Personal Financial Management
At Horizons Wealth Management, we take the time to understand each client's unique needs; therefore, we are able to provide you with individualized financial strategies and solutions. Our clients come from all walks of life and comprise both individuals and families. You don't need to be a millionaire to benefit from broad-based financial planning.
Many of our clients seek our help while facing some type of financial transition such as: planning or transitioning to retirement, divorcees or widows who need help restructuring their finances, professionals needing guidance with financial or investment decisions, or families who have recently received an inheritance. In turbulent times, or in times of prosperity, you'll benefit from holistic financial planning intended to help you maximize the assets you have.
As an independent fee-only financial advisory firm, we have discretion as to how we charge for our services. This allows us to customize our fees to the amount of financial service you actually need.
Level 1: Initial meeting
Anyone may sit down and interview us about ourselves and our services for absolutely no fee for the first hour. This usually involves questions about our services, credentials, experience, fees, philosophy, and investment strategies. During this initial meeting we also discuss your goals, needs, and expectations because understanding your goals and timeline for achieving them is a necessary step in determining your financial needs. If you are interested in exploring more about Horizons Wealth Management, we encourage you to contact us to schedule an initial meeting.
Questions To Ask When Interviewing A Financial Planner:
1. Are you a fiduciary?
A fiduciary is a person who has to place the client’s interest ahead of his or her own. Fiduciaries must also disclose what their fees are, how they’re compensated and any other conflicts or potential conflicts of interest that might influence an individual's decision to use their services.
2. How are you compensated? Do you accept referral fees or
Ask whether there’s an initial planning fee, whether they charge a percentage for assets under management, or whether they make money from selling you a specific product. Not only should you know how much the service will cost you, but it can help you determine whether they have an incentive to sell you things.
3. What licenses, credentials or other certifications do you have?
4. What services does your advisory firm provide?
Some people are just investment advisors and only provide you advice on your investments. We do comprehensive financial planning around retirement, insurance, estate planning and tax planning.
5. What types of clients do you specialize in? Do you have many
clients like me?
6. Could I see a sample financial plan, quarterly report, quarterly newsletter, etc.?
7. What is your investment approach? How will you help me reach my financial goals?
If you have a strong preference for a particular philosophy, ask the advisor what his or hers is. If you’re looking for someone who makes investments consistent with your risk tolerance and goals, we can help you.
8. How much contact and communication do you have with your clients?
9. Will I be working only with you or with a team? What happens to my relationship with the firm if something happens to you?
10. What makes your client experience unique? Why do I want to work with you and your firm?
Level 2: Financial Planning & Investment Analysis
If, after the initial meeting, we both believe that there is a basis for moving forward, then we move to our next phase in the financial planning process: A Comprehensive Financial Plan and/or Investment Analysis.
A comprehensive financial plan is the first step to gaining more control of your finances and your life; It is your road map for achieving your financial goals. A comprehensive financial plan involves the detailed review and analysis of all facets of your financial situation including cash flow analysis, retirement planning, risk management, investment management, tax management, insurance and estate planning.
By incorporating all components of your financial life and looking at different scenarios, we can help you be better prepared for the road ahead. Any financial advisor providing recommendations without addressing all of these aspects of your financial situation will most likely make poor recommendations.
Our Comprehensive Financial Plans range from $2,000 to $4,000- depending on the complexity of your financial situation.
COMPLETING A COMPREHENSIVE FINANCIAL PLAN:
- Step 1: We gather all of your unique personal and financial information in order to thoroughly review and study your financial situation. We also collect any necessary documents that may be needed.
- Step 2: We then work collaboratively with you to define your financial goals and objectives. Detailed financial projections are then prepared with "Golden Years" Planning. Our software provides detailed yearly distribution and tax analysis for the retirement years. This software is a diagnostic tool that helps us analyze your income, expenses, cash flow, asset growth, disbursements, insurance coverage, and taxes. Questions such as ‘When can I retire?’, ‘How do I need to investto get there?’ and ‘How will I afford to send my children to college?’ are answered.
- Step 3: As a part of the financial plan, we provide a detailed Investment Analysis on your current portfolio. This process begins with you taking a scientifically validated risk tolerance questionnaire that helps us understand your ability to tolerate market risks. Then, we carefully evaluate your current investment allocation to determine its suitability given your goals, risk tolerance, and future plans. We also determine how much you are currently paying in investment fees and other expenses.
- Step 4: We then present our Investment Analysis recommendations for your personalized asset allocation based on your risk tolerance and financial goals. We then discuss a plan and timeline of how these recommendations will be carried out. David, Glen and Susan spend many hours constructing your comprehensive financial plan; therefore, this process takes an average of six to eight weeks, concluding with the final plan presentation in our Asheville or Greenville office.
- Step 5: During the plan presentation, we will also discuss how we will monitor and benchmark your progress going forward so we can make sure we achieve your financial goals. If you become a wealth management client, we will frequently monitor and review your progress and make necessary adjustments along the way. You can read more about our Wealth Management services below.
Studies show that a comprehensive financial plan can benefit people at all income levels, and it can help families get into a higher income bracket. Those who prepare a financial plan can expect to achieve higher levels of future income and net worth.
Some individuals try to balance and manage their finances without the help or expertise of a CFP® professional, but this is a very complex process with little room for error. A financial plan covers many areas where expert advice can be a tremendous help. Investment options, insurance concerns, Social Security options, income tax, estate tax and gift tax laws are very complex.
Financial Planning fees are based on the complexity of the client's financial situation and the planning project and are calculated at an hourly rate. Fees for a Financial Plan or Investment Analysis are quoted prior to an engagement. One-time, hourly consultations are not available.
We provide retirement planning counsel and advice to many clients. Considering retirement is exciting, but it can also cause anxiety and fear. When it comes to saving for retirement, there is no better time than today to assess your savings plan for the future. Experts predict that retirees need from 80 to 100 percent of their pre-retirement income to maintain their lifestyle after retirement. Yet, surveys show that most Americans remain unprepared for retirement.
Helping our clients become financially prepared for retirement is one of the most important aspects of our work. That's why we encourage our clients to begin planning for retirement with a comprehensive financial plan- because just hoping you are saving enough for retirement is not a viable plan.
We begin by discussing your retirement goals. How do you envision the perfect retirement? What are your financial priorities? When you get ready to retire, you have so many difficult decisions to make, and we can help you strategically navigate through those obstacles. Seeing your personalized financial plan takes away much of the anxiety and provides you with peace of mind before your retirement date arrives.
RETIREMENT PLANNING QUESTIONS:
- Can I retire?
- How much more money do I need to retire?
- How long should I continue working before retirement?
- What adjustments do I need to make before retirement?
- Which Social Security claiming option should I use?
- How do I coordinate my pensions, Social Security, and retirement investments?
- How long will my retirement money last?
- How should I invest during retirement? Should I be less aggressive?
- Will my investments provide income throughout retirement?
- What are my 401(k) rollover options? How should I use my employer retirement plan?
- Do I need any specific type of insurance?
- How can I pay for medical care after retirement?
- How will these financial moves affect my taxes and estate?
- How do I best use the value of my house in retirement?
If you are preparing for retirement or have already retired, we can help you reach your goals and put you on a course toward financial freedom.
Level 3: Wealth Management
This service is primarily provided to clients as a continuation of the financial planning process. We use Shareholders Service Group as our discount broker, assets are held at Pershing LLC.
For this select group of clients, we commit to serving as their full time personal financial advisor. Services performed for these clients include, but are not limited to: portfolio management, tax planning, cash management, and ongoing financial planning. Our investment philosophy is based upon asset allocation and seeks to lower risk and maximize returns by holding a portfolio diversified across different asset classes while avoiding market timing. Every portfolio is customized to fit each client’s unique circumstances and risk tolerance.
Your financial situation is always changing in reaction to outside influences, so it's important to have an advisor periodically review and revise your plan to adjust to changes in the financial world as well as your personal goals.
In order to maintain the highest level of service to our wealth management clients, we frequently review and monitor our efficiency and effectiveness. Because of this commitment, we will never compromise the level of service to our wealth management clients.
Click here to learn more about our Wealth Management services.
* For clients who are in the accumulation of wealth phase (assets below $500,000) please see our Automated Asset Management page to learn more about our services.