Skip the registry: Give the life-changing gift of financial security.
By One of the great things about my job is that I get to walk with clients through some of the biggest milestones of their lives, whether it’s getting married, having children, or retiring. We’re not just celebrating these achievements — we’re using the opportunities to dig in to how they affect the person’s finances and to help set them up for success moving forward.
Most of these clients work with us on an ongoing basis, with regular communication and quarterly meetings with one of our advisors. But often I find that they know of other people in their lives who could benefit from talking with us but don’t want to commit to the full wealth management experience. Maybe they’re more of a DIYer who likes to manage their own investments, or they’re fresh out of college and just need a plan to get them started on their own financial journey.
This is why Family Financial Partners launched Fee for Plan, a set of one-time advisory packages based around those big milestones. I’ve found that these plans work well as gifts for a family member who is reaching a critical moment in their life — starting a career, getting married, having a child, preparing for retirement, and retiring. Are you an aunt whose oldest nephew recently graduated from college, and you want to help him knock out student loans and start saving? Are you about to be a first-time grandparent, and you want to make sure your new grandchild has a 529 college savings plan? Is your own kid getting married, and you want to get them on a plan to save for a down payment on their first home?
These Fee for Plan packages work similarly to our normal advising. We’ll have an initial meeting to get to know each other, gathering facts and goals. We take all that information and build a customized financial plan. Then we’ll schedule a follow-up meeting to present the plan, get them set up on eMoney, and have an action checklist with every to-do item over the next couple of years. Some of those things we can help them with or even do for them. Some they can do on their own. The big difference is that it’s one fixed payment for the entire plan.
The average person coming out of college may have little concept of personal finance and is thrown out in the world and expected to figure it out on their own. When you’re young, you can either go down a path toward lifelong success or make some not so great choices and set yourself back.
If you’re a parent or grandparent, I would bet that you want to make sure your loved ones head down the right path, setting themselves up for long-term success. This often takes a concrete plan.
If this sounds like something you might want to gift to a family member, take a look at the five packages we offer and see which one might be the best fit. You can always contact me or anyone else on our team for more info.
Article by Kyrk Davis, Wealth Advisor at Family Financial Partners — a financial services firm in Lexington, Kentucky.