Choosing a financial planner is a big deal. We want to help you make the best decision possible for you. As such, we provide our answers to these frequently asked questions. Our planners also individually answer questions you should ask a financial planner.
Are you taking new clients?
Yes, we are happy to work with new clients.
Do I need to have a certain amount of money to work with you?
No. We have no minimums for assets, net worth, or income.
Do you offer a free initial consultation?
Yes. We’re happy to provide a complimentary initial consultation with one of our planners.
How soon can I get in to meet with you?
We are generally able to schedule a complimentary initial consultation within 3 – 6 weeks with one of our planners. Some of them may be scheduling further out.
What is the process?
After the initial consultation, most new clients have two meetings after submitting their financial documents – a working session and a recommendations meeting. In the working session, we’ve done preliminary projections and we’re confirming information and adjusting the plan based on your preferences. In the recommendations meeting, we’re providing you with our written analysis and recommendations, along with supporting reports and a detailed action list. Clarifying questions on your plan are included for up to a year (subject to limits).
After the initial plan, some clients choose to continue with ongoing financial planning and investment management where we implement the portfolio for you and have regular interaction on your financial action items and progress. Other clients choose to implement on their own and come back as needed (usually annually) for financial plan updates and rebalancing instructions.
The full process is described at https://keenerfinancial.com/about/financial-planning-process/.
Once I engage you for financial planning, how soon can I expect my plan to be done?
This varies based on your schedule and the financial planner’s schedule. After your initial consultation, we will provide you with a Data Request form and ask you to set your own materials due date. From that date, we’ll look for the first availability with your planner’s schedule. The planning process can be completed as quickly as 4-6 weeks from when the materials can be turned in, although it sometimes needs to be further out.
What are your hourly rates?
Rates are currently $300 for engagements led by a firm financial planner and $380 for those led by the firm principal.
How much does it cost?
Financial planning costs vary based on how much time we expect to spend. The minimum fee for a new client is a live planning session at $750 with a firm financial planner. Full financial plans vary but a typical range is $3,000 – $9,500 depending on complexity. We publish a full schedule of fees on our website. In the initial consultation, we are typically able to provide a flat fee quote for the work to be done.
Do you charge on a percentage of assets under management?
No, we don’t think assets under management (AUM) is the fairest way to charge. Two people who both have a million dollars might have radically different needs. For our financial planning services, we charge based on the amount of time we expect to spend. For our ongoing retainer services which include financial planning and investment management, we set a flat quarterly fee based on the work we expect to do, number of accounts, amount of assets, and complexity. We publish a full schedule of fees on our website.
Can you just tell me how to invest?
Yes, and we’ll need to learn more about you and your goals first. Investing is not one-size-fits-all. We’re happy to give you advice on your investments after we understand the money’s purpose, your risk tolerance, and how soon you might be using it. Usually answering these questions requires doing some amount of financial planning to ensure the investments will support your goals for when the money is needed and will be a plan you can stick with.
Do I have to turn over my assets to you to manage?
No! We provide as-needed financial planning services for many clients who prefer to implement their investments on their own at a custodian of their choice. We customize our recommendations for Vanguard, Fidelity, or Schwab. If you do want us to manage your assets, we provide that service after the initial financial plan is complete through our ongoing retainer services.
How do you ensure my financial information is secure?
We take information security extremely seriously. Our privacy policy is available here. We review and update our data security policy frequently with the support of industry leading financial cybersecurity firm Visory. Our team engages in ongoing training on the latest trends in cyber fraud. We use only cloud-based digital storage, not local. And we encourage you to only send us sensitive documents through our secure Netdocuments collabspace – we’ll send you a dedicated link on request.
Still have questions? Give us a call at 817-993-0401 or reach out through the Contact Us page.