FAQ, Financial Review
What Topics Are Covered in the Financial Review?
The financial review provides guidance and advice on a broad range of topics. Typical topics include: investment strategy, emergency funds, cash management, setting an appropriate savings rate target, cash flow planning, 529 college savings, retirement income strategy, and backdoor Roth IRA guidance. Although Ryan does not sell insurance, he can offer general advice on life insurance, disability insurance, and umbrella insurance. He can also cover other topics and questions that are of concern to you.
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 aren’t looking for a comprehensive financial plan, but they do see value in working with a financial planning professional to do a careful review of their overall investment portfolio and personal finances.
Some clients prefer the $1,950 Financial Review because it is less expensive compared to the $3,750 DIY Investing Service, and they are convinced that the Financial Review will answer all their important questions and accomplish their planning objectives.
Other clients prefer it because they have very busy schedules, and like that the Financial Review is less of a time commitment compared to the DIY Investing Service. For example, the Financial Review involves two scheduled Zoom meetings whereas the DIY Investing Service involves a total of four scheduled Zoom meetings (three as part of the initial project, and one formal follow-up meeting during the period of follow-up advice).
What Information Do I Need To Provide?
After you sign the Agreement and become a client, Ryan will send you a fillable PDF document that asks for important information about your financial situation. He will also have you upload a recent account statement for each investment account to a secure Dropbox folder. In the pre-letter Zoom meeting, he’ll ask open-ended questions to clarify your financial goals and financial 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, and is therefore a terrible fit for those that are trying to beat the market. He believes these types of investors are misguided and will very likely have poor investment outcomes over the long run.
How Long Does It Take to Complete the Financial Review Service?
It typically takes between three to four weeks to complete the 5-steps of the service. If you would like to move quickly and complete the service in two weeks, Ryan may be able accommodate that.
In terms of the actual time commitment, please plan on four to seven hours of time on your end to complete the five steps of the service.
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 $1,950 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 a student loan expert. However, no commission or referral fee is received from doing so.
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