1. Get Acquainted Call
First, call or send an email. A member of my team will schedule a complimentary 20-30 minute “getting acquainted" call for us. I’ll ask you a lot of questions about your situation and together we’ll figure out if we’re a fit for each other. If we both agree, we’ll schedule a Strategy Session.
2. Strategy Session
Based on what we talk about in our call, we’ll discuss your three biggest financial questions. A few key recommendations from an expert can help you reach your goals faster with less stress.
Everyone has their own issues, but typical questions include:
- I just received an inheritance. How should I invest it? How much of it can I spend?
- Am I on track to retire at 65?
- What’s the best way to pay for my child or grandchild’s education?
- Can you help me make the best 401(k) selections?
- What should I invest in?
- Do I have adequate life insurance?
- My advisor recommended an annuity. Can I get a second opinion?
- Is the life insurance policy I’ve got a rip off?
- Is retiring early an option for me?
- I want to take a year off. What should I do with my condo? Will it ruin me for retirement?
- I’m becoming a partner in my law firm. Can you help me figure out estimated taxes?
- I want to change careers. What do I need to do to handle it financially?
This meeting lasts 90 minutes and includes a 30 day follow-up period where if you need additional clarification on what we’ve talked about, I am available by phone and email.
The investment in the Strategy Session is $950, which could be tax deductible. After the hour and a half Strategy Session meeting, please set aside an hour in case it makes sense to talk about working together on an on-going basis. If you sign up for a Standard Retainer within two weeks of your Strategy Session, the full cost will be applied to the retainer.
3. Standard Open Retainer
The first year working together, we systematically go through every area of your finances so that we’ve got a solid foundation for our relationship. For one tax- deductible fee, we develop a comprehensive plan and mental vision of your financial future.
With most clients, in the first year we meet 4- 6 times either in person, or on the phone and Internet. We go over every area of your finances. Typically, we will have one meeting to cover each of the following areas (depending on the complexity of your situation and what we have covered in the Strategy Session):
Retirement + Education funding
I believe that it’s important to make this is simple as possible so that you understand the assumptions, variables and results of this planning. We return to this yearly. As you understand the methodology, your peace of mind grows because you know that your long-term goals are being attended to.
My philosophy is to invest for the long term and take risk that is appropriate given your life situation, attitude, and time frame. Together we do a personal risk assessment to help you understand the true risks you face. Next, we create an investment strategy together. Then, we periodically review your situation to make sure you stay on track.
Principal residence / real estate analysis
For most clients, their principal residence is the single biggest investment that they make. We look at how your principal residence is working with your entire investment strategy. I analyze real estate investments. So, if you own a two flat or an apartment building, we go over the rent you should be charging, the return you should be getting, and the pluses and minuses of selling. I give unbiased advice because I'm not selling real estate or stocks.
I specialize in individual tax returns. I don’t do corporate, partnership, or other returns, so I can focus on providing high quality tax advice. My goal is to make sure you're taking every deduction legally available so that you pay the least amount of tax possible. I look at your previous 3 years returns and can file amended returns to correct errors on previous returns and to claim overlooked deductions.
Together we look at your tax situation during the year, not after the year is over. I help you plan for deductions and investments while there is still time to implement the strategies. Because I work with both with tax and investments, I can provide integrated tax investment strategies to help you make more on your investments and pay less in taxes.
For many people, this is the first time they have gotten any insurance advice from someone not trying to sell them products. Together we look at each of your insurance policies and answer two questions to help you save money while reducing your risk exposure.
Financial peace of mind is an emotional and, for some, a spiritual state. Together we address the emotional and spiritual progress needed to reach your goals. This helps you:
Understand your financial goals
Test them against reality
Engage your imagination and visualize what you want.
I explain the tax consequences of dying help you plan your will and your legacy.
In addition to our meetings, working with me also includes:
You can call or email whenever you have financial questions, and if necessary, we can set up additional appointments at no additional cost to you. I want to make sure that all of your questions are answered and all of your concerns are resolved.
If a tax return I prepared gets audited, I will represent you in front of the IRS at no additional fee. You can rest assured that I stand behind my work and you won’t have to go face-to-face with the IRS.
Fees for the retainer are based upon on income, net marketable assets, and the complexity of your financial situation. The minimum fee for the Standard Retainer is $5,500, which could be tax deductible. If you sign up within two weeks of their Financial Strategy Session, the cost of your Strategy Session is applied to the Standard Retainer in full. The annual fee covers all meetings, phone calls, and other communication. This is an open-ended agreement that you may terminate at any time.
Fee-only Financial Planner in Chicago, Illinois | 773-404-9344