Personal Financial Planning
PERSONAL FINANCIAL PLANNING SERVICES
SAVING CLIENTS TIME AND ENERGY:
Legend Financial Advisors, Inc.’s® (Legend) Personal Financial Planning Services are Designed to Enhance their Clients’ Overall Financial Situation by providing Personalized Value-Added Services to Clients. Legend’s Goal is to Assist Clients in Making Informed, Intelligent Financial Decisions to Save each Client the Time and the Energy that it takes to Manage their Increasingly Complex Financial Situation, so that they are Free to Focus More Closely on Matters that Mean the Most to Them.
Legend is a Fee-OnlyxThe National Association of Personal Financial Advisors (NAPFA) Defines a Fee-Only Financial Advisor as One Who is Compensated Solely by the Client with Neither the Advisor nor any Related Party Receiving Compensation that is Contingent on the Purchase or Sale of a Financial Product. Neither Advisors or their Firms May Receive Commissions, Rebates, Awards, Finder’s Fees, Bonuses or Other Forms of Compensation from Others as a Result of a Client’s Implementation of the Individual’s Planning Recommendations. "Fee-Offset" Arrangements, 12b-1 Fees, Insurance Rebates or Renewals and Wrap Fee Arrangements that are Transaction Based are Examples of Compensation Arrangements that Do Not Meet the NAPFA Definition of Fee-Only Practice.
Source: NAPFA.org1, FiduciaryxThe Department of Labor’s Definition of a Fiduciary Demands that Advisors Act in the Best Interests of their Client, and to Put their Clients’ Interests Above their Own. It Leaves No Room for Advisors to Conceal any Potential Conflict of Interest, and States that all Fees and Commissions Must be Clearly Disclosed in Dollar Form to Clients.
Source: Investopedia U.S. Securities and Exchange Commission (SEC) Registered Investment Advisory Firm.
PERSONAL FINANCIAL PLANNING SERVICES:
Legend offers a Detailed Step-By-Step Personal Financial Planning process. After a Client Completes a Data Questionnaire, and Delivers all relevant Financial Documents and has an In-Depth, Candid Conversation with Legend’s Advisory Team Members, an Analysis of a Client’s Current and Long-Term Financial Objectives is Conducted. Legend will then Develop Personal Financial Recommendations for Areas of Concern to the Client which may include the Following (Some of the More Common Issues are Listed Below.):
- An Analysis of Overall Financial Well Being is Conducted.
- Counseling for Pre- and Post-Retirement Planning as well as Accumulation and Income Tax-Efficient Distribution Strategies from Retirement Accounts is Provided.
- Federal and State Income Tax Reduction Strategies are Emphasized, Where Possible. (Please Note that Legend Does Not Prepare Income Tax Returns.)
- Education Projections and Funding as well as Income Tax-Favored Savings Options are Discussed.
- Estate Document Reviews including Wills, Trusts, Powers of Attorney, etc. are Performed. Estate and Inheritance Tax Reduction Strategies, Beneficiary Coordination, Asset Retitling and Philanthropic Decision-Making can be Evaluated and Discussed. (Please Note any Legal Documents that need to be Written should be performed by a Qualified Estate Planning Attorney – Legend Does Not Prepare Legal Documents.)
- Reviews of the Most Common Insurance Policy Types are Conducted Including Life Insurance for Survivor and Estate Planning Needs, Replacing Income if Disabled, an Analysis of Medical and Long-Term Care Insurance Coverages in Addition to Liability Exposures, such as Homeowners, Automobile and Personal Liability Coverages. (Please Note that Legend Does Not Sell Insurance Products of any type.)
- An Examination of the Client’s Employee Benefits will be Conducted. Assistance can also be provided regarding Stock Option Exercise Strategies, Restricted Stock Units, Short- and Long-Term Incentive Plans as well as Deferred Compensation Payments, if applicable.
- Legend’s Advisory Team can/will address other Personal Financial Planning Matters including but not limited to, Debt Analysis and Financing Strategies, Loan Repayment Strategies, Asset Acquisition and Liquidity Issues, Identity Theft Issues as well as Asset Protection Strategies.
- Once Legend Provides a Client with Personal Financial Planning Recommendations, Legend Will Then Assist With The Implementation Phase In Many Areas. These Areas could include Value-Added Services that Legend provides, which most firms do not, but are not limited to speaking with the Client’s Other Professionals such as their Accountant, Attorney, Banker and Insurance Agent, etc. and Responding/Facilitating Requests by those Professionals As Directed to Legend By The Client In Writing, Where Possible.
OTHER PERSONAL FINANCIAL PLANNING SERVICES:
- Guidance regarding Trust Services can be provided to the Client including Selecting an Independent Trust Company.
- A Financial Analysis of Revenues and Expenses of the Operations for Client-Owned Rental Real Estate can be provided.
- If a Client is Missing Other Professional Advisors such as a CPA or Attorney, Legend will Refer a Few, from which the Client can Choose one Appropriate for them.
Under Certain Circumstances, Legend will Offer to Perform Reviews of the Following Documents for Additional Fees. A Review of any of the Following Documents will Simply Provide a Synopsis (either Verbal or Written) of the major provisions. Legend Provides Guidance but Does Not Portray Itself as an Expert in any of the Following Areas Including, but not limited to:
- U.S. Savings Bonds
- Employment Contracts
- Stock Option Agreements
- Severance Agreements
- Non-Qualified Deferred Compensation Agreements
- Real Estate Leases
- Buy-Sell Agreements
- Retirement Plan Documents
- Retirement Living Agreements
- Hedge Fund Investments
- Private Investments
- Intellectual Property
- Any Other Legal Document
- Tax Law Issues
- Insurance Contract/Coverage Issues
Personal Financial Planning Services are Offered Only when a Client Retains Legend for Discretionary Investment Management and/or Discretionary Investment Management Consulting Services.