Financial Planning
Overview
We offer a full range of fee-base professional financial planning advisory services to meet your specific needs including planning related to cash and net worth, risk management and insurance, investments, taxes, retirement and savings and family and estate. For small businesses and sole proprietors, we also offer owners and employees retirement benefits planning advice.
Through initial, discovery and follow up conversations, we gain a true understanding of what’s driving your joy and passion (as well as your concerns) to effectively help you clearly define your goals, level of risk tolerance and time horizon (see below for more detail on these conversations). To ensure you stay on track in reaching your goals, we provide ongoing support, update meetings, and plan recommendations.
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We also realize that depending on your preferences and situation, you may not currently need a comprehensive financial plan but instead may desire a one-time engagement or quick check-up. This may be a better fit. Areas of concern for these engagements typically include the following:
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Building an emergency fund, creating a household budget and saving for the long term,
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Buying your first home,
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Paying down debt: student loans, credit cards, etc.,
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Understanding your employee benefits plan, and
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Setting retirement saving goals
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Whether a comprehensive, targeted or one-time engagement, we look forward to working with you in helping you reach your goals. We offer this flexibility so you can choose what type of financial plan currently works best for you.
The Planning Process
I. Initial (Get to know you) Meeting
The initial meeting is your meeting. It is an exchange of questions, concerns, ideas, and a discussion of your financial goals. During this meeting, you are provided the opportunity to ask key questions such as the following:
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What services does TierOne Capital provide?
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What makes TierOne different from other firms?
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What can I expect from TierOne if I and/or my family become a client?
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How can TierOne help me?
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This purpose of this meeting is to help you determine if you can plan on your own, with perhaps some simple guidance, or if your needs are more complex; meaning that you can benefit by working closely with TierOne Capital. The initial meeting will give you an opportunity to get to know TierOne Capital and the services we provide without the pressure of being asked to make a commitment.
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If we determine that we can meet your expectations and provide you value, you will be offered the next step in our process – a complimentary “Discovery” meeting.
II. Discovery Meeting (A Review of Your Financial Data)
During the “Discovery” meeting, we review all of your personal financial information and look for any financial exposures (known as well as unknown to you) that will need to be addressed during the financial planning process. Our discovery meeting is where we determine if our services can ultimately benefit you, and if we can help you meet your goals. This no cost, no obligation consultation is a second opportunity for you to ask additional questions, and to increase your level of comfort with TierOne Capital and the services we provide. You will learn more about what you can expect from our firm, the potential benefits of our financial planning process, the service options available to you, and the costs involved. Should this consultation successfully meet your expectations, the next step in our process is to determine (together) what you wish to do next.
III. Develop the Plan
If, after the discovery meeting, we both agree that you and TierOne Capital are the right fit to maximize your financial planning opportunity and value, we will then move to the detailed information gathering phase and develop the plan. During this phase of the process, there may be additional questions, calls, follow ups and information requests.
IV. Implement the Plan
After developing and drafting the the plan, we will assist you with implementing the plan. During this phase of the process, we will provide specific guidance on the steps that should be taken to implement the plan. Thereafter, we will have an after action review to ensure the plan has been fully implemented.
V. Monitor/Update the Plan
Each year, we will meet for an Annual Review to discuss changes, updates, life events, challenges and opportunities. Your life evolves and you experience growth, life events and change which will impact your financial plan. We will help you adjust, refine, and optimize your financial life. During these annual meetings, we think you'll appreciate the life-changing value of having an ongoing additional set of eyes on your finances and someone you trust to help you stay on track and achieve your goals. The purpose of this meeting is twofold: (i) to evaluate and measure the year's progress, and (ii) determine whether the current actions are on course in helping you reach your financial goals.
Financial Plans
CashFlow and Net worth
Planning
Cashflow and net worth planning are the building blocks of wealth management and building financial security. This service is a detailed review and analysis of your current financial situation (current financial health) and spending habits culminating with practical recommendations to improve your overall financial health, increase net worth and build wealth.
Comprehensive Financial Planning
Together we will design an all-encompassing strategy that takes into account every aspect of your financial situation. This service is a rigorous, detailed review and analysis of the 6 most important areas of financial planning including (i) Debt and cashflow planning, (ii) insurance planning (i.e. life insurance needs analysis), (iii) investment planning (i.e. strategic asset allocations, creation of investment policy statement ("IPS"), (iv) tax planning (i.e. looking at every aspect of income, AMT, generation skipping, gift and estate taxes), (v) retirement planning (i.e. analysis of whether you on track for a successful retirement and if not, what actions you need to take), and (vi) estate planning (i.e. asset titling, estate equalization, effective utilization of Power of Appointment, By-pass trusts, ILITs, CRATs, CRUTs, GRATs, GRUTs, IDGTs, estate freezes, and family limited partnerships).
As a Comprehensive Financial Planning client, we will schedule a number of meetings, calls, and emails with you in order to cover all the applicable topics, at a pace that’s comfortable for you.
Targeted Financial Planning
This service is designed for clients who are interested in creating a financial plan for a single (or dual) financial planning area such retirement, tax, or estate planning or a combination of areas such as insurance and retirement or cashflow and tax planning. This service is designed to benefit you by focusing on the financial areas that are of most concern and importance to you.