Episode #20- 3 Choices for Advice and Guidance

Wealth Decisions Podcast Transcript for Episode #20- 3 Choices for Advice and Guidance

Listen to this episode on Apple Podcasts or Spotify

Well, I tell you, I'm really excited about today's episode.

One of the advantages of owning your own financial planning and wealth management firms is that you get to design that firm from a perspective like you were a client.

You get to design it the way you would like it to look like from a client's perspective.

So I'm really excited to tell you a little bit about three choices you now have for advice and guidance.

There's three ways I can help clients with their retirement goals.

You can either hire me to create a one-time financial plan or do a one-time portfolio analysis to see how your portfolio scores against my Nitrogen Wealth system, which will give you a GPA score to assess the quality of your portfolio.

Or you can hire me to do both a portfolio analysis and financial plan.

This service is designed for anyone that's comfortable maybe managing things on their own, but just want a professional second opinion on the quality of their financial plan and their investment portfolio.

The second way I can help is you can pay me hourly based upon the level of need.

My fee as a Senior Wealth Advisor and the founder of Momentous Wealth is $350 per hour.

And this is designed for individuals, again, comfortable managing things on their own, but want a smart plan to build their wealth more effectively, make some important decisions at whatever stage in life they are, and know that their financial plan is solid.

And I have three different levels that you can choose from.

Level one would be approximately five hours, and you'll get a wealth decisions plan that gives you steps in order of importance to help you achieve your most important financial goals, whether that's financial independence or financial freedom or just peace of mind, knowing you can retire confidently on your terms.

That plan requires about five hours of my time.

Level two is approximately 10 hours.

That will include the wealth decisions plan, but this will also include a portfolio analysis and investment recommendations.

This differs from the one time portfolio analysis in that I actually do give investment recommendations on how to improve your portfolio.

In level three, which is approximately 15 to 20 hours, that will include a wealth decisions plan, portfolio analysis and investment recommendations and a comprehensive financial plan.

And this requires about 15 hours of my time to put together these three items.

And if you want more than that, like an estate planning analysis or a life insurance analysis or college planning or a tax return analysis, that would be closer to 20 hours of my time to complete all those tasks and those levels of need that you have for advice and guidance.

And the third way that I can help is ongoing financial planning and wealth management with one simple monthly advisory fee.

I don't charge extra for financial plan.

Your fee that you pay me as a fiduciary advisor is for ongoing financial planning and investment management.

This is the most common arrangement I have with clients.

The advisory fee is based upon assets under management.

And whatever level you fall into is the fee you will be charged.

There's no confusing tier-based schedule.

The advisory fee covers that ongoing financial planning and investment management and important wealth decisions you'll need to make over your financial life.

Since I do believe financial planning is an ongoing process, clients will always have access to their financial plan on the RightCapital portal and will continue to communicate and update that financial plan as needs change or goals change over time.

So let's first talk about the service of getting a portfolio analysis.

A portfolio analysis is a deep dive into your investment holdings and it's going to show you your risk number after you answer the risk-alized risk assessment.

It's going to show your current asset allocation and your current portfolio's risk number.

And that's really important because if your risk number is 60 and your current portfolio has a risk number of 80, there's something that needs to change.

You'll also get a risk-reward heat map of your current portfolio that shows the potential upside and downside of each investment and how that contributes to your overall portfolio.

You'll also get a stress test showing how your portfolio would have potentially performed in different past market environments, like if we had the 2013 bull market were to happen again, or if the 2008 bear market was to happen again, or if the financial crisis was to happen again, or if we had an interest rate spike like we did back not too long ago.

Each one of those scenarios will show how your portfolio would have potentially done in those market environments versus what the S&P would have done during those specific times.

And you can get this service as a one-time service that shows you a portfolio analysis of your current holdings.

But if you would like investment recommendations, then the hourly plan, level two plan, would be the one you'd want to choose if you actually want some investment recommendations on how to improve your portfolio.

The financial plan service, whether you hire me as your ongoing financial advisor or choose the one-time or hourly option, you're going to get a comprehensive financial plan powered by RightCapital.

That's going to show the probability of success of your plan.

It's going to show your cash flows.

We're going to do some real-time scenario analysis by looking at different changes in income or expenses or different investment strategies and how that impacts your plan.

We're going to stress test it against different scenarios, whether we have a high inflation environment or whether taxes go up or whether Social Security gets cut.

We'll stress test it against different items to make sure that your plan holds up.

We'll also take a look at Social Security optimization strategies, tax optimization strategies, and we'll stress test your plan against unexpected medical expenses that potentially could happen in the future with some type of long-term care need.

We can also run different budget scenarios and factor in your needs, wants, and wishes and how that looks for your financial plan.

For instance, we might put in travel expenses on top of your basic needs for a period of time, and we can show you how much you'd be able to spend on travel over a 10-

or 15-year period of time without it impacting the probability of your financial plan.

We can also show what it's going to look like at the end of it all in terms of your legacy, what you could potentially leave behind, and some potential estate planning opportunities that you may want to think about down the road.

Also, if there's any major expenses or home improvement projects coming up or you want to see the impact of paying cash for a vehicle every four to five years, we can show the impact of those major purchases to your financial plan to make sure it doesn't derail your plan or lower the probability to a level out of the confidence zone.

So if you're comfortable managing your investments on your own and you already have a financial plan currently, but would just like a quality second opinion on where you stand and making sure that it is as solid as you think it is and your investments are of the highest quality.

I'd be happy to chat with you more about the three ways I can help with your retirement goals with guidance or advice on a one-time basis, hourly basis, or if you were to hire me as your fiduciary financial advisor to help with financial planning and wealth management throughout your retirement.

I truly believe that financial planning and wealth management should be part of an ongoing relationship.

And whether you hire someone like myself as a financial advisor to help you with those decisions or you do it on your own, your financial plan needs to continuously be updated over time.

But if you're comfortable with doing things on your own, you're going to want to continue to monitor your portfolio, your risk tolerance and your goals, and adjust your investment mix over your retirement life.

And that requires ongoing wealth management and attention.

So if you'd like to see a little bit more about what it would look like to become a client of mine on the third choice, which is ongoing financial planning and wealth management, there will also be a link in the description of this podcast that you can actually see what to expect as a new client.

What is my service model?

How often will I contact you?

How many times a year do we have a review to go over your investment performance or update your financial plan?

You can see all that by clicking on the link in the description of this podcast.

You'll also be able to see on that page my fee schedule.

My advisory fees are a yearly fee taken out of your account on a monthly basis, and it's based upon the level of assets that you have with me.

So whatever level you fall into is the advisory fee that you'll be charged.

There's no confusing tier-based schedule where you're charged more on the first $250,000, a little less on the next $250,000.

Whatever level you fall into is the fee that you'll be charged, and that fee covers ongoing financial planning, wealth management, and some of the important decisions that you'll have to make throughout your retirement.

So whatever level of need you have, whether you want a one-time financial plan, or a one-time portfolio analysis, or a combination of those two, or you want a more comprehensive wealth decisions plan, along with a comprehensive financial plan and portfolio analysis and investment recommendations, you can pay an hourly fee to have me help you with those decisions.

Or whether you want to hire me as your fiduciary advisor to help you with all those important wealth decisions along your retirement journey, as well as ongoing financial planning and wealth management, I have an option to help you with your financial future.

So click one of the links in the description of this podcast and get in touch.

Let me know what level of advice you're looking for, and we'll get in touch to find out how we can help with your particular investment needs and financial goals.

So that's it for today's episode.

The three choices for advice and guidance to help with your financial goals or specific investment needs.

Listen to this episode on Apple Podcasts or Spotify


-Brian D. Muller, AAMS® Founder, Wealth Advisor

Momentous Wealth Advisors in a fee-only fiduciary advisory firm

Disclaimer: This material is for informational purposes only and should not be construed as investment advice. Past performance is not indicative of future results. Investors should make investment decisions based on their unique investment objectives and financial situation. While the information is believed to be accurate, it is not guaranteed and is subject to change without notice.

Investors should understand the risks involved in owning investments, including interest rate risk, credit risk and market risk. The value of investments fluctuates and investors can lose some or all of their principal.

Always consult with a qualified financial professional before making any investment decisions.