What's the cost?
Let's address those financial advisor fee questions other firms are avoiding
How much does wealth management and financial planning for retirement cost? We're glad you asked.
Covenant Wealth Advisors is a fee-only financial planning firm and registered investment advisor.
Fee-only means clients pay us a fee for our advice and services and we never receive commissions or third party payments from product companies. This is different from most financial advisors who may sell products in an effort to earn a commission.
As a fee only financial planning and wealth management firm, we are paid the same regardless of the products we recommend. We believe this reduces conflicts of interest and better aligns our interests with yours. Moreover, as a fee-only financial advisor our goal is to provide you with the best advice, not to win sales contests.
So how much does a personal financial advisor cost?
Before we engage in a relationship, we'll identify the appropriate fee structure based upon your needs and the type of financial advice that you seek. Our goal is to deliver meaningful and valuable advice that far exceeds the fees we charge.
We typically charge one of three ways:
Wealth management: For wealth management clients, we typically charge an annual blended fee based upon a small percentage of the assets that we manage on your behalf. Contact us for a quote.
Financial planning: For a one-time financial plan, we charge a fixed fee that typically ranges between $3,500 to $10,000 depending upon your situation. This fee is waived for wealth management clients.
Hourly fee: Hourly fees are typically charged to clients who have already purchased a comprehensive plan, but they want a refresher or plan update a year or so down the road. We charge $300 per hour.
You'll never pay commissions and we never receive payments from third parties or product companies, thus reducing conflicts of interest.
Do you have a guarantee?
Yes. If you aren't satisfied with the advice you receive, we'll refund 100% of your financial planning or wealth management fees within the first six months of becoming a client. Keep in mind that we do not (nor can anyone) guarantee returns.
Do you have a free consultation?
The first two or three meetings always free with no obligation or cost. We view this time as an opportunity to learn more about each other, to find out if we can help you, and to discover if there is a mutually beneficial reason to work together.
What does fee-only mean?
Fee-only means that we don't receive commissions. Instead, clients pay us a fee for our advice and services. This is different from most financial advisors who may sell products in an effort to earn a commission. As a result, you may pay much higher costs and/or receive inferior products or services.
As a fee-only financial planner, we are paid the same regardless of the products we recommend. We believe this reduces conflicts of interest and better aligns our interests with yours. Moreover, as a fee-only financial advisor our goal is to provide you with the best advice, not to win sales contests.
What services do you provide?
We provide two primary services which include:
Financial Planning is the process of developing a road map (financial plan) for your future. You'll partner with a Certified Financial Planner who will help you clarify and prioritizing your goals. Then, we collect your financial facts and develop a plan specifically for your situation. Finally, you'll receive clear and concise recommendations addressing all of your financial questions. The experience will give you the clarity and insight you need to live a more financially confident life. Your plan may cover:
Retirement Income Planning: This involves creating a strategy to ensure a steady income stream in retirement, considering various sources like pensions, Social Security, and retirement savings accounts.
Tax Planning for Retirement: Strategies to minimize tax liabilities during retirement are crucial. This includes advice on Roth conversions, tax-efficient withdrawals from retirement accounts, and managing capital gains.
Investment Management: Tailoring an investment strategy to balance growth and risk, especially as one approaches retirement, becomes essential. This includes portfolio diversification, rebalancing, and aligning investments with retirement goals.
Estate Planning: Assistance in planning the transfer of assets to heirs, including wills, trusts, and beneficiary designations, ensuring one's legacy is passed on according to their wishes.
Health Care Planning: Advising on how to manage healthcare costs in retirement, including Medicare planning and evaluating long-term care insurance options.
Social Security Timing Strategies: Guidance on when to start taking Social Security benefits to maximize lifetime income, considering factors like health, life expectancy, and spousal benefits.
Long-Term Care Planning: Strategies to cover potential long-term care needs, including evaluating insurance options and planning for Medicaid eligibility, if necessary.
Budgeting and Cash Flow Management: Help in adjusting spending to a fixed income, including budgeting for essential and discretionary expenses in retirement.
Debt Management: Advice on managing or eliminating debt before retirement to improve financial security.
Charitable Giving: Determine the optimal giving strategies to give to your favorite charity, church, or non profit organization.
Philanthropic Planning: For those interested in leaving a legacy beyond their family, guidance on charitable giving strategies can be important.
Wealth Management is a comprehensive service that includes the develop and maintenance of a personal financial plan (see above), investment management, and continuous advice as your life and needs change.
We serve as your Personal CFO keeping you are track toward your life goals.
Who is your ideal client?
We do our best work with someone age 50 plus who has over $2 million in investment assets and you value hiring an expert because you know your retirement is too important to manage it alone.
What don't you do?
We DON'T represent any product companies
We DON'T receive commissions from product companies
We DON'T try to hard sell you a bunch of insurance policies
We DON'T ever compromise our fiduciary standards
We DON'T work on the weekends (that's reserved for our family:)
A More Secure Retirement Is Ready For You - Are You?