.
Remember, "You don't have to have a fortune to start building one."
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9. I have already accumulated substantial assets
and think I am doing quite well. But as I progress and build for
the future, things
seem to
be getting more complicated. I want to be sure I am on track, but I
don’t
always have the time or inclination to manage the myriad details by
myself. Can you help me?
Yes. People who need more sophisticated financial planning or advice will find our services appealing and beneficial. If you want to simplify your financial affairs, obtain a professional review or second opinion, monitor your progress, or manage your portfolio(s), we can help.
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10. I’m in charge of the retirement plans and employee benefits
at my firm. I would like to increase the number of employees who participate
in our benefit programs. How can you help us?
Education is key in building employee participation. Our financial planning team
can help your people understand the benefits of your programs. Please
call to discuss your specific needs. We can customized an educational
program for your company.
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11. What types of securities do you provide
advice for?
We provide advice for all types of securities, including mutual funds, stocks (as they relate to your portfolio holdings), bonds, bank deposits, variable and fixed annuities, limited partnerships and tax shelters.
We also provide advice on mortgages, budgeting and cash flow issues, 401(k), 403(b) and other retirement programs, stock options, life and disability insurance, etc. If it has to do with money and finances, we can provide counseling, guidance and/or resources for you.
Clients can call us with any and all of their financial concerns. Clients are particularly encouraged to call us when they have a major life event, such as a new job, a baby, a marriage or divorce, or if they are planning to buy a new home or start their own business.
We also encourage our clients to call us with more common everyday questions, such as:
"How should I invest within my 401(k) or 403(b) plan?"
"How can I reduce my taxes?"
"What advice can you offer on refinancing my home?"
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12. If I use Key Financial Solutions to develop a financial
plan, am I obligated to purchase the recommended products?
Absolutely not. We will offer recommendations which in our professional opinion will meet your needs and objectives, but you are under no obligation to purchase them. In today's competitive market, it makes sense to shop around for the best available product or service.
For instance, if you need to obtain a life insurance or disability policy, we will suggest the kind of policy, which riders and what amounts may be best for you. We will then direct you to a choice of companies that can provide a quality product at competitive prices for you.
If you wish, we can help you purchase investments and/or set up your accounts with a third-party custodian such as a discount broker.
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13. Tell me about your investment philosophy.
We believe in the following fundamental principles with regard to designing an investment portfolio:
Purpose The purpose of a client's investment portfolio is to fund current and/or future financial objectives.
Design The design of the portfolio must take into account the client's financial objectives, tolerance for risk, needs for current income or liquidity, and special considerations such as income and estate taxes. The important thing to remember is that no one can predict the future. We do believe, however, that studying the historic trends and relationships of investment classes can provide valuable insights.
Allocation The appropriate allocation of investment assets for your goals and risk tolerance is the most important component in developing an investment portfolio.
Diversification We believe that having a diversified, well-balanced portfolio, following long-term buy-and-hold strategies, and having patience, will increase the likelihood that you will achieve your long-term financial objectives.
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14. How do you select investments for a client?
Before we recommend any investment, we consider your overall portfolio. We believe in investing for the long term and that market timing does not work. We look very closely at asset allocation, the tax consequences of investing and the expenses of various investments.
As fiduciaries for our clients, we strive to obtain the most appropriate investment vehicles to meet your objectives, while being very conscious of total expenses and risk exposure.
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15. How do you price your financial planning
services?
The fees for financial planning are based on the actual time involved in meeting with you in person or over the phone, researching and analyzing your current situation, and providing specific recommendations and implementation assistance (if appropriate.)
Our hourly rate is $240. An estimate of fees will be provided after the "Get Acquainted" meeting, when your needs have been fully identified.
Fees for ongoing Portfolio Management are based on a percentage of assets under management, starting at 1%.
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16. How much will my financial plan cost?
Financial planning fees are determined on a project basis; the total fee for a financial plan will vary from client to client based on the specific needs and complexity of your situation. (Please see our diagram Building a Brighter Financial Future to learn about our financial planning sequence and the client service options available.)
An estimate is provided after the "Get Acquainted" meeting, when your personal needs are fully identified. At that point, based on the services you actually choose, the estimated fee amount is written into a contract and is based on the estimated number of hours required. You are only charged for the hours actually worked, but the total fee will never exceed the estimate.
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17. Are your fees tax deductible?
Yes. Section 212 of the Internal Revenue Code permits an itemized deduction for tax and/or investment advice in the miscellaneous section of Schedule A. It is subject to a 2% floor of the adjusted gross income on a personal tax return.
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18. Once my financial plan is completed, will
our relationship end?
That is entirely up to you. We can assist you in implementing your plan or simply provide services on an as needed basis as determined by you.
Additionally, we offer ongoing portfolio management.
Because financial planning is a process, not an event, we offer ongoing services and periodic reviews as requested or needed.
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19. How can I get started?
You can get started by either calling us at (800) 840-0718 or emailing us at rstreit@keyfeeonly.com. We will be happy to answer any questions you have about financial planning process, philosophy or fees and how these might serve your needs.
You can also begin by downloading and completing the Confidential Questionnaire and sending the completed form via U.S. mail or facsimile. Your answers to these forms will remain confidential and will facilitate our initial meeting.
At our initial meeting, we can discuss your goals and current financial situation, our background and approach, whether our services could provide you with a plan to meet your goals and the cost of these services.
This meeting will also provide you with an opportunity to ask any other questions you may have.
Most clients find the financial planning process to be stimulating and enlightening. The end result, of course, is greater peace of mind.
We look forward to helping you find the right financial solution!
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