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?
Do I have too much in savings and could my money be doing more for me somewhere else?
Are the funds in my 401(k) or IRA invested appropriately?
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?
Am I on track and doing all of the things I should be doing for my retirement?
Fees.
We have two options for working together, either a flat-fee ongoing comprehensive option or an hourly option.
– If you have over $500k in assets or your income is $300k+/year (and you’re not on Medicare), then the flat-fee ongoing comprehensive option is for you.
– If you have less than $500k in assets or your income is under $300k/yr (or you are on Medicare), then you can choose between the hourly or flat-fee ongoing comprehensive options.
Flat-Fee Ongoing Comprehensive Which Includes Investment Management:
We offer a flat-fee annual comprehensive package that includes investment management. Our annual fees are simple, flat, and based on your net assets. Our fees do not change based on changes in the market (which historically goes up four out of every five years).
|
Assets (excluding your primary residence) |
Fees* |
|
Under $2 million |
$7,777/year for an individual and $9,999/year for a couple, plus a one-time set-up fee that ranges from $2,222-$4,444. |
|
$2–$4 million |
$9,999/year for an individual and $11,111/year for a couple, plus a one-time set-up fee that ranges from $4,444-$6,666. |
|
Over $4 million |
$12,222/year for an individual and $14,444/year for a couple, plus a one-time set-up fee that ranges from $6,666-$8,888. |
*The one-time set-up fee will be charged during the first year and is dependent on the complexity of your situation and your client service needs. Stock options, business ownership, settling estates, annuity reviews (we don’t sell or offer annuities), many investment accounts at multiple custodians, rental real estate, and other situations that we will discuss together add to the complexity of your needs and fee being charged. Fees are paid either monthly (out of cash flow via ACH) or quarterly (out of investment accounts).
Hourly (PAUSED FOR NEW CLIENTS):
Hourly is an option for you if you have less than $500k in assets or your income is under $300k/yr (or you are on Medicare).
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 $4,500-$5,500. After the first year, most clients typically engage for a few hours of services after their full plan has been completed.
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 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. A majority of the financial industry charges based on AUM (assets under management) with the average fee being 1%, so the more money you have with them, the more money they make. A majority in the industry also charge this fee solely for investment management and not for holistic comprehensive financial planning we do together at Empowering Finance. We believe a flat fee is best for you as more money stays in your accounts and you know exactly what you are paying.