Hourly Financial Planning Services
What are Hourly Financial Planning Services?
Wesling Financial Services offers both comprehensive financial planning (link) and hourly financial advisory services. Our comprehensive financial services, including investment management, will include all of the steps outlined here based on the LIFE financial planning and advisory approach.
We also work with clients who may wish not to engage in a full comprehensive agreement. Steps in our process are tailored for hourly clients. For example, a client may wish to have us develop an initial financial plan, focused on specific questions such as retirement preparedness, college funding, asset allocation, or a potential job change. A financial plan will provide a snapshot of the client’s current financial situation, with projections of future cash flow based on specific assumptions and detailed information provided by the client regarding assets, income, and spending/savings. We also address retirement, insurance, tax, and estate planning preparedness. We typically require between 8 and 12 hours of our time to complete and present a full financial plan to you. Based on the initial financial plan, we can address specific questions and make recommendations in areas such as retirement salary deferral, adequacy of emergency funds, or asset allocation. The client may choose to enter into a comprehensive engagement, including investment management, or they may wish to implement on their own, and return to us with questions or for periodic evaluation, on an hourly basis.
Another area where we typically provide specialized services on an hourly basis is divorce and financial analysis and planning
We may also accept limited financial planning engagements on an hourly basis to answer specific, targeted questions on a variety of financial planning topics, such as social security, retirement minimum distributions, lease versus buy analyses, evaluation of long-term care or other insurance policy terms, or guidance on business entity types. How we address each of these issues depends upon the complexity of the question, and what information about the client’s situation is required as input to our analysis.