Sudden Money™ Financial Planning

Sudden Money™ recipients may choose to work with us using a five-step planning process.

The first three steps are discovery processes, and the fourth step involves scenario financial planning to test some of the possibilities unearthed in discovery. The final step involves portfolio review, financial education, and investment advisory suggestions. (This step would flow from the work done until that point.)

Step 1 – Financial DNA Discovery Process
An important key to successful financial management – as with many areas in life – is having a thorough understanding of oneself, one’s goals and needs. This enables a person to make committed financial decisions consistently and confidently. We use a tool that gives individuals greater understanding of their unique financial personalities, or “Financial DNA.^®”

For many people, money is a powerful energy that can drive both positive and negative behavior. Sometimes stress or confusion regarding money issues can hinder a person’s understanding of his or her financial needs and goals.

Overall, every facet of providing financial advice involves human behavioral dynamics and risks that need to be addressed. Aside from market risks, all of these are related to the human nature of investors and advisors.

This groundwork, combined with the philosophy of “Understanding People before Numbers,” led to the development of the Financial DNA^® Discovery Process in 1999 by Hugh Massie and his team at the FinancialDNA.biz. The process involves two short diagnostic appraisals which take a total of about 30 minutes to complete and are designed to help the client and the advisor understand more about the client’s financial decision-making behavior, preferences and personality.

When you work with us, we will have you complete these appraisals to help us develop your personalized financial and life plan. You can take these online, and they will be scored by the Coddington Group. Together we will review the results and what they mean. We will also disclose the results some of our individual team members received from these same diagnostics. In our experience, this greatly aids our working relationship.

Step 2 – Life Transition Exercises
This process involves blending your personal goals, beliefs and dreams with your new financial position. Life transitions are a big part of the experience of receiving what we call “sudden money.” In many ways, “what was” no longer exists, and “what will be” has not yet taken shape. Together we will help you shape “what will be.”

A successful transition takes time and commitment, and is likely to result in a greater feeling of confidence and purpose. One key to achieving this is taking the time to re-examine your priorities and consider new choices in light of your most important life goals. The presence of new income and assets presents many opportunities; it is up to you to consciously decide how to use the money to benefit yourself, your family or others. The exercises we will do together are designed to give you a better sense of your financial boundaries and how your income and assets can support your desired lifestyle.

The exercises include making a “Bliss List” – a list of things you would do for yourself, your family and others in a perfect world. We focus on what would make you happy and fulfilled, and try to pinpoint the things you truly believe to be important.

You will also put together a “Personal Touchstone Statement,” which is meant to be an expression of your core values, beliefs and desires. This will assist you in prioritizing the items on your Bliss List, and reaching decisions that reflect your most important life goals and beliefs. In this exercise we will present you with a series of questions. You will not need to share your answers as they are strictly for you. Once you are satisfied with your answers, we will provide instructions on how to use them to create the Touchstone Statement. We will be available to coach you throughout the process, although some choose to do this exercise privately. When the Touchstone Statement is complete, we will review it together.

Step 3 – Gathering Financial Data
While you work on step 2, we can begin step 3. We gather statements for all of your accounts and investments. Then we create an inventory of your assets, income sources and debts. We analyze expenses and work with you to create a spending plan for the future. Finally, we will conduct an insurance review to ensure your coverage is appropriate.

Step 4 – Scenario Financial Planning
With the data we’ve gathered in previous steps, we will outline some likely scenarios, then test to make sure they are financially viable. This will give us a sense of what is possible now and what might be possible in the future.

Step 5 – Providing Solutions
The scenario planning has likely presented a clearer view of your goals and desires, as well as the financial steps necessary to achieve them. With that in mind, we will analyze your portfolio accordingly, suggesting any changes we believe support those goals and desires.  

The cost of this comprehensive process is $1,500, $500 of which is payable at the start of the process. After step 5, you may decide to engage our services on an ongoing basis. If so, we will initiate the process to transfer your accounts. Once the accounts are transferred, we will implement your financial plan. In this case, we will waive one-third of the financial planning fee, or $500.

Of course, you are also free to decide not to transfer your accounts or work with us on implementing your plan.

This entire process can be completed at your own pace. It can take two months, or it can take longer, depending on how we set up your personal timetable.

For more information, or to schedule a confidential, no-obligation meeting, contact us today.