Advice-only financial planning is a specialized approach to personal finance that focuses solely on providing guidance and recommendations to individuals without directly managing assets, selling financial products, or receiving commissions based on the products recommended. It is by far a more cost effective service for clients who are looking for simplicity, are savvy with technology, and are not looking to overpay for tasks that they are quite capable of doing on their own.

Some Benefits of Advice-Only Planning:

• Retain Control: Because I don’t manage investments, you remain in full control of your investment decisions and assets. I’m here to provide recommendations and guidance, not make decisions on your behalf. I can assist you in placing any necessary trades, setting up ACH transfers, account transfers and consolidations, etc.

• Cost-Effective: With the hourly model, you only pay for the time you need, making it a cost-effective solution for those who want personalized financial advice without ongoing management fees.

• Objective Advice: My advice is unbiased and solely focused on your best interests. The only fee I earn is what you pay me.

• Flexibility: You can engage with me as frequently or infrequently as you like, whether you need a one-time financial check-up or ongoing support.

The Process

New clients start with a financial plan. This is where we talk about your goals, time horizon, and all the numbers. We’ll review different scenarios so you can see what’s possible. By the end of the initial plan, you should be up and running, moving in the general direction of your goals. In six months (or sooner, if you prefer), we’ll meet to review how things are going and make any needed adjustments. From there on, we’ll talk about any future meetings that may be beneficial.

When should we meet to update the plan? Whenever a major change has occurred: a new job, loss of income, a new expense, death, divorce, you know, when life stuff happens. The plan is only as good as it is current and updated. In my experience, it’s a good idea to update your plan whenever a major life event happens or every two to three years. I don’t believe in meeting just for the sake of meeting (see bullet point titled “Flexibility” above).