A Good Plan Can Make all the Difference—
Major life changes, such as moving to a new home or starting a new job can be overwhelming and very difficult to navigate, especially when moving to the Bay Area where the cost of living is high. Our clients, Chris and Jen, who are in their 50s, came to First and Main Financial looking for help to verify that they were on the right path to meeting their financial needs throughout retirement, especially as they started their new adventures in California. They asked us to help decide how much to contribute to retirement funds, how to best fund a new home, and what benefits at their new jobs they should choose. We also reviewed their existing insurance plans and current investment strategy.
As we do with all of our clients, we went through a detailed data gathering process. Once information was received, we helped upload data to our secure financial planning software, eMoney Advisor. We then analyzed the information and produced a base case scenario, detailing their current situation. We also created multiple What if scenarios, such as different retirement ages, various home purchases, and different approaches to investing. These what if scenarios helped assess the overall impacts of any changes to their financial plan.
Within each of these scenarios, we projected a probability of success for reaching a life expectancy age with enough assets to provide for a comfortable retirement. Most importantly, we showed the impact of increasing their contributions to their retirement funds and how changing certain investments to other vehicles might provide greater return and help increase savings for a down payment for a house.
In addition to reviewing their finances, we reviewed their insurance (Life, Disability, Auto, Renters/Home, Medical, etc.) to assess if they maintained enough coverage. We recommended that they get a quote for an Umbrella Policy to give them greater liability coverage above auto and home insurance policies. We also encouraged them to review their estate planning documents, especially since they had moved to California and were considering a home purchase.
After presenting the financial plan to Chris and Jen, they asked First and Main Financial to manage their assets. We offer a tiered fee schedule for our clients which is considered a good deal compared to the industry averages and starting rates usually charged by other firms. We also provide clients with quality and individual attention as well as complementary guidance on existing 401(k) money.
If you are looking for some financial guidance, whether it be for a one time financial plan or continuing advice on your investments, we invite you to meet with the First and Main Financial advisors for a free consultation. We work with a variety of clients, including clients like Chris and Jen who are trying to figure out new jobs and new homes in new places. We would be more than happy to sit down with you, assess your current financial situation, and review with you our services to help you navigate your own financial future.