As clients work with us to put together a complete plan, they make decisions about products they want to purchase and where to invest their money. I am paid by commissions or fees generated from products purchased by my clients or for those clients with frequent trading habits via an annual fee from Park Avenue Securities. I do not charge additional fees for the time needed to create, implement, service, and update a client's plan. If a client's plan makes sense to them and they take steps to implement strategies towards their goals, I get paid. Clients are not charged additionally for our meetings, so you should feel free to visit or call whenever your life changes.
It's not as much about how much money you have as it is about your desire to understand your financial situation and to devise a strategy. Creating a sound financial plan is about making wise choices, investing in the right areas, and focusing on your current and future goals. It's not about how much money you have, it's what you do with it.
Should doesn't have a role in creating a plan. Where you are is where we start. Then, we plan where you want to go, mapping out the roads and alternative routes in between. Just think of it like you were planning a road trip!
While the timeline is going to depend on your situation, you should meet with your financial advisor anytime you have a change in circumstance, such as a new job, buying a house, or retirement. We generally encourage a meeting annually or biannually as a minimum.
For most people, we help them review all of their financial products and choices in order to help them get a look at the big picture. However, some clients have one particular area that is most important to them, so we only focus on that.