Services and Fees
Financial planning is personal. That’s why we focus on who you are, what you’re dreaming about, and where you want to go in the future.
Here are some questions a financial planner can help you answer:
How should I invest my money?
What do I need financially to make my small business dreams a reality?
I am getting divorced, what should I do?
How should I be managing my debt?
What is my investment risk profile and how should I manage financial risks?
How should I allocate the money in my 401(k) or IRA?
How can I involve charitable giving in my financial plan?
We just had our first child. What do we need to think about?
How much money should I save for my child’s education?
How much do I need for an emergency fund?
How much money do I need for retirement?
Fees.
We have two options you can choose from, either an hourly rate or a flat annual fee-only plan, whatever works best for YOU:
We have two hourly rates, either $333 or $444 per hour:
– For households with income under $200k and/or you have less than $200k of investment assets (excluding primary residences), your rate will be $333/hour*.
– For households with income greater than $200k and/or you have more than $200k of investment assets (excluding primary residences), your rate will be $444/hour*.
* A typical hourly engagement in the first year of working together for most clients is $3,000-$4,000. After the first year, most clients typically engage for a few hours of services after their full plan has been completed.
– Our annual fees are simple and flat: A one-time $2,000-$5,000 upfront fee depending on the complexity of your situation and your client service needs AND $500-$666 per month ($6,000/year for a solo person and $8,000/year for a couple). Fees are paid either monthly (out of cash flow via ACH) or quarterly (out of investment accounts).
Do these numbers scare you?
Don’t let them! A free consultation will allow us to discuss your needs and what’s workable for you. We understand it’s an investment and our door is always open to you.
Why do you charge an annual minimum?
The main difference between the hourly rate option and the flat-fee annual option is if Empowering Finance is managing your investments and if you want/need an accountability partner. There is additional compliance, time, and work if we are managing your assets, so a higher fee is necessary. By nature, a partnership with a financial planner is intended to be long term. Establishing a relationship and delving into your unique financial situation takes time. This way, you know that we are with you every step of the way for the long run.
Why is the fee flat?
Charging a flat fee allows you to know exactly what you’re spending for what you get. There won’t be any surprise charges. It also allows you to have complete confidence that we are always managing your money in a way that is in your best interest. Most financial planners charge based on AUM (assets under management), so the more money you have with them, the more money they make. I believe a flat fee is best for you as more money stays in your accounts and you know exactly what you are paying.