Service Models

Hourly, As-Needed

Our core service features a no-obligation Get Acquainted meeting at which we discuss your current financial situation in detail, identify the areas where we can help and provide you with with a written fee quote, which includes a not-to-exceed cost for completion of the project. If you decide to go forward, we’ll get started soon after you provide us with all requested information. We’ll schedule a meeting with you to review our written report, including specific recommendations. We’ll answer any follow up questions you might have within a reasonable timeframe after the meeting at no additional charge. Implementation of our recommendations is your responsibility but we give you specific instructions and even find most of the forms for you.

We may require a deposit for this service and the fee is due in full upon delivery of our written report. The fee for this service typically ranges between $1500 and $5000 and is based upon the amount of time we spend working on your project. After the initial project, we recommend most clients come back for an update every one to two years. Ultimately, it is up to the client to decide when to come back.

To kick off the exploration process for this service, simply contact Teri Christensen at 502-426-0300 x103. or by e-mail at teri@coatsfinancialplanning.com. Teri will answer any questions and schedule the Get Acquainted meeting. She’ll give you a link to an online Confidential Questionnaire that we ask you to complete in advance of our meeting, so that we are better prepared when we meet.

Real-Time Planning for Younger Adults

Many of our more “mature” clients have commented to us that they wish they had started working with someone like us when they were young adults. We’ve also noticed that very few of our clients are under the age of 50. As a result, we’ve created a new service offering “real-time” financial advice to try to give younger adults and those of more modest means access to affordable fiduciary financial advice.

We’re calling it “Real-Time” financial planning because most of the planning is done right in front of the client during our meeting. In most cases, our usual Get Acquainted meeting is replaced by a briefer phone conversation. This culminates in a face to face meeting lasting 90 minutes to 2 hours. At the end of the meeting, the client is provided with a written action checklist containing our recommendations. The client also is allowed a reasonable period of time after the meeting for follow up questions.

Eligibility for Real-Time sessions is restricted to include only those clients not exceeding the age of 45 (at least one spouse). In addition, there are income and asset restrictions. Those with household income exceeding $120,000 annually or $150,000 in investable assets have more complex needs and should use our traditional hourly service. For those that do qualify, we offer two tiers of Real-Time Planning. For those with household income up to $75,000 and investable assets, below $50,000, we charge a fee of $400. For those above those levels that still qualify for this service, we charge a fee of $700. We do require a $250 deposit for the higher tier because it requires considerable prep work in advance of our real-time session.The remaining fee is due at the conclusion of our meeting and we do accept all major credit cards as payment for this service.

To learn more about Real-Time Planning, simply contact Zack Clark at 502-426-0300 x102 or by e-mail at z.clark@coatsfinancialplanning.com. Zack will answer any questions, give you a link to an online Confidential Questionnaire and work with you to make sure we have the data we need for our session. Whether we need the data in advance will depend on which tier is applicable to the client.

Ongoing Retainer Relationship

All new clients working under the hourly model go through the same initial process that culminates in the presentation of a written report containing specific recommendations. However, many also choose to retain our services on an ongoing basis rather than revert to the as-needed model. We find this is particularly appropriate for clients with portfolios in excess of $500,000 or for clients who have a need to make a number of financial decisions throughout the year. We have about 70 clients who work with us under this model.

In exchange for a fixed annual fee, the client receives unlimited ongoing investment advice and support. We typically meet at least twice per year to review the portfolio, discuss tax planning and address other relevant issues. We also provide ongoing implementation assistance, including on the initial engagement, if the client makes the retainer election as part of our original project work. The fee is based on financial planning complexity and the amount  and type of assets on which advice is provided. The minimum annual fee is $1500 but most are in the $2000 to $4000 range and several are higher than that.

Clients will find our retainer fees to be a much better value than the 1% or more of assets charged by many “fee-based” advisors. We think most advisors under-deliver and overprice their advice. We try to tie the cost to the actual time we think we will spend on the client’s matters throughout the year. It simply does not take anywhere near twice the time to advise on a $1 million portfolio as it does on a $500,000 portfolio and our pricing reflects that.

Locating Our Office

If you’re trying to find our office, we’re located in the Plainview area of eastern Jefferson County, in the Hurstbourne Parkway corridor just north of I-64. Turn at Timberwood Circle at the Brick House Tavern and Tap restaurant and we’re just behind the shopping center (Barnes & Noble) in the Plainview Office Condos. We’re in the northeast corner office of Building #804, the only building that is parallel to the shopping center and Hurstbourne Parkway. See the map below to get a better feel for the layout of the area and feel free to take advantage of the zoom option.

New Client Documents

We use a secure, online questionnaire to gather information about you to facilitate our discussion when we meet. Please click on the link below to get started entering your data. You don’t have to complete it in a single sitting. You will be able to save your data and pick up later where you left off or go back and update what you have already entered. Once you have entered everything, you can submit it to us and we’ll look it over prior to our meeting. Please complete the questionnaire best you can and submit it at least a week before our initial meeting. If you prefer to use a paper-based questionnaire, we can arrange that too. Just ask us for a copy.

Start Confidential Questionnaire

When you come to the meeting, don’t forget to bring all your supporting statements and documents. You are also welcome to submit any of this in advance via our secure fax (502-326-3010). Here is a list of documents you should bring at a minimum:

- Most recent Tax Return

- Recent paycheck statements for yourself and spouse (if applicable)

- Investment and retirement account statements from recent quarter end or anything later

- Lists of available investment options in company retirement plans

- Statements and original policies for any cash value life insurance

- Info on Long Term Care Insurance, if you have such a policy

- Current cash balances

- Current balances, interest rates and monthly payments on any outstanding loans

- Estate planning documents (wills, trusts, power of attorney, living will, health care power of attorney, etc.)