How do you work with clients?

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Mullaney Financial & Tax provides a detailed financial plan and education. Financial planning focuses on six core areas of clients' financial lives: tax planning, retirement planning, investment allocation, estate planning, insurance/risk management, and major purchase/cash flow needs. 

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The goals are to provide clients with understandable, actionable recommendations and education to empower them in their financial lives going forward.

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The planning process involves understanding the clients' circumstances, planning goals, and planning challenges. The planning process typically involves three meetings.

 

First Meeting Approximately 60 minutes. Clients get oriented in the financial planning process, express needs and desires, and ask questions. Sean gets to know the financial situation of the client and may offer some initial recommendations. Sean uses the first meeting to help formulate a detailed financial plan.

 

Second Meeting Approximately 120 minutes. The detailed plan is discussed and revised during the second meeting.

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Third Meeting Approximately 60 minutes. Outstanding questions are answered and the plan moves towards final form. 

 

Clients ask questions and learn more about their financial lives during these meetings. Meetings are focused on providing education and recommendations that help empower clients in their own financial lives. 

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Clients receive the detailed plan in writing and any related spreadsheet calculations.

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How long does financial planning take?

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Our financial planning process is a ninety (90) day process, though in some circumstances it can be done quicker. Having a time frame helps focus the mind so that clients are able to process the recommendations, implement them, and learn to control their finances going forward. 

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In very limited circumstances, clients and Mullaney Financial & Tax may mutually agree to 30 day extensions of the financial planning engagement at a rate of $360 per hour.

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What is the fee?

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The fee is $5,000. The first half of the fee ($2,500) is due prior to the commencement of work. The second half of the fee ($2,500) is due 30 days after the end of the engagement. 

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Can we work together after the financial planning engagement?

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It depends. For many clients, the combination of a financial plan and financial education is sufficient, and there is neither a need nor a desire to work again with Mullaney Financial & Tax. In many cases, that is a great outcome, as the client has graduated from our planning services and is empowered to control their financial future. ​

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However, for some clients working again with Mullaney Financial & Tax may be desirable. We offer a revised detailed financial plan for a 75% fee (currently, $3,750). For some clients, particularly the self-employed and early retired, our Fourth Quarter Tax Planning service helps facilitate end of year tax planning.

 

What is Fourth Quarter Tax Planning?

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The self-employed and early retirees have particular tax challenges and opportunities. For example, the self-employed have opportunities when it comes to retirement account contributions and the qualified business income deduction that may require detailed analysis at year end. Early retirees can have opportunities to strategically make year-end Roth conversions. Mullaney Financial & Tax works with clients to assess these possibilities.

 

The fee is $1,800. The first half of the fee ($900) is due prior to the commencement of work. The second half of the fee ($900) is due 30 days after the end of the engagement. 

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This service is available only to previous planning clients of Mullaney Financial & Tax.

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What is "Advice-Only" Financial Planning?

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Advice-only means the Firm sells only its advice. Mullaney Financial & Tax does not provide any investment management services, and clients are not able to invest through Mullaney Financial & Tax. As part of the financial planning process, Mullaney Financial & Tax can provide investment recommendations with respect to a client's preferred brokerage platform and/or employer retirement account. 

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Do You Offer Tax Return Preparation for New Clients?

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We do not offer tax return preparation for new clients and do not maintain a waiting list. 

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