PRICING AND TYPICAL ENGAGEMENTS
Typical Financial Planning engagements
Comprehensive Financial Plan (20 hours+, $4,000)
This is our most common engagement with clients. We charge $4,000 for a comprehensive financial plan, which includes more than 20 hours of work. The process includes three meetings, often via videoconference, over 2-3 months. The first meeting focuses on cash flow management, the second on contingency planning and the third on investments. The client is tasked with gathering information and implementing the plan, but we provide detailed to-do lists, guidance and support. At the end of the process, the client receives a written report that serves as a blueprint for a lifetime of financial independence.
Annual Checkups and Portfolio Rebalancing (~3-6 hours, ~$600-$1,200)
While many of our comprehensive financial planning clients are comfortable managing their own money, most check in with us once a year to make sure they remain on track to achieve their financial goals and to ensure their asset allocation is appropriate. This process usually includes a 1-hour meeting and another 2-5 hours of planning work before and after the meeting. For clients wanting a little more ongoing interaction, we offer flat monthly subscription options as well.
Financial Review (~3-6 hours, ~$600-$1,200)
Some of our clients are already successful, long-term DIY planners and investors, but would like a second set of eyes on their cash flow management, contingency planning and investment strategy. Other clients are contemplating retirement and want to make sure they're financially ready to be work-optional. In these cases, we can conduct a relatively limited financial review. Much like our annual checkups, the process usually includes a 1-hour meeting and another 2-5 hours of planning work before and after the meeting.
Cash Flow Management Implementation (~1-3 hours, ~$200-~$600)
We help design, optimize and implement cash flow systems for individuals and families. Couples and families typically need two to three 1-hour meetings to optimize the system. Our single clients typically require just one or two meetings to get started.
Consultation Meetings (~1 hour, ~$200)
We often sit down with clients for brief consultation meetings to answer specific questions or to address relatively limited topics. We even meet with clients who don't really know what they want to discuss, but just need a little help organizing their financial lives.
Initial Interviews (~15 minutes, free)
For clients that would like to learn more about Aptus, see if there's a good fit and discuss next steps, we conduct free introductory calls. Prospective clients should request to interview us by submitting our contact form.
Typical Employer Retirement Plan Engagement
Retirement Plan Advisor, Fiduciary and Educator (tailored flat fee based on $200 per hour rate)
Aptus' hourly rate also applies to our unique and innovative retirement plans, for which we serve as advisor, 3(38) fiduciary and financial wellness educator. We work with plan sponsors to craft a tailored pricing agreement that reflects our anticipated hours of service on the plan. Aptus' low, transparent flat-fee pricing is typically applied pro rata based on employee account balances, and should become a smaller percentage of assets over time.
Why should You spend $4,000 on a financial plan?
Our clients typically fall into one of two categories: mid- to late-career professionals who currently have assets managed by a financial adviser and early-career professionals who do not yet have a relationship with a financial adviser:
Mid- to Late-Career
For mid- to late-career professionals with assets currently managed by financial advisers the math is clear. With a typical fee of 1% of assets under management, a household with $500,000 in assets with a financial advisor pays $5,000 in recurring annual fees and the fees grow over time. Over 25 years, a mid-career professional with $500,000 in assets under management and saving $10,000 per year would pay $250,000 in cumulative fees! We want you to keep that money for yourself, and our typical $4,000 financial and investment planning fee sets you up for a lifetime of do-it-yourself investing.
Can you really learn to do-it-yourself? Absolutely. We can teach you. We will sit with you and take you step-by-step through the process of buying and selling mutual funds and exchange traded funds with the asset allocations and the tax advantaged accounts that make sense for you. Give someone a fish and you feed them for a day. Teach someone to fish and you feed them for a lifetime.
For early-career professionals, the best time for a financial plan is at the beginning of your career when you can set the course for a lifetime of smart financial decisions. We can help early-career professionals think about household budgeting, tax issues, student loans, mortgages, healthcare costs, college savings and DIY investing. We help you take advantage of opportunities and avoid pitfalls. There’s an old saying that diagnosis without examination is malpractice, and we believe that investing without comprehensive financial planning is equally ill-advised.
We address a range of financial topics that traditional financial advisers cannot or will not discuss with you. In fact, most traditional financial advisers will not even accept clients without assets. If you do find a financial adviser that will talk to you, their incentive is to steer your savings into accounts they manage rather than advise you, as we would, on other prudent uses of your cash flow like student loan repayment or investing in company sponsored 401(k)s or 403(b)s.
Common Financial Planning Questions We Address
- Should I contribute to a Roth or Traditional 401(k)?
- Should I do a backdoor Roth IRA?
- Should I refinance my student loans or stay in the PSLF?
- Should I put my student loans in the IBR or REPAYE program?
- Should I rent or buy a home during my medical residency?
- Should I save for a down payment on a home or pay down student loans?
- How should I invest in my 403(b)?
- Should I use the 457 plan? How do I vet the financial viability of my hospital to determine if it is good to use?
- How much should I save for college? How do I open and invest in a 529 plan?
- How can I use individual 401(k)s with 1099 income?
- How much do I need to save to retire or achieve “work optional” status by age 50 or 60?
- How much home can I afford?
- Should I use the HSA or the regular health plan at work?
- Should I pay health expenses with the HSA or out of pocket?
- How can I set up my own investment accounts?
- Where should I invest my money?
- How do I allocate accounts across a portfolio to keep bond income out of taxable accounts?
- What is the best money management system that works for your clients?
- How do you set up savings accruals to keep a money management system working?
- Can you help me vet two job opportunities with different pay and benefits?