Financial Planning & You
We believe even the healthiest of people should attend their annual physical, just as the highly educated should continue to learn and maintain a growth mindset. Financial wellness is no different.
While we believe most people could benefit from financial planning, there are certain circumstances where the cost may not be justified by the value. A few examples include:
- There is very little complexity in your financial life, both in the assets you own as well as the day-to-day decisions you need to make with money.
- Your cash flow and savings are relatively low.
- You feel confident in your ability to control your own financial future, and do not expect upcoming future changes such as marriage, having children, receiving an inheritance, an increase in your income, or nearing retirement.
Who does have a need for financial planning? Someone with financial complexity coupled with any of the following attributes:
- You don’t have time to read, research and continually stay up to date on financial planning topics, tax policies and values-based investment strategies.
- You don’t have a strong understanding of your personal and cognitive biases (spotlight effect, confirmation bias, ability to identify anchors and the framing effect, etc.)
- You struggle with self-discipline.
- You and your spouse / partner have different views on how to manage money.
- You’re challenged with making financial decisions today while having a clear understanding of its impact on tomorrow.
- It’s difficult to evaluate the opportunity cost of one decision over another.
- You prefer to delegate this complexity to a financial professional / certified financial planner
This is a great question, thanks for asking. We differentiate ourselves based on the sum of our parts:
- No Account or Net Worth Minimums: We do not have account minimums, and the net worth of our clients range from negative $300,000 to a surplus of $3MM or more.
- Focused On You: We specialize in working with professions that contribute to the betterment of the world, emphasizing health care, academic, and social wellness professionals as our primary focus.
- No Hidden Fees: We believe financial planning is best delivered without products to sell. Our approach is not self-serving, nor will you find any hidden agendas or fees.
- Tailored Planning: We understand the true nature of financial success and that it’s not the same for everyone. Once we determine your vision of financial success, we apply both academic and professional experience to our process.
- Sustainable Investing: Sustainable investing is NOT mandatory at LWP, however many of our clients are interested in aligning their investments with their personal values. For these clients, our investment process includes a values-based approach, highlighting strategies in sustainability by focusing on environmental, social, and governance related areas that are important to you.
- Bettering The World Through You: We believe that the world, through your eyes and the eyes of your family members, is world that matters most. Our focus is to make your world a better place and our planning is customized to support this.
First, we’d like to congratulate you. Acknowledging the value a financial advisor can bring is an important step towards getting your financial life in order.
Many clients find one of two results after consulting with us. Either 1) everything is in good order and there are no better ways to accomplish your goals, or 2) there are opportunities to improve in several areas of your financial life, and you now have a strategic roadmap to take your wealth to the next level.
Given our lack of self-serving products and conflicts of interest, it’s likely you will fall in the latter category over the former. Either way, you will be in a better place than before we worked with one another.
Absolutely not! Our focus at LWP is to enhance the lives of those that enhance the lives of others. Though our focus is in the academic and healthcare fields, it's by no way limited to these professions. Please contact us to learn more about what we do, how we do it and most importantly why we do what we do.
Our vision is to impact the lives of as many clients as we can, limited only by the borders of the United States. Our financial planning and investment services are offered virtually anywhere you can access a computer and webcam. Our technology was carefully selected to support this model, and though we may not be able to shake hands, we assure you that our relationship will portray that of extended family in no time.
Unlike other firms, we do not have an asset minimum. In fact, many of our clients have a negative net worth before we begin working together.
We require an investment of time to ensure we understand who you are, your financial background and motives, your financial behaviors, and what you envision your life to look like in the future. As with any good investment, you should expect a nice return as well. Click HERE to learn more about the return you should expect from working with a financial planner.
We are a fee-only firm. There are no kickbacks, referral fees, commissions, hidden fees, or any other creative fees companies are implementing these days.
I hold a bachelor’s degree in Finance, and hold the CERTIFIED FINANCIAL PLANNER™ (CFP®) and a Chartered Retirement Planning Counselor (CRPC®) designations. My growth mindset is supported by avid reading (nonfiction) with a focus on behavioral finance, emotional intelligence, and financial planning topics.
You should be commended for understanding the importance of compatibility and connectivity. I pride myself on effectively working with all facets of the personality spectrum, but that doesn’t mean you’ll think I'm a good fit for you. The best way for you to make this decision is by setting up an introductory call. If (in the unlikely case) we are not a good fit for one another, I'll happily refer you to two or three firms that share a similar service/planning mindset.
None. Not even one. You won’t find ancillary financial planning at LWP and we don’t provide our planning services for the sole (often misleading) purpose of positioning our products.
Yes, and we wouldn’t have it any other way.
We believe a strong investment strategy has 7 components:
- Keep investment fees low without affecting the integrity of the strategy
- Keep investments aligned closely with personal and social objectives (as applicable)
- Do not purchase or hold investments based on their past performance
- Use passive investments in efficient markets
- Use active investments in markets that lack transparency or governance
- Rebalance strategically with a key focus on your personal goals
- Minimize tax implications to the fullest extent possible
- Remain broadly diversified relative to personal goals and objectives
Every client and situation is different. Some clients provide us with discretion to make changes to their investments, others prefer to discuss the changes beforehand. The most important aspect of this is that you’re comfortable with the approach.
Absolutely. Take a look at our service offerings under Investment Management Services.
I appreciate your interest in partnering with LWP. The first step is to ensure you feel a connection and feel that my communication style is effective. This is extremely important and can pre-determine your future success. While the frequently asked questions is helpful, it may not address your specific needs and concerns. Please set up an introductory meeting (in-person or virtual) via Jeffrey@lucidwealthplanning.com. I look forward to speaking with you soon.
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