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Financial Life Planning Fees
As a NAPFA registered investment advisor, Life Planning Partners, Inc. is paid only by the client. Developing and implementing a financial life plan is a complex process that takes time, knowledge, and resources, and our clients understand and appreciate the commitment involved.
To make certain we are a good fit, we offer a no obligation 30 minute "lets get acquainted" session. If you have specific issues you want to address, but would like to see how we work before becoming a client, we offer a three hour initial planning session for $500. We will cover items of importance to you, review the big picture of your financial life, and make general recommendations to get you started. If you decide to become a continuing client, this payment will be deducted from your quarterly fee, when you begin our continuing client service.
Many financial planning firms base their fees on the amount of assets managed. For example, an asset fee of 1% on $1 million of assets equates to $10,000 charged per year. For this fee, many of these firms do not provide a full range of financial life planning services.
At Life Planning Partners, Inc., our fee structure is an annual retainer billed quarterly, and is based on your level of complexity. This fee covers development and implementation of your financial plan, ongoing updates of your plan, and all investment management. It also includes regular meetings either in person or electronically to keep you informed and discuss new issues. We attend meetings with your attorneys, insurance agents, and accountants to coordinate our efforts, with your goals always in mind. Fees begin at $1,250 per quarter and are based on factors such as number of family members, scope of planning needs, cash flow, tax planning issues, and net worth.
Service and Fee Comparison
| |
Life Planning Partners, Inc. |
Asset-based Fee Advisor |
Commissioned Salespeople |
|
Form of Compensation |
Flat retainer based on complexity and services |
Percentage of assets (typically 1% or more) |
Commission (varies by product) |
| Cost to Client |
Fees start at $1,250 per quarter |
Example: $1 million portfolio - $2,500 per quarter |
??? |
| Fiduciary duty |
Yes |
Yes |
No |
|
Portfolio analysis |
Yes |
Yes |
? |
|
Investment management (ongoing) |
Yes |
Yes |
? |
|
Goal setting and monitoring |
Yes |
? |
? |
|
Cash flow planning |
Yes |
? |
? |
|
Net worth review |
Yes |
? |
? |
|
Tax minimization |
Yes |
? |
? |
|
Estate planning |
Yes |
? |
? |
|
Retirement analysis |
Yes |
? |
? |
|
Education planning |
Yes |
? |
? |
|
Insurance reviews |
Yes |
? |
? |
|
Insurance shopping and research |
Yes |
? |
? |
|
Mortgage review and assistance |
Yes |
? |
? |
|
Major purchase assistance |
Yes |
? |
? |
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Health care planning |
Yes |
? |
? |
|
Financial life coaching |
Yes |
? |
? |
|
Coordination with attorneys, CPAs, etc. |
Yes |
? |
? |
|
Unbiased advice (not influenced by compensation) |
Yes |
? |
? |
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