Initial consultations cost a minimum of $2500 (depending primarily on location) and will cover the first 2 1/2 hours of work at location with work below already initiated. Meetings may take place a the client's home or place of business and are recommended as part of the planning process- particularly where retirement planning is concerned. The fee is required at the beginning of this planning session and is non-refundable. Prior to such meetings, a full RIA statement will be sent to each client so that they may review the background and capabilities of Errold Moody and to ascertain whether a meeting would be productive. Clients will be asked to identify the areas to be discussed so that immediate work may take place. Clients will be instructed to have available all documents pertaining to issues and may be required to complete certain forms prior to the initial meeting.
There is no obligation by clients to continue any planning work with Errold Moody at the end of such meeting. If that be the case, all obligations between the parties will cease and no further work by Errold Moody- including preparation of a report summarizing said meeting- will be required. However, if clients wish to continue any work, a formal written contract will be prepared outlining what is to be accomplished, the estimated time frame for completion, the requirement for needed input by the clients and the cost- whether by flat fee or hourly rate.
Most fee contracts covering a specific segment of planning only (retirement planning, investments, estate planning, college funding, insurance review, etc.) will usually cost a minimum of $1,000 depending on the complexity of the finances, net worth, business interest, current investments, involvement with outside advisers and/or beneficiaries, time necessitated, etc. Comprehensive planning starts at $4,500 and depends on the time involved. A minimum 25% deposit is due upon signing of the contract and is not refundable after five days. Any work completed within the five day period is the responsibility of the client and will be billable at a rate of $320 per hour. Time is of the essence and an additional fee may be levied if the client has failed to submit documents crucial to the planning effort within the time constraints set under separate contract (budget for example). This additional levy is based on an hourly rate and is required due to the extra effort to re-review the clients's situation.
Continual plan review is an optional service requested by the client. It will include such items as recommendations to keep client's plan current in context with their personal situation, estate and retirement considerations, tax laws, and particularly the investment and economic arena. The updating process will be billed at a minimum hourly rate of $320. This fee is due upon presentation of the analysis. Investment adviser service (money management) is offered at a fee of 1% of assets (or less) under review with a $4,000 minimum annual fee, payable in quarterly installments in arrears. Errold Moody takes no control of client's funds.
The agreement and relationship may be canceled at any time with five days notice, but clients will be responsible for all work conducted to that time irrespective of its contents. Continuation is based solely upon satisfaction with services.