Our process is thorough. Its benefits are worthwhile. Unlike other firms, we do a vast amount of work before you make any commitment or pay any fees for our services. This is how the relationship gets started:
Initial Phone Call
We get a sense for your goals, objectives, and what you are looking for in a relationship with a financial advisor. We discuss what you have done to build your wealth and the current challenges you are facing today. Next, we talk through our introductory 3 meeting process, and what is required to make it a success. At the end of the call, if we both decide to move forward, we schedule our initial consultation. To get you oriented, we send you more background information on The Murphy Financial Group, some data gathering forms, and a checklist of items you’ll need to bring to our 1st meeting.
Meeting #1: Discovery
We ask a lot of questions to become more familiar with your situation. We let you do most of the talking as we walk through the forms you completed, statements and documents you brought, and to prioritize your goals. We address any questions you have about Murphy Financial, then we schedule our next meeting. This discovery meeting allows us to dive in to your situation so we can establish what is most important to you. You’ll see these insights reflected in your financial plan.
Meeting #2: Proposal Review & Recommendations
We shine a bright light on your current financial situation. We present a detailed breakdown that includes these elements:
- Net Worth Statement
- We go beyond just assets and liabilities. Your net worth statement itemizes your savings and investments, retirement accounts, real estate, life insurance, and more. It includes details about account values, beneficiaries, and ownership too. If you are like most people, you’ll love seeing all this information pulled together in one, concise, comprehensive document.
- Current Cash Flow Analysis
- We project your cash flows from today and throughout your retirement. Our projection is based on your current and future income and taxes, your spending plan, projected performance of investments, inflation, required distributions, and important parts of your estate plan. The analysis will show your path into the future if you stay on the same course.
- Current Portfolio
- We highlight strengths and weaknesses of your current investments. We present easy to read charts and graphs that illustrate what you own, how diversified you are, how much you are paying in fees, and more.
- Recommendations
- We will use the information from above to identify specific opportunities to:
- Improve future cash flow
- Retire comfortably
- Distribute wealth efficiently and reduce tax liability’
- Protect your estate
- The analysis we develop will be yours to take with you and digest at your convenience. We encourage you to share our findings with your accountants, attorneys, and other trusted professionals as you will likely need these individuals to help implement your plan.
- We will use the information from above to identify specific opportunities to:
Meeting #3: Implementation
If we have made it this far, chances are we’ll both decide to move forward together. To make this engagement official, you sign our client profile and agreement.* We will walk you through all the necessary paperwork and the mechanics of the account transfer process. You’ve now entered a crystal clear, confident, new era for you and your family.
*Our compensation is fee-based. Each year, you pay us a percentage of the assets we manage for you. The percentage decreases as your level of assets increases. You’ll find our fees are very competitive with those of other firms.
6 Week Check In:
After 6 weeks, we invite you in for a status update. We bring you up to speed on your assets transfers and update your net worth statement with the new accounts. Together, we prioritize your financial planning goals. And we make sure you’re finding everything you need on our online client portal.
Ongoing:
We tend to sit down with our clients on a semi-annual basis and possibly a bit more frequently if necessary. We review portfolio performance and progress on financial planning projects. We discuss new goals and objectives. And we identify new opportunities for the future. Before each meeting, we solicit your input on needs or questions you have, and incorporate them into our agenda.
Access to your Murphy Financial team is wide open. Communication is frequent. We’re available to you every day, year round. Life can get complicated. With Murphy Financial, you have a team of experts to consult with on any topic, any time you need us.