Walking down a long road alone is hard. Sometimes you need a hand to hold or direction along the way.
Many advisory firms serve pre-retirees and retirees who have significant investment assets to manage. WorthyNest is unique. We typically serve parents in the asset accumulation phase (ages 35-55), so financial planning is our primary emphasis. We have several touch-points throughout the year to ensure you are getting consistent, reliable advice about the financial topics that matter most to your family.
Why go to two different places for financial planning and income tax consultation? We also offer tax services through our sister company, SV CPA Services.
By definition, financial planning is a process, not a destination (see letsmakeaplan.org). We understand that finances touch many facets of life, so we incorporate life planning elements, too. Your CFP® professional, Deb Meyer, will work with you through the process.
- Agree on how to work together
- Gather data about your history, values, and goals
- Analyze and develop an integrated financial plan
- Provide recommendations
- Put the plan into motion
- Monitor progress and make adjustments as needed
The sixth step is critical and forms the basis of an ongoing planning relationship. One certain thing in life is change, and WorthyNest wants to be with you each step of the way. You can expect to meet frequently when we first begin working together. Thereafter, we meet at least twice annually (virtually or in person). Here is a PDF outlining our service model for ongoing clients.
financial planning concepts to explore
Cash Flow Management - Do you have a budget and are you following it? Have extra money reserved for savings but unsure which specific savings goal to tackle first? We will help set-up a new budget or tweak your existing budget and give your family the confidence it needs to have a foundational plan.
Education Planning - We go beyond college funding and look at other education needs, too. Want to send your kids to private grade school or high school? Which education funding vehicles are optimal?
Employee Benefit Review - Health, disability, and life insurance benefits through your employer can be confusing. Acronyms like HSA, FSA, and HDHP will be explained. Retirement plans can be equally confusing. We educate and empower you to make informed decisions about the percentage to defer and underlying investment elections.
Estate Planning - What happens if you are disabled or no longer living? Wouldn't it be nice to have a say in how things are handled if you can no longer make key decisions? You want to live intentionally, and legacy is an important part of that intention. We will work with your existing estate attorney or recommend a new one to ensure you have estate documents that properly reflect intentions and goals.
Insurance Analysis - What amount of insurance do you need? How often should you revisit it? Is it better to seek employer-sponsored coverage? We will examine these critical questions annually with you and will ask for the assistance of an insurance agent if a coverage change is merited.
Investments - What is your investment time horizon and risk appetite? What percentage of stocks and bonds should you have in each investment account? These key items will be assessed in your initial financial plan.
Tax Planning - How does asset location impact investment planning? What are the tax implications of a Roth IRA conversion? How can charitable giving strategies lower taxes? WorthyNest founder Deborah Meyer, CPA, CFP® has substantial experience advising families and small business owners about taxes. She will work with your family at least once annually to discuss tax planning.
for entrepreneurs only
We provide two special services for small business owners, in addition to the above financial planning concepts.
Owner Assessment - How can you sustain and grow your business? What benefits (i.e. retirement plan, health insurance) should you offer to employees? These topics will be explored annually.
Quarterly Tax Planning - How much should you set aside for income taxes each quarter? Your business structure, prior year, and projected earnings will have a big impact. Come to an advisor who understands financial planning AND income taxes.
Investment management is considered an "add-on," not standalone, service offering. Many financial advisors are solely interested in managing your assets, but we take a different approach at WorthyNest. We put tremendous emphasis on the financial planning process and then explore an investment strategy to meet your goals.
The jar metaphor:
Any rocks you put in the jar are the big financial planning nuggets - saving for college, retirement, managing debt, paying taxes, and so on. The rocks need to go in first before you can fill the rest of the jar with sand, or specific investments.
Some people want to take a DIY approach to investments, and that can be OK if they actually implement the recommendations. Others do not have the time, energy, or interest to manage investments. That's where we step in.
Our investing approach is generally passive, comprised of index Exchange Traded Funds and mutual funds. When constructing investment portfolios, we value diversification and an asset allocation that reflects your risk tolerance.
If you have a basket of appreciated stocks, we have experience working with that too. Deb Meyer's background as a CPA can be very useful in this case: she understands income tax implications and can develop a plan for reducing single stock exposure over time, with minimal tax impact.