Below are sample financial plans for hypothetical clients in several different situations. These plans were created by our Atlanta financial advisor team and should give you an idea of what is typically included in a plan. Hopefully, you’ll be able to find a sample plan that addresses issues you might be facing, and if that’s the case, the sample plan will provide you with a better understanding of the plan format, content and cost. Finding an Atlanta financial advisor who is a good fit can be difficult, so feel free to contact us for further information.

If, after reading the sample financial plans, you would like to attend a no-cost 90-minute workshop to create your own financial plan, click here. Please note that the workshop is only valid for U.S. residents, as all tax assumptions are based on U.S. tax regulations.

Example Financial Plan #1

Jack and Julie, a married couple whose kids are grown and financially independent, are planning on retiring in a few years

Jack and Julie are a few years away from retirement, and although there is some difference in their ages, they hope to retire simultaneously. Jack has worked for both the Federal Government and a state-run university, so he will receive two pensions in addition to the social security that they will both receive. Although Julie will not have a pension, she has saved aggressively in past years and will continue to save – albeit somewhat less aggressively – through retirement.

Jack and Julie believe that they are well situated for retirement, but they would like to understand just how well situated they are, and they have also prioritized survivor planning to confirm that they would both be fine should either pre-decease the other.

Financial Plan Outcome

As they suspected, Jack and Julie are in good shape for retirement, and after reviewing their plan results, they have begun to consider retiring earlier than they initially anticipated. They also have sufficient resources to financially weather a survivor situation, particularly if Jack receives an inheritance (as seems likely) from his father’s estate. Given Jack’s father’s long life, there is a higher than average change that Jack will be long-lived, and if that is the case, it will be beneficial for him to delay taking social security.

Jack and Julie also completed a review of their other insurance coverages as well as their estate documents and existing portfolio allocation vs. the portfolio allocation used in the plan.

Plan Cost

The retirement plan cost is $2200, and that included all work necessary to complete the plan as well as the two client meetings in which the plan was reviewed and discussed. Additionally, Jack and Julie had a few implementation questions after the final plan meeting that were covered in the fee as well.

 


Example Financial Plan #2

Sarah, a physician in her late 30’s focused on savings and planning for retirement

Sarah is a doctor who works for a healthcare provider associated with a large university. She is single and in her late 30’s, and although her income has increased substantially since she completed medical school, her spending hasn’t followed suit. Thus, she is in the fortunate position of having substantial disposable income and the matching contributions from her employer to her retirement plans is generous.

She would like to retire in her mid-50’s, although she could put retirement off for a bit if necessary. In addition to contributing the maximum allowable amount to her retirement plans, she is also spending $15,000 each on paying down medical school debt and establishing an emergency fund. Sarah is seeking advice on whether or not her retirement goal is realistic, how best to achieve it and how she should invest.

Financial Plan Outcome

Sarah is close to being on track, but she is more likely to be able to fully fund her retirement if she pushes it back to her late 50’s. Furthermore, her investments are a bit too conservative given her overall risk tolerance and return needs, so we recommend increasing her equity exposure. Lastly, she may want to consider additional disability insurance if it is available so that she can continue to meet her savings goals even in the event of long-term incapacity.

Financial Plan Cost

Sarah’s plan cost is $1,500. This cost included all work necessary to complete the plan, plus 2 client meetings to review the initial draft plan as well as the final plan, and subsequent support to answer any questions Sarah had as she worked to implement the plan.

Sample Plan Narrative Sample Plan

 


Example Financial Plan #3

David and Susan, a married couple in their late 30’s, both earn high incomes and recently made the decision to adopt twins

David and Susan are in a strong financial position, but the recent decision to adopt has led them to the decision to have a comprehensive plan done. Both David and Susan earn high incomes, and David works as a consultant while Susan splits time between research at a medical university and practicing at the university clinic.

David’s position requires a good deal of travel, and although he has no desire to retire early, he would like to find a less stressful job in his early 50s. Both David and Susan plan to continue working full time once the adoption is complete, and they may hire a nanny or consider daycare for the children. They have fundamental goals in planning: to  adequately fund retirement and to fund education for the children. They want to ensure they are making optimal financial decisions and they would like to have the framework of a plan within which to make those decisions.

Plan Outcome

Given their high savings rate and low spending rate compared to their income, David and Susan are in a strong position. Nevertheless, their position can be strengthened by increasing their stock allocation slightly and by purchasing additional term life insurance to provide income to the surviving spouse in the event of premature death. We also recommend funding 529 plans to cover the educational goals, and we look closely at their various insurance coverages and methods they might use to minimize their tax liabilities.

Note that David recently became eligible for a deferred compensation plan that’s reserved for firm partners. However, the details of the plan are being finalized, and thus we have not included it here. Given its likely materiality, we would update the plan to include the deferred compensation once details are finalized.

Plan Cost

David and Susan’s plan cost is $1900. In addition, they have requested portfolio design and the fee for that is 0.25% of the portfolio value, or $1125 for a $450,000 portfolio. Should they decide they want to work with Minerva on a retainer basis, the portfolio design fee will be applied to the first quarter’s retainer fee.

 

Sample Plan #2 Narrative Sample Plan #2


Our Atlanta financial advisor team has created plans for clients in a wide variety of situations, not just those shown above. If you don’t find a plan above that is somewhat reflective of your situation, contact us to let us know a bit more about your situation and we’ll see if we can provide a sample plan that is a better fit for you.