Bergland Wealth Management services are not offered on an a la carte basis. Rather, we advocate a proven two-step process that empowers us to help you realize your Ideal Life. We feel strongly that everyone needs a financial plan and, frankly, the expertise we bring to bear in the planning and coordination steps is where the greatest value lies.
It is important to note that each step is contracted and compensated separately. You are not obligated to continue to the subsequent step (i.e., going from Step 1 to Step 2 below).. That being said, to date, no Bergland Wealth Management client has ever opted out following Step 1 -- the planning step.
Here’s a succinct overview of the two steps and the specific services each entails:
Step 1: Comprehensive Financial Plan
Your Comprehensive Financial Plan may focus on the following topics (depending upon your unique situation):
- Tax Planning
- Investment Planning
- Retirement Planning
- Estate Planning
- Insurance Planning
- Cash Flow & Budgeting
- Education Planning
- Special Needs Planning
At completion, you receive your own unique, personalized, plan that becomes your roadmap to achieving your life’s goals. Going forward, we update your plan as needed to keep you on track to where you want to go.
Just as you have unique fingerprints, so you also have unique needs, goals, and objectives with unique complexities. Our financial planning fees are tailored to your unique needs.
Generally speaking, a “Comprehensive Financial Plan” is in the area of $2,500 to $7,500, is based on the complexity of your Plan, and generally takes one to four months to complete. The more complex your Plan, the more time it takes to complete. One-half of the Plan fee is due up front with the balance due at the time of the delivery of the Plan. The delivery of your Plan and your corresponding approval of the Plan marks the completion of Step 1 -- writing your personal, unique, Comprehensive Financial Plan.
NOTE: From time to time, we do have a waiting list of from 1 -3 months.
Step 2: Implementation & Coordination of Financial Plan
Once your Plan is delivered, we have reviewed it, and you have approved it, we then begin Step 2 -- the "Implementation & Coordination of Your Financial Plan." Bergland Wealth Management is particularly adept at putting your Plan into action. We begin by targeting the plan recommendations you deem paramount. You set the pace and determine how quickly you wish to achieve which items and in what order.
During the first two years of our “partnership”, quarterly meetings (whether in person or via phone/Internet) are mandated. Once the plan is delivered and implementation begins, all future plan amendments are included in the annual retainer fee.
Portfolio Management is an integral part of Step 2. Our client-centric, portfolio management services are guided by your plan and include risk tolerance evaluation, the construction of an Investment Policy booklet containing the Investment Policy Statement, asset allocation, quarterly portfolio snapshots, portfolio rebalancing, and implementation.
An Annual Retainer fee for On-going Implementation and Coordination of Financial Planning services is quoted in a letter of engagement outlining your vision, goals, and objectives. Retainer fees are agreed to by both the advisor and client prior to beginning a retainer relationship. The minimum annual retainer for this service is in the area of $5,000 to $10,000 and is again based on the complexity of the plan and the value to you. The agreed upon annual retainer is billed quarterly and paid from within your portfolio. (You do not have to write a check for it out of your personal checkbook.) By paying in this manner, your rate of return calculations are net of any and all fees and expenses.