What Do You Do and How do You Charge For It? We Believe That Transparent Fees are Important & Here’s Why
You work hard for your money and you should know how you’re spending it. At Taylor Financial Group, we understand that, which is why we believe that offering great solutions, providing superior service, and communicating our fees are some of the most important things we can do for you. We provide a comprehensive list of services, plenty of choices, and a clear fee structure that’s easy to understand, so that you can choose what works best for you. Additionally, we now accept credit cards for our hourly packages, and can charge subscription fees on a monthly basis (just like Netflix!).
We proudly serve these areas: Franklin Lakes, Mahwah, Oakland, Ramsey, Wyckoff, Ridgewood, Glen Rock, Saddle River, Upper Saddle River, Woodcliff Lake, Old Tappan, Allendale, Montvale, Wayne and Paramus, Bergen County, Morris County, Essex County, Passaic County, Rockland County, Orange County, New Jersey, New York and all across the United States.
Getting Started with Our One-Hour Consultation – $300 (discounted from $400)
Our one-hour consultation fee covers your initial meeting, as well as the work that occurs prior to (and after) your first meeting. We start our process by giving you the opportunity to complete a Confidential Client Profile Questionnaire. At the meeting, we review your financial situation and discuss whatever is on your mind. The meeting also gives us an opportunity to get to know each other, discuss your needs, and decide if the relationship is a good fit. Afterwards, we create a personal proposal that describes the services that you would benefit from and the fees. In essence, we lay out the specific areas where we will work together to help make a difference in your life.
How do you Determine Fees?
We will either recommend fees based on assets under management (AUM), an hourly rate, or a combination of both. All fees will be fully disclosed in advance and will be based specifically on your needs and the services we will provide. At times, we will propose a “hybrid” arrangement, which could include the AUM fee and an hourly fee, depending on the services requested (such as in- depth pension analysis or divorce consulting).
Our minimum fee on investable assets is typically 1.00-1.20% of your balance and includes a wide range of investment and planning services. The fee can range higher (or lower) depending on the complexity of your situation, account size, and services requested. All fees are clearly explained in all of our proposals and are mutually agreed upon prior to you becoming a client.
As a client, our hourly rates give us the ability to help you with more complex planning matters (such as divorce support, college planning, stock option planning, and pension analysis), as well as with advanced tax and estate planning. We are also often called upon to work and meet with our clients’ other advisors (CPAs, attorneys, etc.) to provide analysis or discuss best options for a specific situation.
Our normal hourly fees range from $280 (for staff support) to $400 (for Debbie Taylor and Rob Taylor). However, for those of you who would like to buy a package of hours, we do offer the option to pre-pay for hours at a discounted blended rate of $300. Additionally, we now accept credit cards and can charge subscription fees on a monthly basis.
What is a Financial Plan and Why Do I need One? Building a Financial Plan is like Creating a Roadmap and Everyone Should Have One
We believe that every client needs a plan. Your financial plan will serve as a map that will help you live life to the fullest with financial confidence. We follow a proven Six-Step Process, which helps us to create a financial plan that is specifically tailored to you and your goals.
Our initial discovery process is the most important step because it allows us to learn all about you. To make sure we understand your needs and goals, we ask that you complete our Wealth Match Organizer, as well as our Risk Tolerance Questionnaire, and then we hold an initial meeting. These questionnaires and our time together help us draw a more complete financial picture and give us insight into which paths may be best for you. After that, we perform additional research, ask follow up questions, and thoughtfully create the initial draft of your personalized plan.
Your plan could address such diverse topics as college planning, retirement funding and planning, creating a legacy, and debt reduction or retirement tax planning, just to name a few areas. We consider ourselves Retirement Income Tax Experts (RITE), and work with all clients extensively in this area. For a more thorough and complete list of the many areas we cover, see our Financial Future Planning Chart.
Once we confirm that your plan is aligned with your goals, we begin executing on the plan, which means very different things to everyone. That’s why, throughout our relationship, we focus on maintaining and monitoring that plan by having periodic check-ins and meetings with you throughout the year, which are critical to monitoring your progress and working toward your goals.
No matter what your situation or need, rest assured that we have the services and options to help you pursue your goals and take control of your future.
To find out more about the services we offer, please browse our website. If you have any questions, please email or call our office and we would be happy to discuss how we can handle your specific situation.
At times, we may recommend the purchase of insurance policies, annuities, and 529 Plans. In these instances, we are paid via commissions by insurance companies and investment sponsors, which we will disclose in advance.
Please keep in mind that all fees are subject to adjustment based on each client’s unique circumstances and goals.
Packages and benefits stated herein apply to new clients. Due to the ongoing nature of work for existing clients, they should call to discuss.