Financial Planning & Consulting
Financial decisions rarely happen in isolation. A retirement decision can affect taxes and investments. Selling a business or concentrated stock position can change cash flow, estate planning and long-term income needs. Insurance and legacy decisions can affect how assets should be invested today.
SkyOak Capital brings these pieces together through comprehensive financial planning. We help clients understand where they are today, evaluate different scenarios and develop a coordinated strategy for where they want to go.
Financial planning is integrated into our Private Wealth Management relationships and is also available as a standalone service for clients who want objective planning and advice without moving their investments to SkyOak Capital.
What the Plan Covers
A financial plan may be comprehensive or focused on a particular decision or area of concern. Depending on the client’s needs, planning may address:
- Cash Flow & Income — Current and future income, spending, liquidity needs and how cash flow may change through retirement or other major life transitions.
- Major Life Transitions — Financial planning through significant changes such as divorce, the death of a spouse, an inheritance, career change or relocation. We help clients understand how these events may affect cash flow, investments, retirement assets, taxes, insurance and their long-term financial plan.
- Investments — How existing investments support the financial plan, appropriate risk and allocation, concentrated positions and investment needs over time.
- Retirement — Retirement timing, income needs, Social Security, Medicare, retirement account distributions and long-term sustainability.
- Tax Planning Strategies— Roth conversions, retirement distributions, capital gains, charitable strategies and other opportunities considered in coordination with the client’s tax professional.
- Insurance—Life insurance, long-term care and other coverage evaluated within the context of the broader financial plan.
- Education Planning— Strategies for funding education while balancing retirement and other financial priorities.
- Business & Liquidity Planning— For business owners and executives, incorporating business interests, company stock, stock options, retirement plans and potential liquidity events into the personal financial plan.
- Estate & Legacy Planning— Coordinating assets, beneficiary designations, charitable goals and financial strategies with the client’s estate plan and legal professionals.
Not every client needs planning in every area. The scope of the plan is based on the decisions and financial issues most important to the individual or family.
How the Planning Process Works
- Discovery
We begin by understanding the client’s financial life, priorities and goals. We gather the information needed to evaluate the plan, which may include investment and retirement accounts, tax returns, insurance policies, estate documents, real estate, business interests and other financial assets and obligations.
- Analysis & Scenario Planning
Using financial planning technology, including eMoney, we analyze the client’s current position and model different scenarios. This allows us to evaluate how decisions involving retirement, spending, investments, taxes and other financial choices may affect the long-term plan before action is taken.
For more complex situations, SkyOak also has access to advanced planning resources and specialists who can assist our advisors with areas such as tax, estate, insurance and retirement income planning.
- Recommendations
We present the plan, explain the findings and help the client understand the choices and tradeoffs involved. Recommendations are prioritized so clients know which decisions require attention now and which can be addressed over time.
- Implementation & Coordination
Depending on the engagement, SkyOak may help implement investment or insurance recommendations and coordinate with the client’s CPA, estate attorney or other professional advisors. Standalone planning clients are not required to move investments to SkyOak or implement recommendations through the firm.
- Ongoing Review
Financial planning is not a one-time event. For ongoing wealth management clients, we revisit the plan as markets, tax laws, financial circumstances and life goals change. Standalone clients may also engage SkyOak for additional planning or periodic updates.
Planning on Its Own or With Investment Management
Financial planning is available both as part of an ongoing Private Wealth Management relationship and as a standalone engagement.
With Investment Management: Financial planning and ongoing advice are incorporated into the wealth management relationship based on the client’s needs and the scope of the engagement.
Standalone Planning & Consulting: Clients who want financial planning without investment management may engage SkyOak under a separate planning or consulting agreement. The scope and fee are established in advance based on the complexity and
amount of work involved.
Standalone planning clients remain free to implement recommendations with SkyOak, their existing financial professionals or on their own.
Who This Is For
Financial planning can be valuable at any stage when important financial decisions need to work together.
Clients may come to SkyOak while preparing for retirement, evaluating a career change, managing stock options or a concentrated investment position, receiving an inheritance, navigating a divorce or other major life transition, selling a business or other asset, relocating to another state, or making decisions about family, charitable or legacy goals.
We also work with individuals and families who simply want a clearer understanding of their financial position and whether they are on track for the future they envision.
Fees
Financial planning may be included within an investment management relationship or provided under a separate planning or consulting agreement.
Standalone planning fees are based on the scope and complexity of the engagement and may be charged as a fixed fee, annual retainer or hourly fee. Current fee ranges and billing information are available on our Fees page and in SkyOak Capital’s Form ADV.
Your Advisors
Financial planning is provided by Jennifer Davis, CFP® Founder and CEO, and Damien Rennie, Senior Wealth Advisor.
Jennifer oversees SkyOak Capital’s comprehensive and advanced financial planning work, including more complex retirement, tax, estate, insurance and wealth-planning situations. Damien provides financial planning and investment management for individuals, families and business owners across a range of financial needs and life stages.
FAQs
Questions About Financial Planning at SkyOak Capital
Do I have to move my investments to SkyOak Capital to get a financial plan?
No. Financial planning is available as a standalone service. Clients are not required to transfer investments to SkyOak Capital or implement recommendations through the firm.
What is included in a comprehensive financial plan?
The scope depends on the client’s needs and may include cash flow, investments, retirement, tax planning strategies, insurance, education, business interests, estate and legacy planning, and other financial decisions that affect the overall plan.
Does SkyOak Capital provide tax planning?
We incorporate tax planning strategies into financial planning and investment decisions and coordinate with clients’ tax professionals when appropriate. SkyOak Capital does not prepare tax returns or provide tax or legal advice.
Is financial planning only for people approaching retirement?
No. We work with clients at different stages of their financial lives, including younger professionals and business owners building wealth, executives managing company stock or stock options, families facing major financial decisions, and individuals preparing for or living in retirement.
Is financial planning included with investment management?
Financial planning and ongoing advice may be included as part of a Private Wealth Management relationship based on the client’s needs and scope of services. Standalone financial planning and consulting are also available under a separate agreement.