Our main stand-alone services are lifestyle financial planning, wealth management, 401k consulting, insurance products for family protection and small business retirement plans. Each of these services can be used independently of the others or used in combination with one another. However, we also offer some services that are add on services to the lifestyle financial planning service. These include a tax review with customized tax strategies, estate plan summaries and estate planning, college planning and additional review meetings. Our current lifestyle financial planning is priced lower without these additional services because they are so subjective to client relationship needs.
Tax strategies have always been part of our financial planning at a high level but we have added an actual review of your taxes to look for 16 different specific tax strategies that can be customized to your specific lifestyle financial plan. This is actually one of my favorite services to provide and seems to get the most interest from our client relationships.
Estate plan summaries are offered with more complex estates or if someone wants an estate plan summaries are priced for the time it takes to prepare that summary. Estate planning has also been very subjective as to when they want to start planning or if they even want to do it.
College planning is very different at TFT. The use of investments to reach your financial goals for college is included in your lifestyle financial plan. However, we offer additional college planning that goes deeper and includes two additional meetings a year. Some families start the freshman year in high school and purchase four years of college planning, and others wait until their senior year. Starting sooner has bigger benefits. We will work with the student to help decide what college they want to attend, and the criteria of choosing that college verses the cost and debt associated with going to college. Our true value is that we are not the parents and most teenagers do view us as advisors verses parental advice.
Additional meetings is another area that is subjective. Our current model of client reviews is two meetings a year. We meet in the spring and fall. We have this model because most Minnesotans don’t want to meet during the summer and it is also tough to meet around the holidays in the winter. We do have a few clients that want to have an extra meeting or have quarterly meetings and this is where additional meetings apply. A client can schedule a 15 minute conference call at any time without any additional charges. Additional meeting pricing is added when there is a review or specific topic that requires research and additional time beyond a conference call.