KLN Financial Group offers the tools and expertise you need to increase your comfort with financial planning and build your financial future. And as a fee-only financial planner, you can rest assured that your individual financial plan is based solely on your personal needs, circumstances and goals.
Our Financial Planning Philosophy
At KLN Financial group, we believe that financial planning is an interactive and ongoing process to help you achieve not only your financial, but also your non-financial, goals. We help you build a plan that is shaped around your personal financial lifecycle needs, such as child’s education, buying your dream home, supporting your aging parents, or preparing for your retirement.
Think of this process as you would think of your annual physical with your physician, dentist, or other health professional. Your health professional will collect relevant data from you, perform some tests, and use the results to determine the state of your health and make necessary recommendations. Obviously, the ideal is to find that you are fine but that you need to review this again next year and into the future. If your circumstances change, then you would talk to your physician immediately to determine an appropriate course of action.
The same is essentially true with the financial planning process. Recommendations cannot, and should not, be made until it is determined if there is anything that needs to be corrected. This includes investment decisions, insurance needs, and any other financial decisions.
Your first meeting will be to discuss your goals and plans and to collect the relevant data needed in order to make the plan projections. The goals should be discussed with your spouse/partner before the meeting so that you agree on them. Both parties must accept the goals in order for the plan to be effective, but each party may have a different priority assigned to those goals. The goals will be assigned a value and a time frame, both of which can be adjusted based on the ultimate results. Don’t “filter” your goals; meaning don’t include a goal because you already assume it’s unachievable. Making that determination is what the process is all about.
For the data, I will provide you with a simple questionnaire to complete and a risk tolerance questionnaire. In addition, I will provide a list of other documents that you need to provide.
This information is then input into a very good financial planning program that will “run the numbers” and provide the outcomes needed to make the appropriate recommendations to help you achieve your goals. This software is “web-based” so, upon completion of the engagement, you can be given access to your plan for future data updates and review of your progress.
After the plan is completed, we will meet to review the results and the recommendations. At that time, depending on your needs, I will refer you to allied professionals to assist you those tasks that warrant their assistance, including asset management, insurance, and estate planning. For tax issues, I can either assist you through SKMorton Financial Group, Inc. or work with your current tax professional.
Then, just like your health professional, it would be worthwhile to meet on an annual or bi-annual basis to make sure your plan is still on track.
As far as the cost is concerned, we will discuss that prior to starting the engagement. I think, however, that you will find the fees reasonable and well worth the investment. Remember, no matter what the results turn out to be, having the knowledge to make informed decisions in the future is usually worth the expense. Although there is no guarantee, chances are that the fee you pay will keep you from making money mistakes in the future that are far greater than the cost of the engagement.
Are you ready for a completely unbiased plan for your financial future?