“Fee-Only, Independent Financial Planning for Individuals and Couples”

CVT's Services

click to open text content below The Personal Financial Planning Process

Financial Planning is an on-going process, requiring the following steps:

  1. Establish your financial goals and objectives.
  2. Gather your financial and personal information.
  3. Analyze the information gathered to determine if completing a comprehensive financial plan is a wise investment for you or if an alternate project is more appropriate.
  4. Develop your comprehensive financial plan.
  5. Implement your plan.
  6. Monitor your plan to ensure that you are on track to meet your goals and make revisions as needed.
click to open text content below Comprehensive Financial Plan

Typically, most clients begin by investing in a comprehensive financial plan. Each plan is unique and specifically tailored to address the client’s unique goals and concerns. The cost of the plan may be tax-deductible as an investment expense. Generally, it takes about six to eight weeks to complete a comprehensive financial plan.

One benefit of the financial plan is that you can see in black and white what you need to do in order to achieve both your goals and financial independence. People with a written financial plan may find they have a clearer understanding of how to achieve their goals and therefore they may increase the likelihood of obtaining their goals. Financial security may also be improved since a financial plan will look for holes in your current financial situation, whether it is too little life insurance, disability insurance or taking excessive investment risk.

Typical components of the financial plan include:

Goals — A summary of your goals and concerns. The financial plan will address how you may achieve each of your goals.

Net Worth Statement — This is a list of all your assets and liabilities.

Cash Flow Statement – The cash flow statement is an extremely important component of the financial plan because it shows how much discretionary income a client currently has.

Income Tax Planning — The financial plan will examine your current federal and state income tax liabilities and determine if there are possible, legal ways to reduce your taxes.

Protection Planning — This includes an analysis of what your situation may look like in the event of a disability or premature death. The analysis will show you the optimum amount of disability insurance and life insurance you may want to own.

Investment Planning — The investment review is a detailed analysis of your current investments and asset allocation. The recommendations will suggest changes you might wish to consider making.

Education Planning — This is an analysis of how much you should be saving annually to meet any education goals. Education planning includes an analysis of potential financial aid eligibility.

Goal Analysis — This is an analysis of what it will take to meet your goals, whether it is the purchase of a new car, a second home or even a once in a lifetime vacation.

Retirement Planning — The retirement planning section of the financial plan is a detailed analysis of what it will take to achieve your retirement goal. Multiple scenarios are run with various assumptions so the client can see, for example, the impact on how much should be invested annually if the retirement age is changed, if the presumed rate of return for the investments is changed or if the inflation rate is changed.

Estate Planning — This is a valuation of your current estate, what your estate tax liability may be and a projection of how much your heirs may receive.

Recommendations — The recommendations in the financial plan are specific and unique to you. They address each of your goals and concerns and provide you with specific suggestions to consider in order to achieve your goals. Many clients find that the recommendations act as a “to-do” list—a step-by-step list of items to take action on and decisions to be made.

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click to open text content below On-Going Asset Management Retainer

The asset management retainer service is for clients with a completed comprehensive financial plan. For a low fixed rate (billed quarterly), clients have the ability to obtain any financial help or information they desire. This includes help in implementing the recommendations of the comprehensive financial plan, monitoring investments, reviewing tax returns, choosing employee benefits, answering questions and advice with any other financial issues that may arise.

CVT Financial Planning does not have discretionary authority of any client accounts. This means clients have absolute, 100% control of their investments. It also means clients are responsible for placing their own trades. We will provide clients with investment suggestions, discuss the benefits and drawbacks of each investment recommendation and help clients decide which specific investments they would like to purchase for their portfolio. Frequently, clients choose to have copies of their investment statements sent directly to CVT Financial Planning so we may easily monitor their investments.

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click to open text content below Retirement & Investment Plan

A retirement and investment plan may be the appropriate choice for clients who are at or near retirement age and don’t require the complexity of a comprehensive financial plan. The retirement analysis shows how to achieve the retirement goal and makes sure that the investments are structured appropriately based on the client’s investment risk tolerance.

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click to open text content below Special Projects

When neither a comprehensive financial plan nor a retirement and investment plan are appropriate, specific tasks may be performed at a fixed hourly rate.

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