PWA provides an ongoing decision support and review service that entails phone, email, and in-person support throughout the year for decisions that you needs to make. We believe that generating a plan and managing investment assets are not sufficient to make the plan a success. There are far too many unexpected turns in the road of life to make planning a one-time occurrence. These decisions could include:
Advice on participating in new employer retirement plans.
Medical, disability, long-term care insurance needs and changes.
Changes to income / expenses that would potentially change the financial plan.
Changes to long-term goals.
Life events (marriage, births / deaths, casualties, unexpected inheritance).
Financial "opportunities" that present themselves to the client and to which he/she needs help in determining the costs/benefits/effect on the comprehensive financial plan.
Additionally, this service includes an annual checkup which reviews progress on the action plan and adjustments for the next year. In terms of the PRETIRE program, ongoing decision support and review includes:
Planning & Goal Setting - Incorporate situational changes, life events, goal shifts, etc. into the action plan.
Risk Management - Review and update insurance policies and other risk mitigation tools as your situation changes.
Employee Benefits - Incorporate new benefit options. Review and adjust insurance and retirement plans.
Tax - Review tax situation and make annual decisions (retirement plan funding, timing of charitable giving, non-managed asset sales, etc.)
Investments - Evaluate new investment opportunities, adjust portfolio targets to changes in goals / required returns / risk tolerance.
Retirement Planning - Ongoing evaluation of plan. Adjustments to savings strategy as needed. Review / set-up of self-employment retirement plans and/or individual retirement accounts. Simulate plan execution to determine probability of success.
Estate Planning - Periodic review of estate plan and documents. Changes as needs / family evolve.
Ongoing decision support and reviews are intended for all PWA clients and will typically involve you and your advisor touching base as required. Conference calls or meetings including your other support staff (legal professionals, CPAs, etc.) are also possible.
Decision support is primarily accomplished via email or phone. You can also feel free to make an appointment for an in-person visit.
Decision support occurs as needed throughout the year. You contact your advisor when the need arises. Reviews are typically scheduled annually toward the end of the calendar year. PWA will contact you when it is time for a review to set up a convenient time and notify you of any steps you need to take prior to the meeting.
Most people hire a financial advisor because the realize that they don't have the time, knowledge, or desire required to efficiently manage their finances on their own. While generation and implementation of a plan will put you on the right track, without decision support and review services, you'll find yourself needing to manage your finances anyway, which defeats the purpose of having an advisor. This service is PWA's way of ensuring that you always have someone to turn to when something comes up.
Ongoing Decision Support and Review will be free of charge for all clients with assets under management with PWA of over $100,000 since the cost of asset management is great enough to cover the internal cost of PWA's decision support and review. For other clients, this service will be provided for a quarterly fee of $99 per client. Special projects will be billed at the standard planning rate of $50 / hour.
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