FAQ, Financial Review
What Topics Are Covered in the Financial Review?
The financial review offers guidance across a broad range of topics. Common areas include investment strategy, emergency funds, cash management, setting a savings rate target, cash flow planning, 529 college savings, retirement income strategy, and backdoor Roth IRA guidance. While Ryan doesn’t sell insurance, he can provide general advice on life, disability, and umbrella insurance.
What Types of Clients Hire You for a Financial Review?
Our financial review clients tend to be fairly confident DIY investors who are looking for a “second opinion” to ensure they are on the right track with their investing and financial planning.
They’re not looking for a comprehensive financial plan, but they do see value in working with a financial planning professional to carefully review their overall investment portfolio and personal finances.
Some clients choose the $2,500 Financial Review because it’s a lower-cost option compared to the $4,500 DIY Investing Service, and they feel confident it will address their key questions and help them meet their planning goals.
Others prefer it because they have very full schedules and appreciate that the Financial Review requires less of a time commitment. It includes two scheduled Zoom meetings, while the DIY Investing Service involves four meetings—three during the initial planning process and one follow-up meeting during the follow-up period.
What Information Do I Need To Provide?
After you sign the Agreement and become a client, Ryan will send you a fillable PDF to gather key details about your financial situation. He’ll also have you upload a recent statement for each of your investment accounts to a secure Dropbox folder. Additional documents—such as a copy of your Social Security Statement or a recent pay stub—may also be requested.
During the pre-letter Zoom meeting, Ryan will ask open-ended questions to better understand your financial goals and overall situation.
What’s Your Investment Philosophy?
Ryan believes in passive investing using broadly diversified, low-cost index funds. He believes investors should focus on things that can be controlled: asset allocation (mix of stocks and bonds), keeping investment fees low, promoting tax-efficiency, and maintaining discipline over the long term. He also believes that keeping an investment portfolio simple is essential as it keeps clarity and focus on the important elements of investing.
I Am Not Satisfied with Market Returns. Can You Help Me “Beat the Market” by Recommend a Winning Stock or Star Mutual Fund Manager?
Ryan embraces low-cost index investing with missionary zeal, which makes him a poor fit for those focused on trying to beat the market. He believes this approach is often misguided and tends to lead to disappointing long-term investment results.
How Long Does It Take to Complete the Financial Review Service?
It typically takes about three to four weeks to complete the five steps of the service. If you’d like to move more quickly and finish within two weeks, Ryan may be able to accommodate that.
As for your time commitment, please plan on spending about five to eight hours total to complete the process—including gathering documentation, attending meetings, and handling any email follow-up.
How and When Do I Pay You for the Service?
After the second Zoom meeting (the post-letter meeting), Ryan will email you the invoice. It will come through QuickBooks and will ask for payment via an ACH transfer from a bank account.
Do I Keep Paying Fees After the Financial Review is Complete?
No. The $2,500 fee is a one-time fee.
I Understand I’ll Receive One Hour of Follow-Up Advice at No Additional Charge. Does This Have an Expiration Date?
Yes. The expiration date is six months after Ryan emails you the 8-to-12-page financial review letter.
What If I Need Additional Financial Advice in The Future?
If you feel more advice would be helpful, we offer a range of options for a “Follow-Up Financial Review Session.” The fees range from $295 to $1,150, depending on the depth of follow-up advice that you seek. You may reach out to Ryan for more information about follow-up review sessions.
Are You Compensated for Referrals or Commissions?
No. The only source of compensation is the direct fee you pay.
For complex student loan issues, clients are referred to Andrew Paulson, a student loan expert. However, Andrew Paulson pays no commission nor referral fee to Ryan for these referrals. In fact, Andrew has agreed to offer Ryan’s clients a direct $175 discount off his fee.
Whom Will I Work With?
You will work directly with Ryan Kelly, CFP®.
Additional Questions? Please email Ryan Kelly to schedule a free 20 minute phone consultation. Ryan’s email address is: ryan.kelly@rfkcap.com