Palmer Financial Planning offers financial advice on an hourly or project basis.The client benefits by paying just for the time spent helping them. In stating that this is a fee-only firm, we mean that we sell no products, nor accept any kind of compensation (commissions, referral fees, etc.) from third parties. The firm’s focus is in providing unbiased, competent advice and assistance to people, whether for a one-time engagement or an ongoing relationship.

In starting this process, we meet with potential clients in a no-obligation, complimentary “Get Acquainted” meeting, where you can determine if our services meet your needs, and, we can determine if we feel we can be of assistance. Prior to the meeting, you will need to fill out and send in a copy of our Confidential Questionnaire. We will review this during our meeting to best determine the things you wish to address in your planning.

• Portfolio Design and Analysis
• Retirement Planning
• Managing Living Costs / Income in Retirement
• Insurance Needs Analysis
• College Funding Assistance
• Cash Flow / Budgeting / Debt Reduction
• Estate Planning Fundamentals
• Beginning Planning for Young Professionals / Newlyweds
• Other Specific Planning Needs

There may be multiple meetings between a client and Palmer Financial Planning throughout our process. There will be a presentation meeting at the end of the engagement where we will review a final, detailed report and discuss recommended actions. Our services will be available for one year from the end of our collaboration at no charge to clients so that we might answer any questions and assist with or clarify recommendations.

Portfolio Design and Analysis:  

• Risk Profile – Through both face-to-face interviews and the use of a risk profile questionnaire, we will review and determine your outlook about money and investing in general; we will develop a personal risk profile.
• Investment Policy Statement – This is a document that will be tailored to your “financial profile.”  The IPS will be the blueprint for designing the allocation of investments across different asset types — domestic and foreign equities, fixed income; specific sectors or industries. Your risk tolerance, various goals and the time horizon for meeting those goals will all be key determinants in drawing up your personal IPS.  This document will be the guide for investing your money, and should be revisited if there are changes in your life — the addition of new goals or a change in your goals.
• Portfolio Design – Palmer Financial Planning will help you develop a portfolio utilizing no-load mutual funds and exchange traded funds.  We will include existing investment assets in retirement plans (IRAs, 401ks, 403bs) as well as regular brokerage accounts in the review.
• Morningstar Analysis – You will be presented with a detailed analysis of the recommended portfolio using Morningstar Principia Pro, showing risk and return statistics, sector weightings across various industries, as well as percentage of allocations to both domestic and foreign equities and fixed income investments.

• Portfolio Implementation -Palmer Financial Planning will offer assistance in implementing your portfolio, if desired, at our regular hourly rate.

See the PFP Investment Philosophy by clicking on this link.

For self-directed portfolios, it is recommended that you meet with Palmer Financial Planning yearly to review the portfolio and address rebalancing of assets, and/or changing of components if necessary, and to discuss any changes in your personal situation that might affect your investment profile and your portfolio.

Retirement Planning: 

Preparing for retirement requires that you address not only saving for your retirement years, but addressing your desired lifestyle and spending habits in retirement. In this planning area, we will address:

• Cash Flow Analysis – We will conduct a review of your current expenses and liabilities, and how they will change in retirement. Affecting this will be the lifestyle and spending habits you might see changing between pre and post retirement.
• Savings and Asset Review / Net Worth Statement – We will perform a review of your assets, liabilities and retirement savings, with a balance sheet drawn up for your review.
• Capital Needs Analysis / Asset Review – This will entail a projection of the growth of current assets, investments, pensions and retirement accounts to retirement age. This will be compared with estimated spending needs to help determine if you need to increase savings, reconsider your lifestyle plans during retirement or even change your retirement date.  Different planning scenarios will be run to show the impact of the various factors.

Managing Living Costs & Income in Retirement:  

The largest problem facing current retirees is in understanding how best toavoid exhausting their portfolios, while enjoying a desirable lifestyle. We would address:

• Cash Flow Analysis – We will compare current spending habits and needs in retirement to your current income. We will also discuss your assets (investments, home, etc.) and if they are being properly utilized to obtain sufficient income.
• Joint and Survivor spending needs – We will review how income and spending will change for the surviving partner and its affect on their lifestyle. A Medicare and Medicaid review; Long Term Care considerations will also be addressed.
• Asset class selections – We will look at ways to increase the longevity of your portfolio, without adding excessive risk.
• Your personal time horizon – Your personal and family health issues will be a determinant in planning for lifetime income.
• Adjustable withdrawal rates / Sustainable Income Stream – We will develop a plan that takes market conditions and inflationary pressures into consideration and present a detailed outline for setting up a sustainable portfolio.

Insurance Needs Analysis:   

We will review all existing insurance coverage you currently hold, and address possible shortfalls. This is peformed strictly from a risk management perspective and will not address specific types of policies or insurance companies.

• Life Insurance – We will determine if you have sufficient coverage for final expenses, and to meet the surviving family member’s income needs. Included would be recommendations of the types of life insurance to consider.
• Disability Insurance – This will include a review of employer- furnished or personal short-term and long-term disability coverage; comparison of benefits to expenses; calculation of actual disability insurance needs.
• Auto/Home / Umbrella – We will look at current coverage in these areas, verify that have sufficient insurance and address possible needs for riders on items that have limited coverage in a standard policy. 
• Long Term Care Insurance – We will address the issue of long term care, the various levels of coverage that can be bought and its place in your insurance and long term planning picture.

College Funding Advice:  

• Increasing College Costs – We will determine the amount of fundsneeded for each child and project the savings rate required to meet those college costs.  Your choice of college and its costs can be imported into the projections.
• Saving for College – Based on your particular situation, we will further address the types of saving vehicles that may be appropriate for your needs (Coverdale Education Savings Accounts, 529 Plans, UTMAs, etc.), and make recommendations.
• Understanding College Funding – If your child(ren) is rapidly approaching college age, we will assist you in preparing for college expenses, budgeting and looking at college aid and loans.  (Financial Aid offices will use the income and assets of both you and your child beginning in the junior year of high school as determinants of aid levels.) We will assist with FAFSA and PROFILE forms.

Cash Flow / Budgeting / Debt Reduction: 

• Spending / Saving Attitudes – We will determine your attitude about money, spending and debt. You will need to supply PFP with a general cash flow document (we will help you with this.) Based on your particularsituation, we will assist you in setting up a budget and dealing with current debt.(Depending on your situation, we may simply refer you to one of the local money/budgeting workshops available in the area.)
• Tools to Help – We may recommend the use of computer programs such as Quicken® or Mvelopes® to assist those who have difficulty in dealing with their spending habits (depending on your computer literacy and preference). Depending on the situation, we may simply refer you to one of the local money/budgeting workshops available in the area.
• Managing Debt – For debt management, we will develop a payment schedule to assist you in paying off outstanding debt and setting aside emergency funds for the future. 
• Hands On Assistance – After our preliminary meeting, we will request the needed detailed information on your current income and spending habits and develop your personal plan toward a healthier financial life.  We will have a subsequent meeting to review a detailed plan of action, as well as the review of how to implement your budgeting and spending plan.
• Follow-up – There will be a subsequent meeting in two months to review your progress and make any needed adjustments to your plan.

*Costs for this module do not include possible software costs nor the computerhardware required to implement your plan, if it is agreed that a computerprogram may be beneficial in helping you meet your goals. 

Estate Planning: 

Palmer Financial Planning does not offer legal advice, but can assist you with general information on estate planning needs, as well as refer you to a qualified estate planning attorney, if desired.  Things to be addressed:

• General Information – on wills, trusts, powers of attorney, medical powers of attorney, living wills, etc. — why you would need these various legal documents and how they fit your personal situation.
• Liquidity needs for final expenses – funeral costs, estate expenses; possible life insurance needs to meet surviving family members’ financial needs.
• General Estate Planning Fundamentals; Trusts
• Federal Estate Taxes; Federal Gift Taxes; Basis

Beginning Planning for Young Professionals / Newlyweds:

This service is expressly for the newly minted young professional and/or the newly wed couple. There will be several key areas covered for someone starting out in life. Following our “Get Acquainted” meeting, we will ask for detailed data on your financial life — pay stubs, employer benefit books, debt, savings, etc. Palmer Financial Planning will work with you to draw up a financial roadmap for starting out in life. We will review, explain and assist you in several key areas:

• Cash Flow & Budget management
• Maintaining a good credit score
• Income taxes – How they will affect you
• Employee Benefit Review – We will review your company health insurance and disability, life insurance, retirement plans and discuss how to determine the proper choices for you. We will address investing for your future through the company retirement plan as well as other possibilities. 
• Insurance Needs – We will address insurance coverage needs and make recommendations, based on your specific situation.
• Newly Wed Couples – Money is one of the largest areas of conflict for newly weds. We will cover the merging of two different thought processes on money and debt.

This planning will include a detailed report reviewed with you during a presentation meeting. We will explain our recommendations and answer questions. Included will be the availability of the planner for thirty days after the presentation to answer questions and / or assist you in acclimating to your new, independent lifestyle.