Do you know that there are all kinds of certifications and qualifications for financial guidance and many different ways of paying for advice? We wanted to clarify the type of guidance you get from NewRetirement Advisors and give you a run down of our advisory products and services.
NewRetirement Advisors Offers Guidance from a CFP®, the Standard of Excellence for Financial Planners
With NewRetirement Advisors, you are accessing a CERTIFIED FINANCIAL PLANNER™ (CFP®) professional. The CERTIFIED FINANCIAL PLANNER™ (CFP®) designation is one of the most recognized and respected certifications in the field. CFP® professionals are trained to provide comprehensive financial planning services to clients, covering areas such as investments, retirement planning, insurance, tax planning, and estate planning. The rigorous CFP® certification process includes education, examination, experience, and ethics requirements, ensuring that CFP® professionals have a broad knowledge base and adhere to high ethical standards.
- Other notable certifications include the Chartered Financial Analyst (CFA) designation which is highly regarded in the investment management field and the Chartered Financial Consultant (ChFC) designation which, is similar to the CFP®, but has a slightly different curriculum.
NewRetirement Advisors Offers a Fee-Only Billing Structure
Financial advisors can be compensated through various fee structures. NewRetirement Advisors is a fee-only service.
Fee-only advisors charge a flat fee for advice.
- The pros for flat fee advice include:
- Transparency in pricing, alignment of interests with clients’ financial goals, potentially lower conflicts of interest, and the ability to provide holistic advice.
- Perhaps, most importantly, very often the fees are much much lower than what a client would pay under an assets under management arrangement.
- Cons may include the need for fee-only clients to be responsible for executing and managing their own assets per the recommendations of the advisor.
For contrast, here are the other kinds of fee structures for financial advice:
- Commission-based: Advisors earn commissions from the sale of financial products like insurance policies or investment products.
- Fee-based: Advisors charge a combination of fees and commissions.
- Assets under management (AUM): Advisors charge a percentage of the total assets they manage for their clients. The downside of this is that client often pay very high annual fees if they have significant assets.
With NewRetirement Advisors, You Choose a Level of Service to Meet Your Needs
NewRetirement Advisors is extremely flexible and services can be modified to fit the level of guidance that you want and need.
Our most popular services are listed below, but please attend a FREE discovery session to help you determine which level of service from NewRetirement Advisors is right for you.
Retirement Plan Checkup: $1,500
This is NewRetirement Advisor’s most popular option. It includes a more extensive review of your situation, a 90 minute call with a CFP® professional and all of the services from the Advisory Session, plus:
- Results of stress testing your plan. Your CFP® professional will look at added expenses, different rates of return, longevity changes, inflation, and sequence of returns risk
- A complete review of your investment portfolio, including a separate investment report that shows the allocations, risks, industry and geographic concentration, expense ratios on funds, growth vs value mix, large, mid, and small cap mix. You would provide the ticker symbols on a spreadsheet. If you are not able to provide on a spreadsheet, adjustments to the fee may apply
- Direction on asset allocation/portfolio construction if needed
- Withdrawal strategy examples when starting to spend money from your investments
- Withdrawal order ideas explaining the typical ways that the portfolio is maximized
- Charitable giving options to minimize taxation
- Insurance considerations to fully protect your net worth
- Recommendations on a variety of other topics from healthcare to insurance and estate planning ideas you can take to your attorney to discuss
- A written Plan of Action that we review together and the separate investment report
Best for…
The Retirement Plan Checkup is best for people who want a thorough review of their plans as well as investment, retirement withdrawal, tax, insurance, and estate recommendations.
This engagement is offered at a one-time fee of $1,500 with a down payment of $500 and the balance after we’ve had our call.
Advisory Session: $650
The Advisory Session include extensive prep by your advisor and then a 60-minute call with the CFP® professional to cover:
- Assumptions you are making in your plan and guidance on if you are being too conservative or aggressive
- The best time for you to start Social Security benefits
- A review of Roth Conversion opportunities to see if conversions should be considered
- What is the overall success and strength of your financial plan and an assessment of whether or not you have enough flexibility built into your plan
- A check of your data to make sure you have not forgotten to add anything in the plan. We’ll note things that need to be added, deleted, or adjusted.
- A written follow-up and summary of recommendations
Best for…
The Advisory Session is best for those who do not feel the need for a full Retirement Plan Checkup but would like guidance or reassurance on the included topics.
The Advisory Session costs $650, with a down payment of $325 and the balance due after we’ve had our call.
Advisory Session, Plus Investment Review: $900
For $900 you can get everything that is included in the Advisory Session, plus:
- A review of your investment portfolio, including a separate investment report that shows the allocations, risks, industry and geographic concentration, expense ratios on funds, growth vs value mix, large, mid, and small cap mix. You would provide the ticker symbols on a spreadsheet. If this was not possible, adjustments to the fee may apply. Includes written recommendations and a separate investment report.
Best for…
Anyone who wants reassurance on their plans AND help with their investment choices.
The cost for this bundle is a one-time fee of $900 with a down payment of $450 and the balance paid after your call.
And, you have the option in continuing the relationship either through an ongoing advisory service or periodic phone calls.
Ongoing Advisory: Retainer, Based on Level of Service
Some people want more than a one-time or once a year relationship with NewRetirement Advisors. In this case, it makes sense to pay a retainer, paid quarterly. The pricing is variable and is based on your needs.
When you sign up for an ongoing advisory, you get:
- Ongoing access to your CFP® professional through email and zoom calls
- On demand guidance on any financial question you have
- Two to four Zoom calls a year to review plans
- Anytime advice on
- Investment choices
- Asset location
- Tax changes/tax minimization
- Withdrawal strategies
- Medicare
- Social Security
- Roth Conversions
- Insurance
- Charitable giving
- Estate planning considerations
- Help with employee benefit choices
- Anything that will be helpful
On Demand Advice
Sometimes people who have completed an Advisory Session or the Retirement Plan Check Up have a one off question. If you want to talk through a problem or a new strategy with your CFP® professional, NewRetirement Advisors offers on demand advice.
Examples of questions answered in On Demand Advice:
- I’m thinking about buying a house, what should I consider?
- I’m 64, what should I consider when signing up for Medicare?
- Should I start a 529 plan for my kids? grandkids?
- My plan is in good shape, but how do I withdraw money from my accounts? What accounts should I start with?
The fee for on demand advice starts at $350, but will depend on the amount of prep and follow up that is required.
Book Your FREE Discovery Session with NewRetirement Advisors
The process for engaging with NewRetirement Advisors is considered. There is no rush and definitely no strong sales push. We want you to feel comfortable with the level and quality of support you get.
- Start with a group discovery session where you’ll meet your advisor. Discuss your goals and ask as many questions as you like.
- If you wish to proceed, meet one on one with your CFP® professional to determine exactly which type of engagement best suits your needs.
- The advisor will assess your plan and arrange a meeting to walk you through your recommendations.
- You’ll get written follow up after the meeting about what was discussed.
- If appropriate, your advisor is available for on-going support.
Learn more or get started with a FREE Discovery Session.
