WHAT WE DO
LFPS is a one-stop resource designed to comprehensively review and design your investment, tax, retirement, and estate strategy. We know you want to make smart financial decisions, but you may not know what to do. We’ll answer questions like:
What’s the best way to get rid of my student debt?
I’m getting divorced; how is that going to impact my finances?
Can I afford to give some financial support to my children?
If I sell my house when I’m older, is it better to rent or to purchase a condo?
Can I afford to retire at age 55?
We keep all your goals in mind when building a holistic plan that takes into account your lifestyle, your preferences, and your goals. We’ll determine how to best build your assets through savings and investments, and we’ll nail down an appropriate expense budget. The custom financial plan we build for you isn’t a snapshot in time. It’s a malleable plan for your entire life, modified accordingly for your various life stages.
WHAT YOU GET
If you’re wondering what you actually get out of this, it’s like a “choose your own adventure” for your financial life. The actual outcome from our time with you is a life-long spreadsheet showing income, expenses, and investments based on one or more scenarios (such as retire at 55 or 65) that we work together to develop. We then provide a model with an entire financial plan for each year of your life for each of the scenarios. We also give you a written report summarizing your financial situation, your goals, and our recommendations. (You can view a sample report here, or on our Good Reads page.)
Most importantly, we make sure you understand everything. Numbers aren’t for everyone and you are likely hiring us because some (or most) of this financial planning stuff makes little sense to you. We believe in plain language and making your financial health clear and accessible. We make sure you actually get what our model shows. We help you to understand everything we do and every recommendation we provide. You will know what you can afford each and every year, and what you should keep in mind in order to meet your financial goals.
WHAT WE DON'T DO
Financial planners are held to a strict code of ethics. That means we’re always going to be objectively working with your best interests and your desires in mind. This also means that we don’t claim to be investment brokers, accountants, or lawyers.
We can (and do) provide general tax advice, but you’ll still want to consult an accountant or tax preparation company to complete your annual taxes. We can provide you with strategies to meet your estate planning goals, but you’ll still need a lawyer to prepare the plan. We spend a good chunk of time reviewing your investment allocation and we’ll make sure you know how to avoid hidden fees, but you’ll still need an investment broker or account. Because we take a holistic approach to planning your finances, we’ll recognize and discuss with you how tax, investment, estate planning, or major life event decisions will impact each other (something your other advisors don’t do, so we’ll make you the savvy client).
Our fees are purely for our services. We are independent and objective, so we never receive or take any commissions for any financial products. It is our obligation to put your interests first.
Initial fees range from $2,000 to $3,500, depending on the complexity of your situation. Once we develop your financial plan, we offer an hourly rate to monitor and update your plan on an annual basis (although all updates for the first year are included in the original price).
If you’re wondering whether the cost is worth it, we tend to believe it is (that’s us coming at you from as objective a perspective as possible). We’ll often save you significant investment fees and management fees. We’ll also find the holes in your budget and we’ll make sure your financial health is comprehensively planned so you’re not scrambling to meet your goals in later years.