When you become a client at RDM Capital, the first step is to meet with our team to develop a comprehensive financial plan. We work closely with our clients during each stage of the six step financial planning process:

First, we establish and define the relationship with our clients. At this initial stage, we meet with our clients to understand whether they are looking for advice on discrete financial issues or a complete financial plan. Our clients typically seek our advice on the following subjects:

  • Retirement planning – Am I saving enough for retirement? When can I retire? How much can I afford to spend in retirement?
  • Education planning – What is the best way to save for my children’s education? How much should I be saving? How much is college likely to cost?
  • Budgeting – How should I prioritize my spending? Do I have too much debt? How expensive a house can I buy?
  • Estate planning – What estate documents do I need? How can I provide for my special needs child after I die?  Will any estate or inheritance taxes apply?
  • Investment planning – What is the current status of the financial markets?  How should my investments be allocated? Are there any alternatives to stocks and bonds?

Second, we gather financial information from our clients. To prepare a thorough financial plan it is crucial that we have a complete understanding of our clients’ financial picture. We ask our clients to complete a financial planning inventory with detailed information about their finances. We also discuss any other unique financial circumstances during our initial meeting. We pride ourselves on listening to our clients to understand their individual concerns and identify their strengths and opportunities.

Third, we analyze and evaluate the client’s financial situation. The RDM team conducts a thorough review of our clients’ financial information and develops our recommendations. We also occasionally seek input from accountants and attorneys if there are tax and legal considerations.

Fourth, we prepare a detailed, written financial plan and meet with our clients to explain the plan. We encourage our clients to give us feedback and ask questions during our meeting. Our clients must buy in to their financial plan to achieve successful results. Thus, it is essential that our clients fully understand their financial plan and see the value in our recommendations.

Fifth, we work with our clients to implement their financial plans. Our financial plans are of little value if our clients are unable to practically apply our recommendations. Thus, we work with our clients after our financial planning meeting to put our recommendations into practice.  We also may refer clients to our partner, BNY Mellon Private Bank, if there are private banking solutions that may be useful.  (For a description of some of these private banking solutions, click the following links: 1, 2, 3, 4, 5, 6).

Finally, we monitor our clients’ financial situation through annual or semi-annual meetings. We recognize that our clients’ finances will change over time. We thus meet with our clients as frequently as necessary to make sure our original recommendations are still appropriate. Ultimately, the financial planning process is a collaborative and evolving process. We value our relationships with our clients and enjoy helping our clients to achieve their financial goals as they progress over the years.