What It's Like To Work With Bulman Wealth Group?

Your hosts are Bowman Wealth Group financial advisors who , for more than two decades , have provided financial leadership for those they serve .

If anything sticks out , something resonates with you , you have comments , questions , feedback please always feel welcome to reach out to our email address . It's the best way to get ahold of us . That email is ask at bullmanwealthcom . A-s-k at bullmanwealthcom .

In today's episode we're going to be looking at our process to address each piece of a financial plan and walking through what it feels like to become a client here at Bullman Wealth Group . Now , a financial plan sounds like a broad term and it is .

For us , it means at least looking at each piece and determining if anything needs to be addressed in that particular realm for our clients . So planning for retirement can be a daunting undertaking . Partnering with a financial advisor to walk you through this process may prove to be invaluable .

So how does Bowman Wealth Group assist in navigating someone through retirement ? We use the Financial Compass Retirement Roadmap and that really covers five areas . It covers investments , income planning , legacy or estate planning , health care and then tax planning . Now this is personalized to the individual's circumstances . Everybody's situation is different .

The first meeting we call this the discovery meeting . This is where we get to know individual circumstances . Everybody's situation is different . The first meeting , we call this the discovery meeting . This is where we get to know a person .

We start to identify what areas we can potentially assist in in their overall financial plan If we were to begin working together . If an area is already covered , then we simply move on to the next item . Ultimately , the goal of meeting that first meeting is to discover if we can add any value . Right , we want to learn a little bit more about you .

Learn about goals , dreams , concerns of yours , what , what keeps you up at night in terms of your finances and your retirement plan . We share a little bit more about our firm , about Bowman Wealth Group . You know kind of talk about our philosophy , and our philosophy really is kind of looking at everything comprehensively , right At a high level .

We want to make sure those five areas I mentioned are addressed in some way , shape or form . And really during that first discovery meeting , at the end of it , all we're trying to decide is if it makes sense to meet again and have a second meeting to dive a little deeper and dig into some more details . So what happens after this first discovery meeting ?

Well , we have a team that works behind our advisors , sort of behind the scenes , and generally we'll send after that first meeting a few things . We'll send a recap email to cover all the things that we discussed in meeting one in that introductory discovery meeting .

We want to make sure that we understood your dreams , your goals , your concerns , make sure we understood what's important to you . We'll also send a couple of links in that recap email .

First link is going to be a risk quiz and that quiz takes , you know , maybe five or 10 minutes to complete , but it's a way for us to begin to assess what your level of comfort is with risk in terms of the markets .

The second link is a secure upload link and it's a way for prospective clients to upload statements for their investment accounts whether that's 401k IRA brokerage accounts , their investment accounts , whether that's 401k IRA brokerage accounts and once we gather those statements securely through the secure portal , it allows us to analyze a portfolio , analyze the holdings and

get an idea of the portfolio's level of risk . Because that same software , that same system that measures the level of risk from that risk quiz . We can also put the portfolio in there and see you know , is it aligned with the client's wishes ? Sometimes we'll send , you know , a budget sheet to help clients identify , sometimes , things they forgot about .

You know , it's a way to track what we're spending , what's coming in and what's going out , and this is determined by multiple categories . But it's one thing to kind of help identify maybe some holes or things that we forgot about in our budget . So what do we do with all this info ? Well , as I said , we begin to analyze the asset allocation .

Right , we want to see how is that portfolio composed , as is . Beyond that , we'll begin to draft a financial plan and at this point it's high level . But it helps to identify any potential holes early on in the process . So let's assume a prospective client comes to this introductory meeting and then submit some documentation . You know what happens from there .

As mentioned , we do run that diagnosis . We want to kind of see and analyze where the portfolio is currently at . We're going to review that data in the next meeting . We want to review the risk score .

So that risk quiz is going to give both the portfolio a score and the individual a score , and that score could be anywhere from one to 99 , one being very conservative and 99 being very aggressive .

So you know , just imagine there are some people that maybe haven't changed or haven't tweaked their retirement investment accounts , you know , since they started contributing to it and sometimes this can be 30 years .

And if we haven't made changes along the way over time , as we get closer to retirement , you know our level of risk and what we're comfortable with risking changes over time . If we're not changing and addressing , you know , as we get closer to that retirement age , you know it can be a problem .

So we've had prospective clients and current clients who've come to us and their portfolio is is a risk score of maybe a 72 or an 80 or more and their risk score came back with a 12 . Now , that's a pretty big disparity there .

So we want to identify that and see how we can make some changes to align it more with the level of risk that they're comfortable taking . I think it's just important to get a second opinion .

A lot of people are doing this on their own , or maybe they're working with an advisor and the communication really hasn't been there with their current advisor and they're looking for a change . Sometimes it's good to get a second opinion , just as you would a second opinion on a health-related issue with a doctor .

So after reviewing this data , we'll start to draft a financial plan . And again , this is a high-level look , but we'll look at things like a probability of success . So we'll put in a lot of this information , all the info we have , whether that's budget expenses , income , when do we want to retire , social security , if it's applicable all these different factors .

This plan will give us a probability of success . And if I were to use a bridge analogy , if I'm building a bridge or I'm walking across a bridge , I want to make sure that it's as close to 100% as possible . If the bridge is only 70 , 80% complete , it's gonna be really hard for me to cross . So think of a financial plan .

If I can put all these different factors into some really fancy software and identify that , hey , there's a possibility . I don't make it to the end , that's a problem . I need to see what I can tweak to make sure that my probability of success goes up a little bit more .

Sometimes reviewing the budget can help tremendously If we can identify that , hey , you know , we should have income to be okay here . Maybe we're just overspending , maybe we've just gotten in the habit of doing that because we don't have or aren't utilizing a budget . Now , of course , a lot of this is going to vary from individual to individual .

You know , is this a one size fits all thing here ? No , as many things in finance , everybody's situation is unique and it requires a tailored approach . So there's certainly other factors and variables we want to account for here . You know Social Security , retirement age , as I mentioned , but also sequence of returns .

You know we're looking at an average generally of , you know , 10 or 20 years . When we're talking about average annualized return rate , it's not going to be the same return every year . So we have to plan for that , we have to account for that .

We're going to look at goals , budgets , income and everything is going to be highly personalized because , as I said , it's not a cookie cutter solution . Right , One plan doesn't work for the next individual . A lot of this depends on on age , uh , where we're at in our working time horizon , a lot of factors to consider .

So what are some of the decisions that are made now in this implementation of ideas meeting ? You know this next meeting we're in well by that second meeting we're trying to figure out if it makes sense to work together . You know , what does this process look like . We'll clarify some questions and I'm sure both parties probably have some more questions .

But what is this , this transfer rollover process , look like ? How do we begin working together ? Well , it generally begins with rolling over funds from the pre-existing accounts Maybe it's old 401ks , maybe it's several old 401ks . We can consolidate where it makes sense to consolidate accounts IRAs , roth IRAs , brokerage accounts .

We'd move all that over to our management and begin working together from there . But after that , once assets are there , you know , we kind of get more detailed in the financial plan , figure out asset allocations . How do we want to compose this to make sure that it aligns with that risk we were talking about earlier

? Now let's say somebody moves forward and is a client . What does it look like to be a client here at Bowman Wealth Group ? Let's say we've agreed to work together . Well , firstly , we've got accounts set up and established , but we want to make sure the client's set up and can access everything . So this means access to our platforms , whether that's Fidelity .

How do we get them a username and password so they can access their Fidelity accounts , statements , values on a daily basis ? Beyond that , we have a client portal that's unique to Bowman Wealth Group . So we want to make sure they're set up on the Bowman Wealth Group client portal .

This client portal allows clients to not only view the accounts we're managing , but if they have outside accounts they want to link whether it's checking , savings , credit cards , mortgage anything with an online login , or even those without , you can account for in this online client portal , and many of our current clients are familiar with this .

But it can be a powerful tool . You can even establish a budget within the portal itself . So after this , you know generally you'd meet other members of our team if they haven't met already . You know , by moving through the process , you're going to meet many of our team members .

You know , when you become a client here at Bumalow Wealth Group , there's a good chance you start to meet some of our other team members that you didn't in the early stages , and then at this point we'll begin to finalize a plan . Right Now . This plan changes . Right , it's a living , breathing thing .

It changes all the time , but we want to get as detailed as possible so that each time we meet we're kind of refining this making changes , kind of refining this making changes . Our review meetings are fruitful because we're getting an update on your live and making sure that our portfolios are set up properly .

So how often do we connect with our clients Once they're clients , how often do we communicate with them ? How does that work ? Well , we have a lot of ongoing resources .

We have constant communication that's going out , whether it's via email or other channels , but weekly , biweekly , whether that's email communications , this very podcast you're listening to now , we've got a lot of information on our website and resources that you can tap into . Client events we have different types of client events . Some client events are more just fun .

We'll go out to a baseball game or wine tasting and just get to connect with our clients in a different way . Some of our client events are more informative . Maybe we do a breakfast or something and we're giving some market outlook updates for the year . What's the market doing Geopolitically ? What's going on ? How does that affect our portfolios ?

How does it affect the markets ? So it's a different type of client event , but I think it's very helpful for a lot of our folks . Now , what about review meetings ? How often do we sit with our clients for reviews ?

Now , depending on that stage of life , it may warrant more or less review meetings throughout the year , but we meet , you know , multiple times a year in a lot of cases and there is no quota . So you know , if clients have big things , big decisions , going on their life , you know there's big life events that are happening .

A lot of times that warrants , you know , some more meetings than just our standard annual or biannual or quarterly reviews , and that's okay . A lot of times that happens . But throughout the year we're assisting with things like RMD , which stands for required minimum distribution .

Some of our clients know or if you're of that age , you're aware that qualified accounts are subject to RMDs where the IRS says , hey , we have to start withdrawing a certain percentage of this account at that RMD age . We want to take a look at income planning and some of these other things , tax documentation all this throughout the year .

During reviews we'll look at account performance . How did it do last year ? How did it do year to date so far ? We're halfway through the year with our clients . Currently we're looking at how's our progress right now through June . Sometimes it makes sense to refinance your retirement . What does that look like ?

The interest rate environment it's an interesting time right now . So can we take advantage of that in your portfolio ? How do we make sure that we're on track each review meeting and decide if any changes need to be made . This is the time to do that . So , in a nutshell , this is how we approach things with new prospective clients and current ones .

Now we want to help as many people as possible , but we also know that we can't work with everybody and sometimes we just aren't a fit for every person , and that's okay .

There are countless great financial advisors out there , but we really feel that it can be paramount to partner up with somebody to help you help walk you through your retirement roadmap , whether that's us or another group . I hope that this helps give some insight to those wondering what working with us is like . So thanks for tuning in , thanks for listening .

As always , if anything you heard resonated with you , you want to dive a little deeper , see if maybe working with us is a fit . If you're not already a client , you know you want to see how we can help your personal situation or not . Feel free to reach out . As I said , you can reach us at our email address , that's , ask at Bowman wealthcom .

A S K at Bowman wealthcom . A S K at Bowman wealthcom . I want to give a special thanks to our listeners and subscribers . If you are new to our podcast , please give us a follow . Keep an eye out for future episodes . We always appreciate all the support . Join us next time on your financial compass .

This has been your host , marcos Lemus , with the Bowman wealth group .

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