Financial planning is at the heart of everything we do at Roffman Miller Wealth Management. We believe so strongly that every client should have and deserves a plan that we don’t charge a separate fee for this customized service. During our financial planning conversations, we’ll talk about preparing for and transitioning into retirement, estate planning considerations, insurance coverages and needs, education funding options, tax implications, Roth conversions, and any other topics that are important to you or your family.
Step 1
Discovery
Our planning is highly customized, so engaging in a consultative discovery conversation is the first step in our process. We want to know all about you and your goals to better understand how we can help you.
- Engaging in consultative conversations about your goals
- Understanding your current financial situation
- Learning about you and your family’s aspirations
Step 2
Creating Your Roadmap
Once we’ve learned about you and your family, we create a customized plan to help you achieve your unique goals.
- Developing your customized financial plan
- Building strategies aligned with your objectives
- Identifying key planning opportunities
Step 3
Plan Presentation & Refinement
Once our roadmap is complete, we’ll meet to review our recommendations. During this meeting, we’ll have a deeper discussion and fine-tune the plan. Once our planning objectives are met and agreed upon, we’ll establish a user ID and password so you can view your plan anytime online. We use state-of-the-art financial planning software that provides a powerful tool to help you stay on track. It also allows you to run “What-If” scenarios like what if I spend more or retire early.
- Reviewing our detailed recommendations
- Fine-tuning the plan to your preferences
- Setting up online access to track your progress
- Exploring “What-If” scenarios for different possibilities
Step 4
Implementation
We’ll identify a plan of action during the presentation. Our team will take the presentation recommendations and then make them happen. Some typical action items include creating an investment plan, placing trades, beneficiary changes, estate conversations, tax implications, retirement timing, education funding, and other actionable items discussed during the presentation.
- Creating your investment strategy
- Executing targeted action items
- Coordinating estate and tax planning
- Making necessary account changes
- Setting up income strategies when needed
Ongoing Partnership
A financial plan isn’t a one-time conversation. As life unfolds, changes are inevitable. Our team will have regular discussions to ensure your plan is current, and we’ll adjust along the way.
- Regular review discussions
- Adjusting plans as life changes occur
- Staying connected through market updates
- Monitoring progress toward your goals
What a Financial Plan Shouldn’t Be
All too often, a financial plan is a 100-plus page document that can cost several thousand dollars and is bound in leather. The final recommendation is a product sale. If your financial planner recommends that you purchase annuities or life insurance for a fee from their firm, buyer beware.
What a Financial Plan Should Be
At Roffman Miller Wealth Management, we do not sell products or participate in commissions. Our advice is entirely about you and your goals. We sometimes recommend estate planning or insurance products to meet a need, but we don’t profit from that advice. Wealth Managers are increasingly trying to bring tax and estate planning in-house. We believe you can’t do anything incredibly well if you try to do everything. The world is highly specialized, especially when it comes to financial advice. Also, trying to hire an internal tax and estate planner dilutes your talent pool.
We’ve partnered with several great estate and tax planning firms throughout the tri-state region. Tax and estate planning are highly specialized professions, and not one firm suits everyone. Our job is to understand what you’re looking for and then match you up with a professional specializing in your area of need. As a result, some clients may be referred to a partner in Philadelphia, and others may be referred to firms in New Jersey, Bucks, or Montgomery Counties. Of course, if you already have professionals in place, our team will coordinate with your existing financial team.
Why Work with a CFP® (Certified Financial Planner)?
Just about anyone can call themselves a financial planner. However, when you work with a CFP® professional, you’re working with a planner who adheres to the highest industry standards and has passed the CFP Board’s rigorous educational requirements. Our CFP® professionals act as fiduciaries and act in their client’s best interests when providing advice. Moreover, our financial planning team is led by President Bob Hofmann, a CFP® professional since 1999, our CFP team has over 60 years of combined experience.
*Please Note: Limitations. The scope of any financial planning and consulting services to be provided depends upon the terms of the engagement, and the specific requests and needs of the client. Roffman Miller Wealth Management does not serve as an attorney, accountant, or insurance agent. Roffman Miller Wealth Management does not prepare legal documents, nor does it sell insurance products.
