THE PLANNING CLUB™
The Planning Club™ Fee Structure:
Note: Additional fee specifics are provided in the actual Financial Planning Agreement as well as in our ADV Part 2A
- $500 upfront, one-time plan setup fee
- On-going membership fees:
- Basic Plan: $25/month
- Platinum Plan: $150/month
- When more financial planning time is needed by a Member of The Planning Club™, they can purchase additional time in one-hour increments.
The Fine Print:
- When more financial planning time is needed by a Member of The Planning Club™, they can purchase additional time in one-hour increments at $250 per hour, which is a 50% discount off our standard rate of $500 per hour; paid in advance and used in minimum 15 minute increments (to ease our recording requirements and keep our rate so affordable)
- Your financial plan will focus on the basics. That is how we are able to offer you access to such experienced advisors at such an attractive membership price. The good news is that since you’ll have a direct relationship with us and we with your plan, you’ll be able to efficiently get additional support and advice on additional financial planning topics as they arise.
- Additional topics that fall outside of the basic financial plan include advanced tax planning strategies, philanthropy, structuring gifts to children, asset protection, divorce, prenuptial planning, wills, selling your business, estate planning, power of attorneys (financial and health care), and health care directives. Other topics that clients often pay to get our help working through include: when to rollover your 401(k) plan to an IRA, whether to contribute to a traditional or Roth IRA, options for 401(k) plans for folks that are self-employed, whether to withdraw from your traditional IRA or your Roth and when to start drawing on social security and whether to draw on yours or on your spouse’s. Last but not least, other great planning conversations we can have include: key questions to ask your parents to understand what kind of planning they have (or have not) done and key questions to ask your financial advisor to understand whether you’re taking too much (or too little) risk in your investment portfolio.
- Reminder: we want to make sure you “get” that there is a tangible difference between giving you advice on how to allocate assets in your 401(k) plan in a way that is consistent with your plan and “actively managing your account.” Active investment management goes beyond a point-in-time assessment, and includes tasks like asset location, tax loss harvesting, rebalancing and market driven re-assessment, manager due diligence, plan re-alignment and risk management.
- While we normally do not accept investment management clients whose total account values sum to less than USD $1MM, for Members of The Planning Club™, as an additional benefit of membership, we waive the minimum requirements. The fee we charge for managing investment accounts is 1% per year on the first $5mm, 0.85% for assets in excess of $5mm up to $10mm, and negotiable above that.
- Note: since we are not lawyers, we do not draft the legal documents that are used in the financial planning process. We do, however, routinely help clients by setting the agenda for meetings with attorneys and participating in the meetings to ensure that the resulting legal documents support your financial plan in an integrated way. We usually work with clients’ existing attorneys, and if clients need help establishing a relationship with an estate planning attorney or tax attorney, we can help make introductions to attorneys that we work with. The introductions we make are arms-length and we do not receive any financial benefit from these introductions.
- Likewise, we are not accountants and do not provide tax preparation services nor accounting services nor book-keeping services. However, most of our clients need these services and again, we coordinate with their existing service providers and are happy to make introductions to the extent our clients are looking to add to their team or make a change. The introductions we make are arms-length and we do not receive any financial benefit from these introductions.