Are You Intentional With Your Finances?
Intentionality within personal finance can mean different things to different people. For some, it's simply being more conscious about where their money is going. For others, it's being more strategic and calculated in their overall financial wellness. We are here to help you regardless of your intentions.
At Lucid Wealth Planning, you'll have access to our online client portal from your PC or mobile device at any time, see your progress and tasks on a daily basis, and receive real-time recommendations to help you be more intentional with every financial decision.
Be Intentional with Every Aspect of Your Financial Well-being
Measures psychological risk tolerance, giving us a comprehensive picture of your reactions, behaviors, and personality in investment-related decisions and market volatility
- Investor Confidence - Evaluates your level of self-confidence and self-efficacy we have in investment-related decision making.
- Volatility Composure - Anticipates how you will manage volatile financial situations, such as unstable equity markets.
- Risk Personality - Looks at both your past behaviors as well as your experiences with risk-taking.
- Risk Preference - A general indication of how risky you prefer your investment portfolio to be along with the risk-level of financial decisions you've made in the past.
- Judgement - A measure that helps determine whether your focus is more on short-term actions related to the market and investing, or if you are more focused on the long-term benefits and make decisions accordingly.
- Action - how you typically react is the first step in ensuring your future investment decisions are in your best financial interest.
Net Worth Analysis
Evaluates your current net worth, taking into consideration all assets and all liabilities. The net worth analysis is a true representation of your financial wellness.
- Cash Equivalents
- Invested Assets
- Taxable Accounts
- Traditional / Roth IRAs
- Employer Plans such as 403b, 457, and 401k accounts
- Employee Stock Purchase Plans
- Stock Options
- Inherited IRA
- 529 Plans
- "Other" Assets
- Primary Home
- Secondary Homes
- Home mortgage
- Student Loans
- Credit Cards
- Personal Loans
It's not what you make, it's what you keep. We will work on ways to minimize current and future income taxes as a part of your overall financial planning picture.
- Selling investments
- Contributing to employer sponsored plans
- Contributing to other retirement plans
- Gifting money and other philanthropic interests
- Maximizing deductibility
- Tax efficient college savings
- Inherited IRA withdrawals
- Student loan forgiveness planning
- Disability insurance structuring
- Roth conversions
- Retirement income strategies
- Social security elections
Employee Benefits Optimization
We'll analysis and review your options, helping you to maximize the benefits available.
- Retirement benefit optimization
- Health insurance elections
- HSA Eligibility
- Vision/dental review
- Tuition reimbursement
- Wellness programs
Review of existing policies to ensure proper coverage for life, health, disability, long-term care, liability, home, and automobile insurance.
- Life insurance review
- Health insurance review
- Disability insurance review
- Long-term care needs analysis
- Liability insurance review
- Home insurance review
- Auto insurance review
Cash Flow and Debt Management
Review of income, expenses, and current debt holdings to prioritize how surplus should be used.
- Account aggregation
- Budgeting tools
- Debt repayment strategies
- Goal prioritization
Includes projecting the amount that will be needed to achieve college or other post-secondary education funding goals, along with advice on ways for you to save the desired amount.
- 529 recommendations
- Custodial account review
- Cost projections
- Savings strategies
- Goal prioritization
Retirement planning for those accumulating assets, preparing for the retirement transition, and currently in retirement.
- Goal prioritization
- Tax planning
- Financial stress testing
- Social Security optimization
- Income planning
- Pension review
- Required Minimum Distribution planning
Student Loan Analysis
Strategic planning for debt repayment, IDR and PSLF review, maximizing forgiveness, and/or evaluating consolidation and other refinancing options.
- Full review of eligibility for Income-Driven Plans such as PAYE, REPAYE, IBR, and standard repayments
- PSLF qualification review
- Strategies to maximize student loan forgiveness
- Planning for future tax implications
- Review of consolidation or refinancing opportunities
Estate Plan Review
Analysis of your current estate plan, which may include whether you have a will, powers of attorney, trusts, and other related documents.
- Asset transition strategies
- Review of current estate plan structure and potential gaps
- Keep track of your progress on creating important estate planning documents, such as:
- Power of Attorney
- Beneficiary designations
- Living Will
- Living Trust
- Health Care Proxy
Optimization of tax efficient gifting strategies to support your philanthropic interests while solidifying your financial wellness.
- Qualified Charitable Distributions (QCDs)
- Using appreciated investments rather than cash
- Maximizing deductibility
- Donor Advised Funds
Examples include purchasing a new home or other large purchase, financial considerations of getting married, and strategies for paying down debt.
- You name it, we'll discuss it!
The 5 Steps of Our Engagement Process
We’ll take 30 minutes to get to know one another and to decide if we'll be a good fit for your needs. The success you have with a planner is heavily weighted on connectivity, and this is a good opportunity to see whether you find value in the way I articulate, converse, and present information. If we are a good fit for one another, we'll move onto Step 2.
Discovery Meeting: Financials & Financial Goals
Our first meeting will focus on your financials, investments, debt, career trajectory, anticipated retirement, and overall financial goals and priorities. We will spend around an hour to an hour and a half, or as much time as needed, to understand your current and ideal financial situation.
Financial Plan Review
This is the meeting where it all starts to come together. We’ll review the analysis of your financial situation, discuss the recommendations, and create an action plan that is personalized to your circumstances. We’ll also focus on creating an effective investment strategy designed to support your life goals, risk & reward objectives, and personal values.
Discovery Meeting Two: Values & Prioritization Meeting
This meeting is focused on your values around money, family, and investing as it relates to the financial recommendations. This is about understating what’s most important to you and your family, and prioritizing a strategy to accomplish your goals through implementation of the recommendations.
Ongoing Implementation & Review
Depending on the type of service offering you’ve selected, we’ll adjust our ongoing meetings, reviews and documentation delivery to meet your specific needs.
Fee Schedule: Financial Planning
Our financial planning service is personalized to your unique circumstances, goals, and objectives. Financial planning does not include investment management, however this service can be added at a discounted fee schedule. There are no minimum balance or net worth requirements.
~ Fee range* ~
Initial Plan: $495-$1495
Annual Fee: $1800-$3240/yr
* The fee range is based on complexity, considering factors such as income, proximity to retirement, number of household members, number of long-term debt obligations, real estate holdings, estate plan considerations, employer retirement plan balances, insurance policies, and other incentive compensation.
Fee Schedule: Wealth Management
Our Wealth Management service combines comprehensive financial planning with investment management under one simple billing structure. The minimum investment balance requirement is $500,000.
~ Fee ~
First $500,000 = 0.95%
Everything Over $500,000 = 0.30%
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