I will make things as simple as possible.
I will be your coach, and manage your financial game plan.
Ready to Take Action?
First we need to communicate and agree to meet. We will need to set a date/time/location for our initial discussion. I will provide you with a laundry list of documents to bring to make our time together as efficient as possible.
This meeting will typically will last 90 minutes. This is our opportunity to become acquainted and ask pertinent questions of one another. During our time together, I will do my best to capture an accurate snapshot of your Financial House by asking you about your Goals, Priorities, History, and Preferences.
I will introduce you to Decision Center and we will discuss the services that I feel are appropriate for you. If you think that we are a good match, we will schedule our next meeting before we adjourn.
Team Analysis, Plan Design, & Services Selected
I will present your Decision Center Written Plan. Together, we will finalize any additional details and agree that this plan best reflects your goals for today, tomorrow, and the rest of your life considering your Financial House and your Planning Essentials. We will complete the meeting by connecting your internet accessible accounts to Decision Center in order to create a daily live view of everything. We will schedule our next meeting date/time.
I will present my recommendations for your savings and investments, your protection planning needs, and your tax and estate planning. We will complete paperwork for new accounts and applications. We will establish time tables for the completion of task list items. We will schedule our next communication steps.
Prior to our successive meetings, there will undoubtedly be additional questions and/or statements that need to make their way to me; therefore, through phone calls and emails, we will work towards completing your plan. I will do my best to efficiently gather the additional items from you in a timely and professional manner.
DECISION CENTER DAY 1
Needless to say, this may be one of the busiest times of our entire relationship. Your new financial plan has been implemented and you will be getting used to utilizing the Decision Center Client Portal. And on my end, I will be establishing your accounts, facilitating asset transfers, and working through the approval process for your protection planning. I will do my best to keep you informed and up to date as these items are completed.
This will be a confirmation meeting ensuring that our initial planning steps have been completed. We will reaffirm Financial Goals, discuss any new items or occurrences, and establish the next time we will be in communication. This meeting can be in person, over the phone, or via GoToMeeting/Skype.
60 DAY CHECK-UP
An Evolving Relationship
The New Client process is only the starting point of our relationship, and our work together is far from done. You chose me because you liked me, you trusted me, and you thought I have your best interests at heart. And from this point forward, it is my responsibility and privilege to continually work on living up to your expectations. I will do my best to follow through by listening to you, responding to your needs, communicating opportunities, and guiding you and your family members along the path toward financial prosperity. I will do my best to return your calls/emails within 24 hours, if not sooner. I will proactively reach out to you throughout the year to stay up to date. And Decision Center Clients will receive scheduled quarterly communications in addition to their annual review meeting.
Our official annual Meeting is an opportunity to get caught up on what has changed in the last 12 months. Although we will have been in contact since our last face to face meeting, this is a more formal approach to catching up. We will review Portfolio allocations and performance. We will look at your goals and determine if we are tracking well. We will review your protection planning and your prior year tax return. We can evaluate your savings and spending and see if and adjustments might be necessary. And for Decision Center clients this process is made much easier because everything is already on their client portal.
ANNUAL REVIEW & UPDATES
Life Happens and things change. Changes cause us to rethink, reevaluate, and readjust our planning over time. If and when "stuff" happens, I am only a phone call away for advice. And there might be some years where all we do is speak over the phone once or twice, and have a quick annual review meeting. And there may be other years where there are some intense life events and we will be in contact on a very regular basis as we work through necessary steps. Together we will consider the potential impact of any changes in your circumstances and/or in the marketplace on your plan then modify it if appropriate. In my experience, below are just a few of the items I will be ready and able to help you with.
Employment Changes. If you are let go from your job, receive a promotion, move to another company, or decide to change careers altogether, we should talk about the many things that will be affected.
Empty Nest. Once the kids are out of the house, your cash flow might improve a bit. We should discuss the changes and how your savings ability will be affected.
Approaching retirement. All of the planning we work on over the years for this milestone is starting to become a reality. We will be talking as you get closer and closer, making sure that we are allocated properly and that the numbers are continually making sense.
Business transition. If you have worked hard to build a successful business, it can be very difficult to decide what to do with the business once you are ready to transition to retirement. I can help!
Retiring and all that goes with it. Such as maintaining assets while taking distributions, taking required minimum distribution, wanting to spend more than you planned, and many many other things.
Offspring challenges. What if your adult child needs help? How do we make sure that you'll be able to help when the time comes?
Illnesses. Many times employment and savings are tremendously affected with an extended illness. This might also be the incapacity of a parent or a loved one. You will need a game plan and I can help.
Death in the family. I can help you with the tough questions when/if you lose a family member and you are a part of the estate and/or a trustee or beneficiary.
Estate Transfer. Weather we are planning for yours, or dealing with someone else's, I can be a valuable resource as you start working through important factors tied to this event.*
Your Financial House
YOUR Financial House is a snapshot of your most important financial components. My goal is to establish potential decisions or actions that we can contemplate together and consider each of these components.
Great questions and detailed answers provide the potential for excellent planning.
For your consideration, you may want to apply these questions to you "Financial House"
Cash Flow: Are you positive or negative on a monthly basis? How much money do you bring home? How much do you spend? If you can save, are you doing so? For every client I work with, this is the first step of the planning process. Determining your cash flow (including your withholdings from your w-2 income if you are still working) helps in establishing all of our planning methods.
Balance Sheet Components is a fancy way of asking, "how much money do you have and how much do you owe?" Along with your Cash Flow, your Assets and Liabilities help determine your ability to accomplish your goals.
Protection Planning. Do you feel comfortable with the coverage's you have in place? Do you know how much you should have? Is Self Insurance a possibility? Life Insurance, Long Term Care, Property/Casualty, Disability Coverage (if you are still working).
Tax Planning. Do you receive a refund or owe? Are you looking to reduce your taxation? Are you keeping as much as possible? Are you paying taxes on what your investments are yielding? Are you getting hit with Alternative Minimum Tax every year?
Estate Planning. Do you have a Will or a Trust? If so, does the titling of your assets accurately reflect the document? For your Assets with a named beneficiary, are your wishes properly reflected? Are you set up to efficiently transfer your assets to your beneficiaries and doing it as tax efficiently and hassle free as possible?
Are You Retirement Ready?
Whether already retired, or getting to the stage of life where retirement is quickly approaching, I can help you strategically plan for the financial and non-financial impacts at this critical stage of life. For many people the notion of their future might seem quite uncertain. Longevity is tricky to plan for considering distribution rates, market performance, inflation, and many additional factors. Retirement Savings vehicles can be complicated to understand. I work very hard to determine what my clients want out of retirement so we can build conservative cash-flow plans around that specific life
Great planning inspires greater confidence!
Here are a few ways that I can make an impact for you:
Developing a list of specific goals for retirement and determining if you are on track to achieve them.
Ascertaining whether you are able to retire early or how your situation changes if you work longer
Modeling specific scenarios you desire (career changes, buying a new house, sale of a business, etc.)
Analyzing the allocations of your savings, evaluating the most appropriate vehicles for your savings, and selecting the best income stream structures based upon your goals and needs in an effort to maximize income and minimize taxes
Establishing the optimal time to take social security and pension income
Making decisions related to Medicare, supplemental health coverage, aged care preparation
Preparing for a seamless estate transfer upon your passing
SIX Retirement Topics To Consider
1 | Social security will (most likely) be taxed on your federal tax return
Most Americans pay into Social Security (as a tax) their entire working lives, and most have to pay Federal Taxes upon receipt of their benefit. At present, as certain thresholds are met, 50% of the benefit might be taxable, and even up to 85% might be taxable. I can help you in determining if your benefit will be taxable.
2 | you have to pay taxes on withdraws
All of that 401(k) and IRA money will be taxable as ordinary income when you start taking withdrawals. Why? It was never taxed prior to going in, and, along with the growth over the years, it has never been taxed over the years. It is important to consider taxation as you start withdrawals. I can help you forecast your potential tax liability from distributions.
3 | every day is a weekend!
What two days of the week do most people spend the most money? The Weekend! What do you do when all you have is free time and you want to stay busy? Spend Money! Inevitably my retired clients spend more than they budgeted for (even though we've attempted to include an "extra spending" buffer in their retired budget) and we have go go back to the drawing board and do some recalculating. It takes time to figure out your retired spending habits. I can help you analyze and plan for your retirement spending.
4 | required minimum distributions (RMD's)
Required Minimum Distributions (RMD's). Starting in the year that you turn 70 1/2, you will have to take money from your IRA's based upon the IRS published RMD Factor Table. And for every dollar that you fail to take out, it is a 50% penalty! I can help you plan for systematic distributions to fullfill this requirement.
5 | what if i run out of money?
"What if I run out of money?" might start running through your head. Not surprisingly, this is the #1 fear of most pre-retirees and retirees. Careful management of retirement assets and distribution planning are key factors in providing solid peace-of-mind when it comes to your hard earned savings. I can help devise a solid plan for you!
6 | estate planning is really important
When your time here on earth is over, you want things to be easy for your beneficiaries, right? Ask some friends or colleagues if they have had a loved one die without proper Estate Planning; it can be a nightmare. Probate can be complex, time consuming and expensive. Let me help you get organized.
Decision Center Is The Best Way I Can Model Your Retirement Forecast
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David Willett is a Registered Representative with, and securities are offered through, LPL Financial (LPL). Member FINRA/SIPC. Investment advisory services offered through Trilogy Capital (TC), A Registered Investment Advisor. TC markets advisory services under the name of Trilogy Financial (TF), an affiliated but separate legal entity. TC and TF are separate entities fromL PL. Please add your “CA Insurance Lic#” if you hold one. Be sure to use this exact format. Insurance must be in a type size no
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