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We view financial planning as a process, not an event. We believe that financial peace-of-mind is reached through education, implementing changes, and making measurable progress toward goals. Therefore, unlike many firms, we do not produce thick, boilerplate financial plans that look fancy but do little to increase your feeling of financial well being.
Our concentration is on serving clients through our standard, open retainer, which is briefly described below. As time permits we also accept clients for short-term, project engagements.
What should I expect from your standard, open retainer?
In the first year we will work through a series of face-to-face sessions. Each session reviews and analyzes a different topic. They include:
- Goal Setting - we help you establish and reach short and long-term financial goals, as well as balance what may seem to be conflicting goals.
- Risk Management - in this session you will finally be able to get honest, objective advice about insurance from someone who isn't selling it. Your life, health, disability, property, liability and other insurance will be evaluated to identify any dangerous gaps and determine if you are over-insured or overpaying.
- Estate Planning - our aim is to ensure your wishes are respected concerning the distribution of your assets, your healthcare, the guardianship of minor children, etc., with the least possible cost and court intervention. This includes the production of basic estate planning documents by a qualified attorney.
- Financial Independence (Retirement) - your goals, current situation, and many other factors will be analyzed and a realistic projection will be developed. You will learn what adjustments may be needed to become financially independent or remain so.
- Investment Strategy - through several sessions a strategy to manage your entire net-worth (everything you own & owe) will be formed. For invested assets, this will include a personalized asset allocation & location plan that encompasses all of your accounts-brokerage, bank, IRAs, 401(k)s, etc. and is designed to minimize risk and expenses, and maximize return. Commission-free investing in carefully analyzed mutual funds and other instruments is included.
- Tax Planning and Preparation - your personal income tax returns will be prepared and, more importantly, you will receive expert tax advice throughout the year. The savings generated from this alone can often offset our fee completely.
- Special situations - concerns such as education funding, home purchase analysis, retirement plan distributions, death of a spouse, starting a business, etc. are addressed.
By the end of each session you will have learned more about your current situation and what must be done to improve it, and you will have written recommendations and guidance to implement the recommendations. With some issues, such as investment strategy, we can handle most of the implementation for you if you choose. In the following years we help you monitor and adjust your financial situation, and coach you toward reaching your goals.
Our clients tell us that the greatest factor contributing to their increased peace-of-mind is knowing that at any time they have someone to turn to who understands their situation personally and will give them honest, objective advice about anything that touches them in a financial way.
How much does it cost?
DS Bross Financial Advisory is a fee-only firm. We do not sell anything, except advice.
The fee for the standard, open retainer is determined before you start. It is all-inclusive and is based on a three factors - your net-worth, your income, and the complexity of your situation. Before we let you hire us we will complete a cost/benefit projection with you, to estimate if we can save you more than we charge you.
Please call us to ask questions, get more info, or schedule a no-obligation, preliminary appointment
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