Financial planning for diy investors
Do it yourself, don’t do it alone.
Fee-only
Advice-Only
Fiduciary
Only compensated by client fees. To ensure objective, client-focused advice, we never accept commissions or third-party incentives.
We provide comprehensive financial planning and guidance without managing your assets or selling products.
As an RIA, we are a fiduciary who is legally required and ethically commited to act in your best interests.
About hendrix financial planning
My name is Tom Hendrix.
I spent ten years in the Army and ten years working in manufacturing. Eventually, my wife and I realized that we had achieved a level of financial security that would let us retire from our corporate jobs and pursue careers and a lifestyle that were more flexible, enjoyable, and values-focused.
For us that meant moving closer to family, staying home with our son until he started full-time school, pursuing volunteer opportunities, and choosing rewarding jobs with greater time-flexibility.
The rewards I’ve experienced from successful personal financial planning have made me passionate about helping other DIY investors be successful so that they can make the most out of their opportunities and make choices based on what is really important to them.
I’m a graduate of the United States Military Academy at West Point. I hold a Master of Science in Finance and an MBA. I’ve passed the CERTIFIED FINANCIAL PLANNERTM exam and the Series 65 Uniform Investment Advisor Law Exam.
What to expect
Service and fees
Hendrix Financial Planning provides comprehensive financial planning.
I use a six-step process that evaluates and analyzes the entirety of your financial situation including areas that DIY investors often overlook or avoid. This ensures an accurate assessment of your current situation; the development of realistic and effective goals; and a clear, actionable implementation plan. The process incorporates financial education and advice tailored specifically to you.
Comprehensive financial planning engagements have a duration of three months and a flat-fee cost of $2,950.
This is a short video call (15-30 minutes) conducted over Zoom. No data gathering or other preparation on your part is expected.
The purpose of the call is to determine if advice-only financial planning with Hendrix Financial Planning is a good match for your needs and expectations.
We’ll talk at a high-level about your personal and financial situation and discuss your ideas and objectives. We’ll review examples of advice-only financial plans and discuss what value you hope to receive from the financial planning process.
If we both decide it’s a good fit the next step is digitally signing the formal agreement. On a follow up call, we’ll jointly review the financial planning agreement which details your specific planning needs, clearly outlines our respective responsibilities, and establishes the planning timeline. Payment of the first half of the planning fee ($1,475) is due at signing.
If anything in your situation suggests you would benefit from a different type of planning or advisory relationship I’ll be happy to provide assistance finding an appropriate planner.
The data collection step is the first of three major responsibilities you’ll have in the financial planning process. It is critical in obtaining a comprehensive and accurate understanding of your current financial history and situation.
You’ll receive a detailed data gathering checklist and upload your most current financial statements and other documentation including tax returns to a secure online portal. You can do this task at your own pace as long as all the documentation is from the same and most current completed time frame (usually a month).
This documentation is critical to establishing the starting point for any planning. Once you’ve completed the upload, I will organize your data by planning topic area, and conduct an initial analysis and summary.
In preparation for the next step in the process, I will also provide you with a financial planning goals and objectives tip sheet. This document will help guide your financial objective development as well as providing recommendations, prompts, and examples of financial goals in each of the major planning categories.
This step is a Zoom call that may last anywhere from 30-90 minutes depending on the complexity of your situation. It has two purposes. The first is to confirm the completeness of your data submissions and the accuracy of my understanding of your financial situation. I will review your data uploads and clarify any questions I have.
The second purpose is to clearly establish or refine your financial objectives and define the economic and financial assumptions we will use to develop your plan. As part of this process we will also determine the scenarios that will be developed during the planning process and what the parameters are for each.
This part of the call is very important to ensuring you get the most value out of the financial planning process. Many people, including successful DIY investors have never clearly articulated defined objectives and timelines for their financial lives. If you have, fantastic! If not, don’t worry. We’ll do it together during this call.
This is the “financial planning” part of the financial planning process. It will take me one to two weeks depending on the complexity of your situation and the degree of report customization required.
I will thoroughly analyze your financial information in light of your current situation and the objectives and timelines we developed together. Based on this analysis I will develop plans and strategies to accomplish your stated objectives. This analysis and its outputs are captured in the formal financial plan document which includes a list of specific actions for you to take in order to effectively implement the plan.
The analysis and subsequent plan will cover the following categories:
- Cash flow and debt management
- Risk management
- Employee benefits
- Investments
- Retirement
- Tax planning
- Major lifestyle decisions
- Education funding
- Estate planning
During our final Zoom call I will present the results of the entire financial planning process category by category and review the financial plan document with you. You will receive an electronic copy of the plan document for your ongoing reference.
By the conclusion of this call you will have a complete understanding of your current financial situation and the steps necessary to implement your plan.
This is an open ended call that takes as long as necessary to ensure your full understanding, confidence, and comfort in the information presented and the steps required for you to implement it. It is an information and education session where we answer any and all questions you have.
The second half of the planning fee ($1,475) is due upon completion of the plan delivery meeting.
From the end of our plan presentation meeting through the end of the three month window that started with our formal agreement date, I’m available to answer any additional questions you have about your plan or any of the steps to implement it.
Whether it’s a quick email, a follow up Zoom meeting, or a real-time screen share while you execute tasks from your plan, I am here to make sure you truly and thoroughly understand your plan and are successful at taking the steps to make it happen.
Hourly Financial Advice.
What about after that three month window? What if your financial situation changes? A new job. New goals. Starting a family. A move. A financial windfall. Life happens, plans need updating and adjustment, or maybe you just have a specific financial question you need answered.
Clients who have completed a comprehensive financial plan with Hendrix Financial Planning are eligible for ongoing support and consultation. Ongoing advice is billed monthly at a rate of $175/hour (based only on actual time spent).
Who we serve
Almost everyone can benefit from a professional financial planning relationship, even the best DIY investors. However, financial planning is not one-size-fits-all and neither are financial planners. I specialize in developing relationships with clients whose circumstances and planning requirements align with my professional education, financial philosophy, and personal experience.
So, who is a good fit for our services?
Early Career
Professionals
If you’re early in your financial and career journey but already know that you want something different from your life, make a plan now that gives you great options later.
Career Changers &
Early Retirees
Do you love your work but hate your job? You might already have the financial resources to give yourself a dramatically new career path and lifestyle without realizing it.
Couples with Varying Financial Knowledge
Separating financial duties in a household is common but can often make agreement and alignment hard. Customized financial education and an outside perspective can help.
Military & Government Employees
These careers have financial challenges and opportunities unlike most modern civilian jobs. Make sure you get the most out of the rewards of your service.
Coherent, Comprehensive, Financial Philosophy
Long-established, well-supported academic research has given us clear answers about the most effective ways to invest and build wealth and also the biggest challenges we face.
What about
me?!
Don’t see yourself here? We may not be a fit. But I’d be happy to answer your questions and help you navigate the world of financial advice and advisors to find someone who is.