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At HCP Wealth Planning, we love to partner with Mayo Clinic employees as a trusted advisor. Our founder, Kevin Burkle, CFP®, CLSP, has a soft spot for healthcare professionals, and Mayo Clinic employees especially. This is because he is the son of both a nurse and a pharmacist, and is married to a Mayo Clinic RN. On top of having over a decade of experience advising Mayo Clinic employees, he has intimate knowledge of all the Mayo Clinic benefits since his own family has personally participated in them for years. Our "Map Your Wealth" Process will empower you to create a detailed roadmap for your financial future.
When Can I Make Work Optional?
Can We Afford______?
Will We Be Okay If______?
When attempting to answer these questions on your own, you may be finding more confusion than clarity. You want to make sure you are making the most out of your lifestyle now, without having to wonder if you will always be okay in the future. We know it's extremely hard to find an advisor who is willing to put in the time it takes to create a truly personalized and comprehensive plan, without requiring that they manage your portfolios. So we decided to change that.
We Guide Mayo Employees Through Two Distinct Phases Of Financial Life Planning. Which One Are You In?
Make It Grow
The planning experience in this stage is designed for Mayo employees who are still working and are being forced to balance multiple financial goals such as retiring as soon as possible, buying a house, paying off student debt, and saving for college, all while growing your assets, family, and your career. We will help you create a plan that grows the wealth you will need to retire early, without having to sacrifice your happiness in the present. We focus on:
- calculating exactly how much to save in which types of accounts
- growing your assets through disciplined investing
- tackling student loans and other debt
- planning for large financial goals such as home purchases, college expenses, weddings, etc
- managing your cash flow
- unbiased 401(k) and 403(b) plan reviews
- organizing your financial life
- making sure you have proper insurance coverage
- managing life transitions such as going back to school, starting a business, or taking a temporary work sabbatical
Make It Flow
This planning experience is designed for those who are in the last stage of their career and are ready to consider what life looks like after work. Retiring in your 40's, 50's, or early 60's is more challenging than retiring when you are already old enough to benefit from Social Security Income, Medicare, and pensions. You need a plan that enables you to create your own paycheck from your assets, before those other benefits kick in later in life. You also need a tax efficient income plan for when you start receiving those benefits. We focus on creating lifetime income and minimizing taxes through:
- future cash flow analysis
- tax minimization
- social security optimization
- healthcare expense planning
- pension option analysis
- unbiased rollover analysis
- strategic withdrawal sequencing
- tax efficient Roth conversion strategies
- strategic asset location
- asset allocation
- portfolio stress-testing
All Clients Get Free Unlimited Ongoing Access To Our State Of The Art Financial Portal
The "Map Your Wealth" Process And Pricing
Our planning experience includes a minimum of five meetings and generally lasts about three months.
*The "Map Your Wealth" process is extremely thorough. Because of this, we are only willing to partner with a maximum of four new households per month. So we can't just take on anyone is willing to pay us. If you are considering partnering with us, please be in a place in your life where you have the time and the drive to take a deep dive into the "Map Your Wealth" Process.
Step 1: Getting To Know Each Other (this part is free)
We email you a Financial Life Priorities Questionnaire for you to complete. This will help you really think through what your top financial priorities are. Don't worry, we won't force you to provide us with any account balances or financial details yet. We then conduct a complimentary video meeting so we can discuss your questionnaire and goals in more detail. We also share our screen so we can provide a live tour of the "Map Your Wealth" experience. This won't be a canned "strategy session" with a high pressure sales pitch at the end. This first connection simply arms us both with more information so we can begin to determine if we might be a good fit for each other.
Step 2: The Decision
After our initial meeting, we will think long and hard about exactly what we would need to do to help you accomplish everything you are expecting to by hiring a financial advisor. We will then send you an official client proposal that outlines those steps and provides the flat free price for the planning engagement. If you decide our services are exactly what you are looking for, great! We will ask you to sign a client agreement and then we will move onto step three. If not, no worries! If you wish, we can refer you to other firms who we think could be a better fit. We only refer to fee-only CFP®s.
Step 3: Organize Your Financial Life
We will provide you with our digital financial organizer. This online tool will make it easy for you to provide us with all of your financial life details. Once you complete it, we will use the provided information to build your own personalized financial portal and electronically sync all your accounts. You will then be able to track your entire financial life 24/7 from any device. We will also use the portal to conduct live planning sessions in the next steps.
Step 4: Review Your Goals and Assumptions
We will conduct a video meeting where we review all the information in your new client portal and take a deep dive into your goals. Often times people sell themselves short and dismiss things as being financially impossible without actually crunching the numbers, when in fact, they are possible. So during this step in the process, we encourgage you to shoot for the stars when it comes to your goals. We also fine-tune other assumptions that will be built into your plan such as future health care costs, vehicle purchases, financial support for children or parents, changes over time to your spending on essentials and travel, changes to your housing situation, and more. After this meeting, we will use all the information we have collected from you thus far, and perform a compehensive analysis of your current and future cash flows. By leveraging this information, and our financial planning expertise, we will then create multiple base planning scenarios which we will then review in our next meeting.
Step 5: Your First Explore The Possibilities Meeting
We will conduct multiple live video meetings where we share our screen as we update and compare various planning scenarios in real time. These scenarios are comprised of "financial levers". While it is our job as your advisor to know ahead of time which levers are even applicable to you, you get to steer these conversations. Sure, you want to make sure you have a plan so that you don't run out of money in retirement. And we will be able to show you the likelihood of that happening based on the combination of financial levers we are pulling. But we also don't want to sacrifice too much of what makes you happy in the present. Properly allocating your resources towards both is a balancing act and we will guide you through it.
Step 6: Review Investments and Insurance Meeting
This is where we determine exactly how you should be investing in any applicable accounts. For any employer-sponsored plans that you participate in, we will ask you to share your screen as you are logged into those accounts so we can review those plan investment choices, fees and expenses, and resources. Based on the plan options we will tell you how to invest in them. For any other investment accounts (IRAs, brokerage accounts, etc), we recommend a specific allocation, as well as provide specific model portfolios comprised of low cost ETFs that align with that allocation. If we determine it makes sense to make any changes to your current portfolios, we will help you process those online or join in on a conference call with your service provider.
Step 7: Second Explore The Possibilities Meeting:
After the first financial life levers meeting, clients need time to digest everything that was discussed. After all, it can be a bit overwhelming to have your entire financial life mapped out in front of you for the first time. And we would never expect you to make any big decisions about your future lives without sleeping on it. This is especially true if you plan with a significant other as it will be important for you two to discuss everything on your own. Most clients end up thinking it over, and wanting to revise the combination of levers that we are pulling in their planning scenarios. So we conduct another meeting to do just that. The goal will be to ultimately drill down to a single combination of levers that gives you the best chance of reaching your financial and non-financial goals. If after this meeting you feel the need for another one, we are happy to oblige.
Step 8: Your Final Plan Summary
We will create and send you a final plan summary. Nope, this won't be a 40-page book of charts and numbers that you end up using as a door stop. It doesn't need to be that long because even after our planning engagement is complete, you will continue to have free access to your client portal and view all the information we have discussed over the course of our meetings. But our summary will provide an easy to digest review of all of the key planning points.
You will notice there is no separate step for reviewing your taxes. As part of the initial getting organized process, we do ask you to provide a recent tax return (many financial planners don't bother to do this) so that we can review it and identify any planning opportunities. But taxes typically play some kind of role in almost every financial decision you make. So throughout the entire Map Your Wealth Process, we remain constantly aware of how taxes may impact any of the financial levers we are pulling and do our best to help you minimize them as much as possible.
Step 9: Continue to track your financial life and progress towards your goals in your personal financial portal
You will continue to have access to your personalized finanical portal. This means you can continue to leverage the budgeting tool, track your account balances and net worth, and even access the planning module to "pull on the financial levers" yourself so you can see the results. Don't worry, you can't screw up anything becuase it won't let you save the results of the changes. But many clients have found it helpful to be able to "play" with the levers on their own.
We charge a simple falt dollar fee ranging from $1800 to $2700. You can choose to break this up over six even monthly payments
Why Did I Start My Own Firm
The longer I've been in the financial advice industry, the more it has become clear to me that it needs to change if advisors ever want it to be a truly trusted profession. When I made the decision to found HCP Wealth Planning, I embarked on a mission to create a more effective financial planning experience that eliminates the sales-based advice and conflicts of interest that plague our industry. I also wanted to be able to help those who may be turned away by other more traditional advisors simply because they didn't have enough assets saved up yet, or they prefer to manage them on their own. The only way I knew how to accomplish this was to build my own firm with a flat fee pricing model. I knew from the onset that I wanted to focus on helping healthcare professionals as I have been surrounded by them my entire life.
I grew up in North Carolina, but I currently live in Jacksonville, FL with my wife Melissa, our daughter Cameron, our son Julian, and our mini schnauzer, Louie. My passion for finance began in high school when I started following the stock market just before the dot-com crash and quickly learned the importance of diversification. It turns out that putting all my money from my part-time job into a single company's stock based on the advice of some random dude in the local newspaper was not a good idea. Eventually, this led me to obtain a degree in finance from North Carolina State University. Upon graduation, I spent the next twelve years working for one of the major brokerage firms where a lot of my time was spent providing financial advice to employees of some of the largest hospital systems in the country.
I live close to the beach and I love to simply spend time out there with my family and friends. I'm a die-hard football fan (still working on turning my wife into the same). When I can find the time, I do enjoy going on a long run and hope to one day participate in The Southernmost Marathon in Key West. The past few years I've been attempting to make myself a better cook and figure out how to make all of my wife's delicious family recipes myself. Any time spent playing with my children is my favorite part of each day.
Want To Learn More? No Need To Play Phone Tag!
Whether you're ready to schedule a free video meeting so we can get to know each other better and we can provide you a live tour of our client experience, or you just want to chat over an informal phone call to ask us some questions, we encourage you to use our calendar link below so you know exactly when we will be connecting.
This won't be a canned "strategy session" with a high pressure sales pitch at the end. This first connection simply arms us both with more information so we can begin to determine if we might be a good fit for each other. If we aren't, we will do our best to refer you to another firm who may serve you better.
Even if you decide you aren't ready to partner with us, we will provide with you with some actionable tips to help you improve your financial life.