It all starts with a plan. We begin every client relationship by building out a comprehensive cross-border financial plan.
Here is the typical breakdown of the five financial planning meetings:
Meeting 1: Goal setting with the Client and an introduction to our financial planning software, RightCapital.
Meeting 2: Review the financial plan with the Client and look at different scenarios, such as retirement dates, spending goals, etc. We discuss strategies for meeting the Client’s goals. We review different social security strategies and what looks best for the plan. We also review Canada Pension Plan (CPP) and Old Age Security (OAS) timing strategies for our cross-border clients.
Meeting 3: Review cash flow and tax planning strategies. We review the current year and retirement cash flow. We discuss the best savings strategy for current workers to meet retirement income goals and minimize long-term taxes. For retirees and future retirees, we review cash flow in retirement and discuss which accounts to take the withdrawals for tax optimization. For our Cross-Border clients, we also discuss strategies for withdrawing their Canadian-qualified accounts (RRSP, LIRA, etc.) in retirement. We also will review the Client’s current year tax situation and potential tax saving strategies. For our clients returning to Canada, we discuss potential exit tax implications and reduction strategies.
Meeting 4: Review investment management strategies. Look at the current investment strategy and make suggestions based on what looks best to optimize the retirement plan. Before the meeting, we have the client complete a risk-tolerance questionnaire. We review the risk tolerance questionnaire with the client. Also, we create and review the Client’s Investment Policy Statement (IPS). After the meeting, we deliver the IPS to the client.
Meeting 5: Insurance and Estate Planning Review. We review life insurance needs to current life insurance. We also look at health insurance options in retirement. We review the Client’s estate plan and discuss other options if needed. We review estate planning issues for our cross-border clients when assets are located in two countries. Last, we review other questions the Client may have that we have not covered.
Fee Structure
RetireMitten Financial LLC offers two pricing options based on your needs. An Asset-Under-Management (AUM) fee structure for those wanting comprehensive financial planning and investment management. Also, a one-time fee structure for those who need only comprehensive financial planning.
Portfolio Management and Comprehensive Financial Planning
We charge an annual fee based on the portfolio value listed below. Typically, the fee is debited directly from the account.
| Portfolio Value | Annual Fee |
| Up to $1,000,000 | 1% |
| Additional Assets over $1,000,000 | 0.5% |
Our minimum annual portfolio management and financial planning fee is $6,500
Financial Plan without Portfolio Management
For those who need comprehensive financial planning without portfolio management, we charge $4,800 to complete a cross-border financial plan.