We Help Millennials Make The Best Use Of Their Income And Savings In Order To Achieve Financial Independence
Organize Your Financial Life
Optimize Your Cash Flow
Map Out Your Financial Future
At HCP Wealth Planning, we believe everyone should have access to affordable, comprehensive financial planning from a fiduciary CFP®. Millennials deserve better than the cookie-cutter advice they would receive from a robo-advisor. And we don't think it's right that many advisors refuse to work with millennials simply because they haven't had enough time to build up a substantial amount of assets to invest. So we created our "By the Gig" financial planning packages.
Our "By the Gig" Financial Planning Packages For Millennials Include The Following:
Organize And Track Your Financial Life
As an early-career professional, you all of a sudden need to start thinking about keeping track of your savings and investments, insurance coverage, spending, and more. We will help you organize your entire financial life on a personalized financial portal which will enable you to digitally track your bank and investment accounts, spending, progress towards goals, and more.
Allocate Your Excess Cash Flow
You may have a decent amount of disposal income but how do you decide exactly where to allocate that among all of your competing financial goals? Based on your priorities will help you determine exactly how much excess cash flow you have and tell you exactly where to allocate it. So you can be sure every hard-earned dollar has a purpose
Pay Off Student Loan Debt
As Certified Student Loan Professionals®, we are experts in student loan debt strategies. Many millennials are saddled with student loan debt. We can help you navigate the world of Income-Driven Plans, PSLF, and refinancing so you can be confident that you have chosen the optimal strategy that saves you the most money. *Ask us about how our clients can receive a .50% discount on student loan refinancing rates
Evaluate Your Insurance Needs
Don't worry, as fee-only financial advisors we don't sell products and we don't receive any compensation or referral fees from any third parties. We simply evaluate your current insurance coverage and tell if you have enough, or if you are paying too much for life, disability, home, auto, and umbrella. If you like, we can refer you to reputable, independent agents who can help you shop for coverage.
Help You Choose Your Investments
We will help you determine where to allocate your investments in your 401ks or 403bs. We will also discuss the use of Backdoor Roth IRA's, taxable brokerage accounts, and SEPs and Solo 401ks when appropriate. We will help you be tax efficient with your investing, and build a solid, diversified approach to saving for your retirement.
Increase Your Financial Literacy
Our process will be heavy on education. The goal is to help you learn how to manage your investments and your wealth yourself. Upon completion of our engagement, you will have built a solid foundation of wealth. Our mission is to empower you to properly manage your own finances for years to come, without having to pay thousands or even tens of thousands of dollars a year to a financial advisor.
All Clients Get Free Unlimited Ongoing Access To Our State Of The Art Financial Portal
How It Works
Step 1: Before you sign on as a client. We invite you to schedule a free live video tour of our client experience. During this video-meeting, we will discuss your top financial priorities, identify key areas of your financial life that we need to focus on, and give you a tour of our powerful financial planning technology and client portal.
Step 2: If you decide to become a client, we begin the planning process by helping you organize your finances and creating your personal financial portal.
Step 3: Next, we determine exactly how much excess cash flow you have after accounting for income, variable expenses, fixed expenses, taxes, and savings. This way we know exactly how much is available to allocate towards your various goals. Many people may find this to be an eye opening experience because they have never seen this completely mapped out for them.
Step 4: If you have student loan debt, we will also determine the best repayment strategy at this point in the planning process. (ask us about how our clients can get a .50% discount on student loan refinance rates)
Step 5: We conduct video meetings to explore the possibilities and help you determine where to allocate your excess cash flows towards various goals. Using screen-sharing technology, we will pull various financial levers in real time to show you how they impact your ability to make work optional AND your ability to achieve any shorter term goals you may have. We will help you evaluate these various scenarios and choose one plan that you feel does the best job of prioritizing your goals. By the end of these meetings, you will be confident that every hard-earned dollar has a purpose. That way you don't end up keeping too much of your savings in cash, or spending too frivolously.
Step 6: . We will conduct additional meetings to review your life, disability, malpractice, and property and casualty insurance coverage. You can be confident that we ONLY recommend that you consider additional coverage if it is truly in your best interest since we don't receive any compensation for selling products or for referrals. We also review your estate planning needs and make sure that as a young professional, you at least have a basic estate plan in place.
Step 7: We will educate you on how to become a disciplined long term investor so you can avoid making costly mistakes. For your investment savings we will consider pre-tax and post-tax 401k and 403b contributions, traditional and Roth IRAs, back-door Roth IRA's and taxable brokerage accounts. If you are self employed and/or own a business, we will evaluate the use of solo 401ks and SEP IRAs. Based on your situation we will tell you which ones are applicable to you and how much you should save in them.
Step 8: We will create a final planning document that lists all of the recommendations we made over the course of our meetings and save that document in your secure vault in your client portal. We will help you implement the recommendations. This includes participating in 3-way calls with service providers, and referring you to independent, trusted, insurance and estate planners when necessary. After implementation you can take advantage of having 90 days of unlimited email and phone follow up if you end up having any additional questions.
Step 8: You can continue to track your financial life and progress towards your goals in your personal financial portal using our custom app.
We charge a flat dollar fee of $1800 which you can divide into 6 equal monthly payments of $300. While this is below the national average that advisors charge for this type of planning engagement, our client experience is anything but average.
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.