Fee-Only Financial Planning
. . . A Better Way of Doing Business
We believe the fee-only approach is best for people looking for unbiased, independent advice. In any type of relationship where commissions are involved (including a “fee-based” compensation structure), the potential for conflicts of interest between you and your advisor is high.
If the person you are working with is a registered representative for an insurance company or broker, they’re probably a salesperson, paid to sell to you from a limited list of recommended products. That means the quality of your retirement planning may be influenced by the amount of the commission they will earn — and not necessarily what’s right for you.
We don’t work for commissions, ever. We don’t have sales incentives, third-party compensation or a limited list of preferred products. We are fee-only and as such, the only fee we earn is the fee we earn directly from our clients.
Our goal is to become long-term partners with our clients. To do this, we remain unbiased and independent, while consistently offering highly personalized service and comprehensive solutions tailored to each client’s unique situation.
OUR APPROACH
The pyramid represents our approach to financial planning. From top to bottom, the structure suggests strength, balance and continuity. Our pyramid illustrates the various components of financial planning and is built from a series of dialogues illustrated below.
Financial Planning Process
Below you will see how The Valente Group Wealth Management’s Financial Planning Process in the following six steps:
1. Establishing and defining the client-planner relationship
We will clearly explain the services that will be provided and determine both our responsibilities and yours. We will also fully explain how we will be compensated and any expenses that you will pay. At this point, a mutual agreement will be reached on how long the professional relationship should last and how decisions will be made.
2. Gathering client data, including goals
We will ask for information about your financial situation during the meeting and through data gathering questionnaires sent home with you. During this time, we will mutually define your personal and financial goals, talk about the time frame for results, and if relevant discuss how you feel about risk through the results of a risk profile. We will then collect all of the necessary documents before giving the advice that is needed.
3. Analyzing and evaluating your financial status
During this step, we will run an analysis of your information in order to assess your current situation and determine what you must do to meet your goals. Depending on what services you have asked for, this could include analyzing any part of the pyramid diagrammed above.
4. Developing and presenting financial planning recommendations and/or alternatives
This is where we will offer financial planning recommendations that address your goals, based on the information you provide. In addition, we will go over the recommendations with you to help you understand them so that you can make informed decisions. If you have any feedback, we will revise recommendations as appropriate to address any concerns.
5. Implementing the financial planning recommendations
Depending upon what level of service agreement is determined; we may carry out the recommendations or simply serve as a guide, coordinating the process with you and other professionals as needed.
6. Monitoring the financial planning recommendations
You and your planner will agree on who will monitor your progress towards your goals. If the planner is in charge of the process, then we will report to you periodically via face to face meetings and phone consultations to review your situation and adjust the recommendations, if needed, as your life changes.
