Our Process
What to Expect
We take a people-centered approach. Our process begins with a free Zoom call so we can get to know one another and learn about your needs. There is no cost and no pressure to move forward. If we are not a good fit for each other, we will let you know upfront and try to recommend an alternative.
Pre-Commitment
Free Consultation
Our journey together begins with a conversation to explore if our services are a match for your unique financial needs. Simply click Start the Conversation to begin, and we’ll provide you with a direct link to schedule a call at your convenience.
Exploratory Meetings
We offer additional free exploratory meetings for clients that are a great fit but still need more time to get to know us before committing to our services.
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We provide ongoing financial planning, tax planning and investment management for people in or near retirement for one, flat, transparent fee.
Additionally, for those that are interested in the above but just aren’t entirely sure we are right for each other yet, we offer a one-time “try-before-you-buy” Financial Review to give us more time to decide if we want to work together long-term. This option is not available for those looking for a second set of eyes; only for those who are serious about delegating and trusting to hire a professional, but just need a little more time.
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Sorry, but we do not provide hourly services. Additionally, we do not provide "advice only" services; i.e. ongoing financial and/or tax planning without also directly managing your investments. We only provide ongoing planning and investment management, where the mutual expectation is the relationship will last at least multiple years, if not throughout all of your retirement
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The starting point of our service is the creation of your financial plan, which is the roadmap for future decision making. However, as life happens, financial markets do what they do and tax legislation changes, your financial plan will inevitably evolve. And as it does, your life, circumstances, and even dreams will change. We're there to be your trusted partner to help you make the necessary decisions and plan changes along the way.
The initial financial plan is not a formal document filled with pages of graphs and lists of to-do items. Instead, it's more an interactive presentation and discussion of areas of opportunity, potential tax savings, investing considerations and overall financial recommendations; both now and in the future.
Financial and tax planning is a process, not a product. It's a close ongoing relationship between us involving regular Zoom meetings, calls, e-mails, etc. The ultimate goal is for us to help you make the best possible decisions around your finances to allow you to live your best possible life and retirement.
Commitment
What To Expect
The Step-by-Step, No-Pressure Process of Creating a Retirement Plan
You can expect the initial planning phase to take 12-16 weeks on average – we believe it’s much better for things to be done right than done fast!
We don't want to overwhelm you with seemingly exhaustive list of action items. Rather, we aim to focus on the most important issues first. We will assess your most urgent needs together, formulate a plan to address it, and, in time, move on to subsequent areas. Eventually, each aspect of your financial life will be carefully constructed and as idealized as possible for you.
Meeting 1:
Define Retirement Vision & Goals
During our first official meeting, we will explore what matters most to you and define your retirement goals and vision.
We will also address and articulate pain points you might be experiencing that prevent you from achieving your retirement goals.
At this point, you will be asked to upload your financial statements – investment statements, pay stubs, tax returns, insurance policies, employee benefits, mortgage statement – to a secure web portal for our review.
Meeting 2: Review Finances
We will focus on taking inventory of your current financial life, which will include reviewing your assets, liabilities, income, expenses, fill in any gaps, review any other relevant personal accounts, and gain a full understanding of your current financial situation.
Meeting 3: Deliver Financial Review and Your Retirement Field Guide
Once we’ve reviewed your personal finances, we’ll deliver your initial Retirement Field Guide, including actionable steps to accomplish your retirement goals.
We’ll make sure to leave plenty of time for Q&A so you have total clarity around your Retirement Review & Field Guide!
Meeting 4: Follow-up and Implement
Ongoing Relationship: Implementation & Execution
We will begin taking action on the highest priorities outlined in your Financial Review and Retirement Field Guide.
Where the real work gets done. You’re hiring us to help you with the implementation and execution of your plan along with sound, thoughtful, personal, and ongoing guidance. This includes professional account management (account opening, paperwork, transfer, etc.), professional investment management, tax planning, goal setting, and on and on. Twice a year, we’ll meet to review progress following your retirement roadmap, make adjustments (if necessary), and ensure we’re on track to reach your retirement goals. We’ll focus our meetings to review progress toward goals, develop current-year tax strategies, advise on employee benefits, and refine the overall plan as life changes.
We will regularly touch base with you via email and phone throughout the year to keep you informed.
Additionally, you'll have continuous access to your own personal finance portal through RightCapital, our primary financial planning software. Your RightCapital portal allows you to aggregate info from all of your various banking, investment and lending accounts into one single view. You'll be able to see and track your net worth, investment holdings, cash flow projections and various other financial reports. All this and it is confidential and secure.
Note: While the goal is to have the two official meetings each year, you're not limited to only working with us every six months...we're here for you as life happens! When questions or decision points arise, you’ll have prompt access to a trusted advisor who will act as your outsourced CFO. We can also collaborate with the rest of your team – CPA’s, estate attorneys, etc. to ensure your overall strategy is in alignment.
Need immediate help or advice? Clients are encouraged to email or schedule a call via Calendly at anytime to discuss pressing questions or concerns.
After a discussion of your initial plan, we’ll work closely with you throughout our relationship. Typical (but not limited to) areas in which we provide ongoing advice:
Transferring and/or consolidating investment accounts
Cash Flow Discussions and Analysis (if necessary)
Risk Profile Assessment
Reallocating investment portfolios
Setting up and implementing a portfolio distribution plan
Doing annual income and tax projections that include analysis and implementation of strategies such as:
Roth conversions
Minimizing Medicare Income Related Monthly Adjustment Amounts ("IRMAA")
Tax loss or gain harvesting
Charitable giving and gifting
Employer Benefit Analysis
Executive and Special Comp Analysis
Insurance Needs Analysis - Assessing life and long-term care insurance needs
Establishing when to claim Social Security
Selecting pension payment types
Determining if annuities can be beneficial for your plan
Helping with the financial and tax aspects of buying and selling real estate
Analyzing whether to pay off or refinance an existing mortgage
Analyzing whether a reverse mortgage may be of benefit to you
Assisting in updating or putting in place estate documents and beneficiary forms
“What If” scenario planning… life happens!
We also provide ongoing discretionary management of your investable assets, through accounts held in custody at Charles Schwab or Altruist. We use a straightforward, passive and fee-conscious investing approach that ensures your portfolio will remain diversified, low cost and properly allocated for your risk tolerance and financial profile. We typically invest using a combination of exchange traded funds ("ETFs") that track major stock and bond indices. We also often use individual U.S. Treasury securities
We also focus on long-term tax minimization throughout our financial planning and investment management processes.
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Knowing you have a strategic plan in place that is managed by your financial team frees up your time to pursue interests outside of everyday business and financial management. That trip you didn’t think you had time to take? Book it.
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We want to be who you call first. Your goals and objectives are our priority, and we welcome the opportunity to talk things out when you think they may impact your financial plan. Concerned about helping your aging parents manage their money, or considering a big-ticket purchase? Give us a call.
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The average person has 8-10 different financial people in their life providing advice. It’s hard enough to find one person you trust much less 8-10! Sonas understands not only investments, but taxes, estate planning, insurance coverages, group benefits, and financial planning.
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In a word, yes. Our goal is to help you become financially smarter with each passing year. We believe the more you know, the more you grow. Financial literacy is a wonderful legacy to leave behind.
“ If I have ever made any valuable discoveries, it has been owing more to patient attention, than to any other talent.”
– Isaac Newton