Comprehensive Financial Planning
Comprehensive planning is ideal if you are struggling to make financial decisions on a holistic level, and would like a complete integrated analysis of your entire financial picture.
There is a lot of complexity when you're trying to fit all the pieces of your financial puzzle together. Having Modern Cents walk you through that journey can help to set your mind at ease with respect to your most pressing concerns, educate you on all matters related to your financial picture, and give you the confidence to make decisions regarding your finances as you move forward.
Give us one year.
Change doesn't happen overnight, and you need time to effect proper new financial habits.
We will work on the six different areas of financial planning over the course of the year. This ensures that we can build in proper financial education so that you feel confident and comfortable with respect to the recommendations that we will make to you.
Our Comprehensive Planning Engagement Process:
Phase 1 - Discovery - We review your goals and objectives, personal money biases and identify the scope of work to be accomplished across all financial planning disciplines over the course of the year.
We provide a snapshot of what current state looks like, as well as identify initial red flags in your overall financial health picture.
Phase 2 - When All Goes Well - We review your cash flow, savings, and debt to understand and create recommendations for your day-to-day financial management. We then create appropriate savings plans with tax efficiency in mind, leading to improved retirement and investment planning solutions, addressing what matters most to you. We go beyond the basics, offering updated retirement scenario planning that works with your individual needs, to ensure you get the answers you need to make important life choices.
Phase 3 - Contingency Planning - Life is full of surprises, which is why we emphasize the importance of contingency planning. Our comprehensive risk management includes emergency funding and meticulous insurance analysis to safeguard your finances through any unforeseen event - be it job loss, death, disability, or illness. Additionally, estate planning ensures no stone is left unturned, protecting you and your loved ones from the unexpected.
Phase 4 - Ongoing Implementation - During the final phase of our engagement, we revisit outstanding tasks, remodel any scenarios required and ensure all of your questions have been fully addressed. Most of our comprehensive clients choose to stay on as ongoing clients after our year ends together.
Throughout our engagement, we support our clients using a sophisticated client communication and task management board through monday.com. After each meeting, we will assign homework to you - with recommendations from our planning work - to work on between meetings. You can book meetings here, chat with us on any task, send us tasks and messages, and ensure that you are on track with implementing the financial strategies that we have created.
Detailed meeting notes (using read.ai) and all planning deliverables are included after each call.
COST BREAKDOWN
Cost: $3,000 + HST onboarding PLUS
Domestic Clients: $250/month + HST
Cross Border or Corporate Clients: $330/month + HST
Beginning 30 days after the beginning of our engagement
*A 1 year commitment required for all new comprehensive clients*
Why does financial planning cost what it costs?
Based on research provided by the illustrious Michael Kitces, the financial planning process takes
approximately 35 hours of a planner's time per year for each client (see graphic below).
At our hourly rate of $330, this would cost $11,550 per year per client.
As we strive to provide a cost effective service for our comprehensive clients, we believe that our pricing is fair
(if not inexpensive!) as a proportion of our time spent on your planning.
As we do provide a high touch service, where we also meet with our clients on average every 6 weeks,
we believe that the study below does not fully represent the one-on-one time that we spend with our clients.
Small Businesses & Professionals
Integrating your corporate and personal wealth isn't easy. Ensuring that you have a plan for decumulation including your corporate assets is essential for any small business owner.
+$1,500 to base cost
Modern Technology
The use of technology is an integral part of our planning process. We use various pieces of software to help illustrate concepts, further your financial literacy and provide our recommendations. Here are some of the tools that we use throughout our engagements.
Sidedrawer
Data security is of utmost importance to us. When we collect your personal information and documentation, we use Sidedrawer as a collaborative digital vault designed for efficientcy & privacy. You also get to use this vault for personal document storage and sharing with your external professionals, family and other required individuals.
Planworth
How you define your goals and how likely you are to achieve them can be modelled and forecasted using our client friendly software.
Using Sandbox mode, you can play with the financial modelling we have done on your behalf, to test out 'what if' scenarios!
It also integrates with your Sidedrawer to provide access to all of your documents.
Wealthscope
A detailed look at your holistic investment asset allocation. This allows us to see all of your accounts and holdings in one place, and gives you a Scorecard to assess your risks across 6 different dimensions in more detail.
Monarch Money
Do you feel like you make a good living, but you're not sure where all of your money goes? Discover easy-to-follow strategies to free up cash flow by creating a Monarch Money account through Modern Cents.
As part of our comprehensive engagement, we will create and implement cash flow strategies to improve your day to day money management. We also sponsor this account for you at no cost as long as you remain a client.