The entire engagement typically lasts 8 to 10 weeks.
Meeting One: Review Scope of the Engagement and Address Questions
Before committing to take part in the Base Financial Planning engagement, you will meet with a McLean Advisor to discuss the scope of the engagement and to address any related questions you may have.
Meeting Two: Discovery Meeting
After receipt of the signed agreement and payment by McLean, you will receive an email to schedule your Discovery Meeting. During the Discovery Meeting, we will discuss your personal situation and retirement goals, as well as review your existing retirement plan (if applicable).
Meeting Three: Plan Presentation Meeting
During the Presentation Meeting, your advisor will present your Goals-Based Financial Plan and other deliverables, provide implementation recommendations, and address any questions you may have. The Base Financial Planning engagement is considered complete after this Presentation Meeting; however, in the two weeks following the Presentation Meeting, you have the option to schedule a follow-up meeting to address any additional questions you may have.
Yes. You will have access to your planning team throughout the engagement to ask questions and provide additional information as needed. We strive to clearly explain all assumptions and recommendations, the rationale behind them, and their impact on your plan.
Following the Plan Presentation Meeting, you will have two weeks to schedule a follow-up meeting to address any additional questions you may have, if desired.
“What-If” scenarios are common in financial planning since the output is driven by assumptions or specific events or actions in the future that may or may not occur as modeled in your plan. McLean can assist you with evaluating those scenarios most relevant to your unique situation and modeling potential outcomes. Be sure to discuss these concerns in your initial Discovery Meeting with your McLean Advisor.
Stress testing is also conducted to address changes to various assumptions that may negatively impact the success rate of a Goals-Based Financial Plan. The stress test results will be displayed within the Goals-Based Financial Plan.
The final deliverables include your Goals-Based Financial Plan and RISA® Profile (if not already completed). Investment assumptions and tax projections will be included within the Goals-Based Financial Plan. Following the meeting, you will receive a link to download the final deliverables electronically.
Yes. Many of the core assumptions utilized in the creation of your Goals-Based Financial Plan will be displayed within the plan output, such as inflation, rates of return, volatility, etc. Any additional questions regarding assumptions can be posed to your McLean Advisor. We strive to clearly explain all assumptions and recommendations, the rationale behind them, and their impact on your plan.
As the economic environment changes over time, underlying assumptions for things such as returns, volatility, and inflation will change. McLean will build your Goals-Based Financial Plan with assumptions that McLean considers reasonable at the time the plan is created.
Your Goals-Based Financial Plan will illustrate general inflation as a constant throughout retirement. Different rates may be used for different categories of inflation (e.g., general inflation, education cost inflation, healthcare cost inflation, etc.). The investment portfolio return and volatility assumptions will be broken down by asset class and will also be displayed within your Goals-Based Financial Plan output.
Yes. Your Goals-Based Financial Plan can model various life events and associated decisions to illustrate their associated risks and rewards.
The Base Financial Planning engagement does not include tax or legal advice, implementation of any recommendations, or ongoing support or assistance.
Much of the information related to your goals and preferences will be disclosed during your Discovery Meeting. We will ask that you provide us with supporting documentation, to ensure that we have all the information necessary to build an accurate plan.
Protecting your personal information is of the utmost importance to McLean. All sensitive documents are transmitted to and from McLean through a secure portal via Citrix Sharefile. Accessing documents requires users to sign in and use two-factor authentication. As an added security measure, we do not ask you to provide sensitive information, such as Social Security numbers or account numbers, for our analysis.
Payment is due in full after the signed agreement is received by McLean. You will receive an emailed invoice with the option to pay by credit card or ACH. McLean accepts all major credit cards and does not impose a convenience fee for their usage.
Yes. Please communicate with your McLean Advisor to review available engagements and associated costs.
