What is my preferred software?
I have used all the major financial planning software out there to date. My favorite software for planning is eMoney Advisor, followed up by Right Capital then Money Guide Pro in last place. Although eMoney is expensive, it provides hands down the best way to model client scenarios, it is easy to audit & provides the most control for the advisor. Plus the account aggregation is great & I like that the client has a nice portal.
On a downside, eMoney has some awfully boring looking reports. Right Capital on the other hand has the best interface out of all the software suits in my opinion & I love their simplicity. However, it can be difficult to audit the plan & you cannot model separate scenarios nearly as easy as you can on eMoney. Right Capital is free for XYPN folks which is also great!
Money Guide Pro is goals based which provides the least amount of control for financial planning in my opinion. However, I do like their Monte Carlo simulations for people getting ready to enter retirement & MGP is an excellent way for advisors to "collect assets" for their AUM.
What is my investing philosophy?
Over the course of several years being a planner, I have analyzed hundreds of portfolios from the ultra high net worth to fellow millennials. This has changed & shaped my opinion on investment. My personal philosophy revolves around a well diversified passive portfolio, primarily made up with Vanguard or DFA funds.
I do believe however there is a lot wealth to be made with arbitrage opportunities such as buying real estate (I am an avid reader of Bigger Pockets), investing in private businesses or individually selecting under valued equities.
How long does it take to complete a plan?
Thats a great question! It honestly all depends.
Short answer: Between 5-10+ hours
Not-so-short-answer: Depends on complexity & what is involved from both the advisors perspective & the clients. The more complicated a client, the longer it will take (obviously). Here are several suggestions on tasks I do regularly & my rough average time:
- Organize & rename a clients documents ~ 1 hour (the more documents the longer it takes)
- Run a Kwanti analysis of an individual stock portfolio ~30 mins (more holdings & portfolios take longer)
- Plug everything into eMoney ~ 1.5 hours (more detailed info the longer it takes of course)
- Learning a clients situation in-depth ~ 1 hour
- Auditing eMoney or Right Capital ~ 45 mins
- Building out 2 or 3 scenarios ~ 45 mins to an hour
- Write out a comprehensive financial plan ~4-5 hours (this time length varies a ton since some clients are super easy & others are more complicated)
- Do a high level life insurance review ~ 30 mins
These are just high level average assumptions. Every client is different and every advisors process is different. I am adaptable and aim to provide the highest quality service & value to the advisors I work with :)
Do I have my CFP
I have passed the exam & am building experience hours. Within the next year I will have met the experience requirement and will obtain my letters :)
Yes I do! I love the creative pursuit of designing websites. I do all of my stuff here on Square Space
Do you design websites?
Do you design comprehensive plans & plan deliverables?
I do! This is actually the bulk of what I do as a professional. I will help advisors build out their process, their desired plan deliverable template & then I will help them integrate that into their firm & practice. Then over time as I work with them and their clients I will help the advisor evolve their plan & process.
How do you stay organized with firms?
I have a system with Asana that keeps everything moving smoothly. One Note is also a great tool to keep everyone on the same page.
What do you do for fun when not working?
Great question! I am an avid outdoorsman & just love being outside. Hiking and running are my two passions. Spending quality time with my girl friend Abby, drinking a few craft beers & enjoying the small things in life.
I spend a great amount of time listening to podcasts & Youtube as well. People who genuinely inspire me are Casey Neistat, Tim Ferriss, and Gary V.