Premium Financial Coaching Program The Premium Financial Coaching Program program provides access to “Financial Coaches” with a broad range of experience in financial services, including licensed CPA’s and Certified Financial Planners. The financial benefit is available to allow individuals an opportunity to determine the most appropriate way to handle their financial questions by talking with a consultant familiar with complex financial matters A Financial Coach will unlock a person’s potential to maximize his or her own performance with money. A Financial Coach will help them learn rather than teaching them. Financial Coaching helps the individual build their “best financial life” by helping them focus, break down tasks, and clarify their priorities. A Financial Coach can provide support, structure, focus, and strategies to eliminate obstacles -- to open the path to success. In short, to accomplish more than you might on your own. Where Do Clients Meet For Coaching Sessions? Technology allows us numerous ways to work together. Normally, coaching sessions are done over the phone. Each member is also provided with a secure personal web portal that allows the financial coach and member to a work collaboratively. What Do Clients Work On During Sessions? That's up to them. If they are working through one of the Designed Programs we will follow a more structured outline of discussion and topics. If we are helping with specific goals or achievements, a less structured session is more appropriate. The client sets the goal. A Financial Coach’s job is to help them go along the path and get them where they want to be. The client will share obstacles they are encountering and ask for suggestions. DESIGNED PROGRAMS Below are the “Designed Program” areas of coaching. For the most part, the "Designed Programs" follow a pre-arranged outline and timeline. They tend to be more structured in nature, whereas general coaching is more geared toward a specific issue the client has. The “Designed Programs” include: · Turn Bad Current Debts Into A Positive Credit Rating 2. Home Buying Strategies This service provides advice and analysis of strategies for buying a home, as well as information on first time homebuyer programs. Provides direct access to a mortgage loan lender. · Getting Started · Credit Report Basics 3. Getting Out of Debt Service provides an analysis of member’s debt structure to ensure they are managing debt in the most effective way possible. Effective strategies for credit challenges including direct access to non-profit credit counseling services. · Communicate With Creditors · Borrowing From Lenders · Credit Counseling Services · Alternatives To Bankruptcy 4. Pre-Retirement Analysis A hard copy financial planning report is provided that analyzes existing retirement investments to see if member is on track for their retirement income goals. · Financial Coach asks member to complete a retirement analysis worksheet · Member completes worksheet · Retirement planning software analysis completed · Financial Coach emails copy of analysis to member · Counselor and member set up appropriate time to confidentially discuss analysis 5. 401(k) Review Analysis tool to help the member choose the right mix of mutual funds in their 401(k) plan with regards to their investment goals and temperament. · Financial Coach asks member to complete a Retirement Analysis worksheet and Asset Allocation questionnaire · Member fills out worksheets and gives back to counselor · Retirement plan and asset allocation analysis completed · Retirement plan and asset allocation questionnaire reviewed with member · Member provides list of mutual funds available for investment through their 401(k) plan if they wish assistance with aligning their asset allocation model to their 401(k) investment program. · Asset allocation results matched with member 401(k) menu of mutual funds · Upon request, assistance from a registered securities representative, appropriate mutual fund choices are established from the member’s 401(k) menu that they provide. 6. Developing a Spending Plan This service provides analysis of member’s budget with a goal of developing a realistic spending plan that incorporates current and future financial goals. The analysis will include advice on maximizing income, reducing expenses, as well as managing the use of credit. · How To Establish a Spending Plan · Start an Emergency Fund · Consider Ways To Increase Your Income · Review Your Spending Plan Periodically 7. Automatic Savings Plan This program is a wealth-building tool that enables the member to invest a specific dollar amount in mutual funds on a regularly scheduled basis. · A risk tolerance questionnaire completed by member. · Risk Tolerance questionnaire results analyzed by financial software to determine asset allocation model · With assistance from licensed securities representative, appropriate mutual fund(s) are selected for automatic investment based on risk tolerance indicated through questionnaire. · Member selects day of the month that their bank checking or savings account is debited for the amount of the automatic investment. 8. Mortgage Refinance Check-Up Whether you want to lower your mortgage payments, eliminate private mortgage insurance, get cash out for a home improvement project or pay off high-interest rate credit card debt, refinancing could be your answer. But, you’ll likely have questions about whether it’s a smart decision right now. Use the Mortgage Refinance Check-Up service to find out answers to some of your toughest refinancing questions. · Reviewing existing mortgage(s) · Analyzing loan to value ratio · Accessing your credit score · Reviewing loan cost vs. interest savings 9. Income Tax Services Direct access to discounted tax preparation/tax planning services. · Financial Coach answers tax planning questions · If tax preparation service is requested, Financial Coach will give member the name and telephone number of local tax preparer for member to contact for tax preparation at 25% discount · Tax preparation can also be completed by Financial staff member at discounted price, if local preparer not available Provides a hard copy financial planning report that analyzes member’s current investments for college in relation to costs for higher education in the future. · Financial Coach gives member college funding analysis worksheets · Member fills out worksheets with appropriate information and gives back to counselor · Financial Planning analysis performed · Financial Coach emails copy of analysis to member · Financial Coach member set up appropriate time to discuss GENERAL COACHING General financial coaching is available on several different levels in our benefit package. Services range from individual consultations involving budgeting, credit matters, estate planning, retirement planning, and college funding, general investment subjects and tax issues. Budgeting Techniques Corporate Bonds Credit After Bankruptcy Credit Cards with Lower Interest Rates Credit Repair Scams Credit Reports Debt Counseling Divorce Planning Finding a Financial Advisor Insurance Buying Strategies Internet Stock Trading IRA Rollovers Medicaid Medicare Money Market Accounts Mortgages Mutual Funds Negotiating Late Rent/Utility Payments Renting vs. Buying a Home Retirement Planning Reverse Mortgages Saving For Financial Emergencies Social Security Benefits Small Business Financing Student Loans Tax Issues
Building your "best financial life" requires clarity, consistency, and commitment. Sometimes it helps to have someone in your corner. Not so much as a friend, but an open, honest ‘‘coach” who will hold you accountable to "stay the course". The individual, who invests the time and uses a Financial Coach, will gain a concise, focused direction for a positive, simplified, yet significant financial future.1. Rebuilding Your Credit
· Turn Late Payments Into A Positive Credit Rating
· Put Negative Credit History In A Positive Light
· Use The Power Of The Consumer Statement
The following is a partial list of the many financial topics available to be discussed with a CLC Financial Coach: