Our process recognizes that mathematical analysis to reach a desired goal is not enough. Every recommendation is balanced with the personal preferences and unique personality of the client.
The financial planning process consists of the following four steps:
Defining the terms of our relationship, which will be stated in a financial planning agreement that outlines the planning topics covered, fee and payment method
Discussing your financial goals and obtaining your financial data
Evaluating your situation based on the information provided and
Developing financial planning strategies and presenting them to you in a written financial plan
After the plan is complete, if you choose to implement any portion of the plan with us, we can assist you, subject to the agreements and fees for opening such accounts or policies. We will also be able to re-engage with you through a new financial planning agreement in future years to evaluate your financial situation and measure your progress.
A financial plan can cover the topics noted below and includes reviewing and prioritizing your goals. Your agreement will specify which topics we are covering.
Net Worth Analysis1. Identifying your current assets and liabilities2. Developing a summary of your current financial situation3. Intended purpose of each asset (retirement, emergency fund, etc.)4. Registration status of assets (qualified vs non-qualified)5. Clarifying the liquidity of each asset.6. Developing, if agreed to, a cash flow summary
Investment Planning1. Reviewing your current investment portfolios, including your current asset allocation1, and developing an asset management strategy2. Evaluating your risk tolerance and recommending an asset allocation based on your identified risk tolerance3. Comparing your current asset allocation to the recommended allocation
Retirement Planning1. Completing a retirement planning assessment, including projections of assets and income needed for retirement2. Analyzing current amounts being saved for retirement to determine if sufficient.
Estate Planning1. Assessing estate net worth and liquidity2. Identifying potential tax planning strategies2 to optimize financial position
Protection Planning1. Conduct one or more of the following analyses: life insurance, disability, long-term care2. Identify potential coverage gaps and relevant coverage amounts needed
Other Planning1. Review goal-specific needs, such as education or an event (e.g., wedding)2. Debt management or cash flow reviews3. Business planning (key man insurance, business continuity, and ensuring business valuation is conducted)
As we go through the planning process, we can refer you to or work with any existing outside professionals, as appropriate to develop and complete your plan. Eagle and TheraWealth, LLC are not authorized or qualified to give you legal, accounting or tax advice. You should consult your own attorney, accountant, or tax adviser on these matters.
If, during the process, the scope or terms of the financial planning engagement need to change, an appropriate amendment or new agreement will be signed to document the changes
The financial planning agreement provides for the development and delivery of a financial plan. After the plan is delivered, the relationship with respect to the financial plan ends. However, we remain available to help you implement the plan if you would like us to do so. Any components of the plan implemented with us will involve separate agreements, disclosures and fees based on the product or service chosen for implementation. You will receive those documents and related information during discussions about implementation. We also remain available to enter into another financial planning relationship at any future time to reevaluate your situation to determine whether you need to make changes to achieve your goals.
In conducting the analysis and providing you a plan with recommendations, Eagle will make assumptions related to the expected rates of return on your investments, tax rates, inflation rates, lifestyle needs and other areas of financial planning. We will use reasonable assumptions and ensure you are informed of and comfortable with these assumptions.
Eagle and I are subject to a fiduciary duty in preparing your financial plan. At the time you sign the financial planning agreement, you will receive several disclosure documents, such as Eagle's Form ADV Part 2 and Form CRS, my ADV Part 2B, and New York Life's privacy document.
These documents will give you important information about Eagle and New York Life's role, responsibilities and policies, and information about my background and credentials. These documents will also identify conflicts of interest. We strongly encourage you to read and review these materials and ask any questions you may have about this information. These documents will also be provided to you at any time upon your request.
I look forward to working with you and helping you reach your financial goals.
1Asset Allocation does not ensure a profit or protect against a loss but is intended to help manage your goals and risk tolerance.
2Neither TheraWealth LLC, its staff nor Eagle Strategies LLC or its advisors or affiliates provide tax, legal or accounting advice. Please consult your own tax, legal or accounting professional before making any decisions.