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 The Initial Financial Overview (IFO) service is designed to be a two-hour interactive session to review and offer recommendations and suggestions on a client’s current financial situation. We charge a flat fee of $775 for this service.
Most financial planners offer an initial consultation at no charge. Their consultations are designed to gain your trust without actually providing financial planning information. They will use this initial contact as a springboard from which to sell their products, such as life insurance, annuities, or loaded mutual funds. The planner’s objective is to earn a commission after first developing your trust. An inherent conflict of interest exists in this situation. What is best for the client might take a back seat to what product pays the highest commission.
Without intending to, Greg Galecki became an industry pioneer in what some financial journalists and other Fee-Only financial planners have termed as interactive financial planning. He has held training classes as far away as California for other financial planners using this Initial Financial Overview process. He has also spoken at various national conferences for other Fee-Only Financial Planners to show them how to utilize this same process. All Galecki Financial Management planners are fully trained in the Initial Financial Overview process and also assist with ongoing revisions as necessary.
We have conducted over 500 Initial Financial Overviews since 1994. Our experience shows that most clients want either a retirement analysis or recommendations for restructuring part of their portfolios using no-load mutual funds.
Before the Initial Financial Overview, a Client Inventory will be mailed to you to list all of your assets, liabilities, income and expenses. You will be given a list of items to bring to the meeting; such as tax returns, retirement statements, brokerage statements, wills and trusts, life insurance policies, and other important financial documents.
We listen to your concerns, your goals, and your dreams. Then we review the documents you brought with you. After having an understanding of your objectives and your financial situation, we begin analyzing and making specific recommendations.
Following the Initial Financial Overview, a summary letter, outlining and reviewing our recommendations, will be mailed to you. This letter gives you specific recommendations for you to implement. After receiving our letter, you may choose to use other services provided by Galecki Financial Management; however, you will be under no obligation to do so.
As consumers become more knowledgeable, they realize the benefits of a Fee-Only consultation. Sophisticated investors do not mind paying a reasonable fee for sound financial advice and direction. Our fee for the Initial Financial Overview is less than the sales charge you might pay on a $15,000 mutual fund investment!
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