A full financial plan looks at your entire financial life and provides you with a detailed written road map to achieve your short and long-term goals.  Long & Associates also assists you in implementing your plan since implementation is where many plans fail.  When you become a retainer client we work with you proactively to update your plan and rebalance your assets.  We also provide referrals to other professionals and work with them on your behalf.

• Who is it best for?
• How does it work?
• What are the fees?

Who is it best for?
A full Financial Plan is works best for clients who:

• Have financial assets (including 401k plans) of >$250,000 and/or incomes >$200,000
• Want a thorough review of their financial situation
• Want to delegate some of the execution of their investment management to a trusted advisor
• Want a long-term relationship with a financial advisor
• Want to work with an advisor on a long-term basis

How does it work?
Before you engage us you will have the opportunity to meet with us in person at our office to discuss your situation and see if there is a good fit between your needs and the services we offer.  We will also determine if we think we can help you based on your needs. 

If we both feel that there is a potential fit we will prepare and send to you a Letter of Engagement for the initial plan. The Initial Plan process takes place over six (6) meetings:

• Data Gathering and Goal Setting Meeting
  • Our first data gathering meeting tales place at my office to meet family members, fully discuss your goals and objectives, review all pertinent data, establish a future meeting timetable and information exchange format, and discuss and restraints or guidelines that must be observed.
• First Presentation Meeting  (Scenario Review)
  • About 30-45 days after completing our data gathering we will present you a review of your current financial situation including a review of your goals, cash flow statement, net worth statement, and a review of all of your risk management (insurance) strategies. 
  • We will also complete a long term projection based on your current behavior. We will discuss this scenario and develop alternative scenarios that you would like to explore.
  • After the first meeting we send you a link with a short survey for you to complete online assist in gauging your investment risk tolerance.
• Second Presentation Meeting (Investment Focus)
  • About 30-45 days after the First Presentation Meeting we will meet with you to present and discuss your Investment Policy Statement. We will also present specific investment recommendations based on the Investment Policy Statement. We will present a summary of the plan recommendations and an implementation Action List.
  • We will also review any changes to your initial scenario or any alternate scenarios you wanted to investigate.
• Implementation Kick-Off Meeting  (Implementation Assistance)
  • About 30 days after the Second Presentation Meeting we will meet to kick-off your plan implementation.  Without implementation the plan is a dead document and is of no value to you. Our initial fee includes six (6) weeks of implementation assistance. Examples of implementation assistance include preparation of paperwork to open investment accounts, referrals to other professionals, assistance with refinancing a mortgage, and rebalancing your investment portfolio.  We will provide you with a detailed list of all of the action steps in the plan with responsibilities and dates.
• Implementation Review Meeting
  • At the end of the six (6) week implementation period we will meet to review our progress and any outstanding action items.  At this point we offer most clients the opportunity to become retainer clients.  
• Ongoing Planning
  • After the initial engagement many clients experience changes in their lives, career changes, home purchases, additions to the family, and relocation. In addition clients’ investments may become unbalanced. We update clients’ plans up to two (2) times per year to incorporate life changes, we also provide clients assistance with rebalancing their portfolios, updating their Investment Policy Statement, and investment recommendations when necessary.

What are the fees?
We charge a fixed planning fee for the initial plan and plan implementation assistance. This fixed fee is based on the estimated time needed to develop and implement the initial plan. Initial plan fees average $6000-$10000. This fee covers the initial plan and six (6) weeks of implementation assistance. Annual ongoing planning assistance average $5000-$12000 paid quarterly.