"Fee only financial planners are registered investment advisors with a fiduciary responsibility to act in their client's best interests. They do not accept any fees or compensation based on product sales. Fee-only advisors have fewer inherent conflicts of interest and they generally provide more comprehensive advice." forbes.com - June 11, 2012
As a client – what can you expect from the IFP Planning Process?
No matter it be a product or a service, anyone in either market wants a satisfying experience in which they are honestly told what they will receive and how that will be delivered. This summary page is intended to explain how IFP seeks to meet that expectation.
Planning and Investment Management Service Explanation:
IFP offers comprehensive financial planning and customized investment management services to individuals. Those services are explained in the “Firm Videos” portion of the “Resources” Section of www.paullemon.com. In addition, the firm philosophy and explanation of comprehensive planning is explained in the “About Us” section of the same website.
In one sentence, our goal is to empower each client to give money their attention rather than their precious life energy, which is needed to live their authentic life.
IFP Fees Explanation
No one likes to be surprised by ‘hidden fees’. Planning fees are quoted ‘up-front’ or contracted for on an hourly basis under the terms outlined in the Financial Planning and Consulting Services Agreement (www.paullemon.com – “Forms”). Our standard fixed Planning Fee is $1,000. Quoted initial year planning fees can be reduced should clients choose to participate in the “Investment Management” program. ($200 off the $1,000 fee for very $100,000 of assets invested with us). Investment Management fees (Maximum of 1.4% of assets under management – minimum .50%) are outlined in the Investment Management Agreement in the same section of the IFP website referenced above. These fees are deducted quarterly from client investment accounts.
Please see our ADV Part 2A Brochure, pages 4 and 5 for a detailed description of fees.
Client Data Forms Gathering
Clients complete the 4 forms outlined in the “Forms” section of www.paullemon.com and mail, hand deliver, or securely upload those forms to Paul or Stephen for their creation of the comprehensive financial plan initial draft. Depending on the client’s financial complexity this process takes clients between 2 and 5 hours.
Client Meetings and Plan Creation and Implementation
Once the initial plan draft has been compiled a meeting (face to face, or online via Zoom if distance is an issue) is scheduled to review the “Current” Plan and make changes to better align the client’s current financial situation with their stated objectives. At the end of this meeting the client is provided a “Recommended Plan” with detailed Action Steps of what needs to be done by whom and by what date to implement this Comprehensive Financial Plan that covers annual cash flows, retirement planning, tax planning, portfolio observations, insurance needs analysis, social security optimization, and estate planning. At this same meeting, the IFP Investment Management Program is explained and if clients are interested in participating, the IMA Agreement is signed and the transfer of account and portfolio creation process is initiated.
If needed, a follow up meeting is scheduled to complete any planning items or portfolio implementation steps. All client e mails, phone calls or visits are included in clients’ initial planning fee or IMA fee. Each IMA client receives quarterly portfolio performance reports and an annual financial plan update.