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

Do you feel overwhelmed with financial planning and feel there are too many things to tackle? Are you not exactly sure where to get started? Today we will cover our process here at Bulman Wealth Group, guiding you through what it feels like to become a client with us. 

Here’s some of what we discuss in this episode:

• The discovery meeting: Getting to know your goals, dreams, and concerns
• Risk assessment and document collection after the first meeting
• Identifying areas of improvement with an initial, high-level financial plan
• The follow-up meeting: Discussing risk score, portfolio analysis, and moving forward
• Transferring your accounts, refining your financial plan, and establishing a client account
• Regular review meetings, continuous communication, and client events

WAYS TO CONNECT:

Book a 15-minute discovery call with the team here: https://calendly.com/rachel-bwg

Visit https://bulmanwealth.com/marcos-lemus to learn more about Marcos Lemus and the other members of the team.

If you have any questions about what we discussed or anything else in your financial plan, email us at [e-mail]. You can also reach the team by phone at [phone].

Episode Transcript

Speaker 1 (00:00):
Do you ever feel overwhelmed with financial
planning and feel that there aretoo many things to tackle and
you're not sure where exactly toget started?
Today we will cover our processat Bowman Wealth Group from
working with new clients andwhat that process looks like for
us.
Welcome.

Speaker 2 (00:23):
You are listening to the Bowman Wealth Group's
Financial Compass Podcast, ashow dedicated to helping you
successfully navigate to andthrough your retirement.
Our Financial Compass processgoes beyond traditional holistic
financial planning.
We care as much about you andyour lifestyle as we do about
your plan.
Your hosts are Bowman WealthGroup financial advisors who,

(00:45):
for more than two decades, haveprovided financial leadership
for those they serve.

Speaker 1 (00:51):
This is Marcos Lemus.
I'm a financial advisor atBullman Wealth Group in
Roseville, california, and youare listening to the your
Financial Compass podcast.
Thank you to all of ourlisteners.
If this is your first timetuning in, thank you for joining
us.
If you've listened before,welcome back.
We appreciate all of yoursupport.
If anything sticks out,something resonates with you,

(01:11):
you have comments, questions,feedback please always feel
welcome to reach out to ouremail address.
It's the best way to get aholdof us.
That email is ask atbullmanwealthcom.
A-s-k at bullmanwealthcom.
In today's episode we're goingto be looking at our process to
address each piece of afinancial plan and walking

(01:33):
through what it feels like tobecome a client here at Bullman
Wealth Group.
Now, a financial plan soundslike a broad term and it is.
For us, it means at leastlooking at each piece and
determining if anything needs tobe addressed in that particular
realm for our clients.
So planning for retirement canbe a daunting undertaking.
Partnering with a financialadvisor to walk you through this

(01:56):
process may prove to beinvaluable.
So how does Bowman Wealth Groupassist in navigating someone
through retirement?
We use the Financial CompassRetirement Roadmap and that
really covers five areas.
It covers investments, incomeplanning, legacy or estate
planning, health care and thentax planning.

(02:18):
Now this is personalized to theindividual's circumstances.
Everybody's situation isdifferent.
The first meeting we call thisthe discovery meeting.
This is where we get to knowindividual circumstances.
Everybody's situation isdifferent.
The first meeting, we call thisthe discovery meeting.
This is where we get to know aperson.
We start to identify what areaswe can potentially assist in in
their overall financial plan Ifwe were to begin working
together.
If an area is already covered,then we simply move on to the

(02:40):
next item.
Ultimately, the goal of meetingthat first meeting is to
discover if we can add any value.
Right, we want to learn alittle bit more about you.
Learn about goals, dreams,concerns of yours, what, what
keeps you up at night in termsof your finances and your
retirement plan.
We share a little bit moreabout our firm, about Bowman
Wealth Group.
You know kind of talk about ourphilosophy, and our philosophy

(03:03):
really is kind of looking ateverything comprehensively,
right At a high level.
We want to make sure those fiveareas I mentioned are addressed
in some way, shape or form.
And really during that firstdiscovery meeting, at the end of
it, all we're trying to decideis if it makes sense to meet
again and have a second meetingto dive a little deeper and dig
into some more details.

(03:24):
So what happens after this firstdiscovery meeting?
Well, we have a team that worksbehind our advisors, sort of
behind the scenes, and generallywe'll send after that first
meeting a few things.
We'll send a recap email tocover all the things that we
discussed in meeting one in thatintroductory discovery meeting.
We want to make sure that weunderstood your dreams, your

(03:48):
goals, your concerns, make surewe understood what's important
to you.
We'll also send a couple oflinks in that recap email.
First link is going to be a riskquiz and that quiz takes, you
know, maybe five or 10 minutesto complete, but it's a way for
us to begin to assess what yourlevel of comfort is with risk in

(04:10):
terms of the markets.
The second link is a secureupload link and it's a way for
prospective clients to uploadstatements for their investment
accounts whether that's 401k IRAbrokerage accounts, their
investment accounts, whetherthat's 401k IRA brokerage
accounts and once we gatherthose statements securely

(04:32):
through the secure portal, itallows us to analyze a portfolio
, analyze the holdings and getan idea of the portfolio's level
of risk.
Because that same software,that same system that measures
the level of risk from that riskquiz.
We can also put the portfolioin there and see you know, is it
aligned with the client'swishes?
Sometimes we'll send, you know,a budget sheet to help clients

(04:56):
identify, sometimes, things theyforgot about.
You know, it's a way to trackwhat 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 ofhelp identify maybe some holes
or things that we forgot aboutin our budget.
So what do we do with all thisinfo?
Well, as I said, we begin toanalyze the asset allocation.

(05:18):
Right, we want to see how isthat portfolio composed, as is.
Beyond that, we'll begin todraft a financial plan and at
this point it's high level.
But it helps to identify anypotential holes early on in the
process.
So let's assume a prospectiveclient comes to this
introductory meeting and thensubmit some documentation.

(05:38):
You know what happens fromthere.
As mentioned, we do run thatdiagnosis.
We want to kind of see andanalyze where the portfolio is
currently at.
We're going to review that datain the next meeting.
We want to review the riskscore.
So that risk quiz is going togive both the portfolio a score
and the individual a score, andthat score could be anywhere

(05:59):
from one to 99, one being veryconservative and 99 being very
aggressive.
So you know, just imagine thereare some people that maybe
haven't changed or haven'ttweaked their retirement
investment accounts, you know,since they started contributing
to it and sometimes this can be30 years.
And if we haven't made changesalong the way over time, as we

(06:23):
get closer to retirement, youknow our level of risk and what
we're comfortable with riskingchanges over time.
If we're not changing andaddressing, you know, as we get
closer to that retirement age,you know it can be a problem.
So we've had prospectiveclients and current clients
who've come to us and theirportfolio is is a risk score of

(06:43):
maybe a 72 or an 80 or more andtheir risk score came back with
a 12.
Now, that's a pretty bigdisparity there.
So we want to identify that andsee how we can make some
changes to align it more withthe level of risk that they're
comfortable taking.
I think it's just important toget a second opinion.

(07:05):
A lot of people are doing thison their own, or maybe they're
working with an advisor and thecommunication really hasn't been
there with their currentadvisor and they're looking for
a change.
Sometimes it's good to get asecond opinion, just as you
would a second opinion on ahealth-related issue with a
doctor.
So after reviewing this data,we'll start to draft a financial
plan.

(07:25):
And again, this is a high-levellook, but we'll look at things
like a probability of success.
So we'll put in a lot of thisinformation, all the info we
have, whether that's budgetexpenses, income, when do we
want to retire, social security,if it's applicable all these
different factors.
This plan will give us aprobability of success.

(07:50):
And if I were to use a bridgeanalogy, if I'm building a
bridge or I'm walking across abridge, I want to make sure that
it's as close to 100% aspossible.
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 thesedifferent factors into some
really fancy software andidentify that, hey, there's a

(08:12):
possibility.
I don't make it to the end,that's a problem.
I need to see what I can tweakto make sure that my probability
of success goes up a little bitmore.
Sometimes reviewing the budgetcan help tremendously If we can
identify that, hey, you know, weshould have income to be okay
here.
Maybe we're just overspending,maybe we've just gotten in the

(08:33):
habit of doing that because wedon't have or aren't utilizing a
budget.
Now, of course, a lot of thisis going to vary from individual
to individual.
You know, is this a one sizefits all thing here?
No, as many things in finance,everybody's situation is unique
and it requires a tailoredapproach.
So there's certainly otherfactors and variables we want to
account for here.

(08:54):
You know Social Security,retirement age, as I mentioned,
but also sequence of returns.
You know we're looking at anaverage generally of, you know,
10 or 20 years.
When we're talking aboutaverage annualized return rate,
it's not going to be the samereturn every year.
So we have to plan for that, wehave to account for that.

(09:14):
We're going to look at goals,budgets, income and everything
is going to be highlypersonalized because, as I said,
it's not a cookie cuttersolution.
Right, One plan doesn't workfor the next individual.
A lot of this depends on on age, uh, where we're at in our
working time horizon, a lot offactors to consider.
So what are some of thedecisions that are made now in

(09:35):
this implementation of ideasmeeting?
You know this next meetingwe're in well by that second
meeting we're trying to figureout if it makes sense to work
together.
You know, what does thisprocess look like.
We'll clarify some questionsand I'm sure both parties
probably have some morequestions.
But what is this, this transferrollover process, look like?
How do we begin workingtogether?

(09:55):
Well, it generally begins withrolling over funds from the
pre-existing accounts Maybe it'sold 401ks, maybe it's several
old 401ks.
We can consolidate where itmakes sense to consolidate
accounts IRAs, roth IRAs,brokerage accounts.
We'd move all that over to ourmanagement and begin working

(10:16):
together from there.
But after that, once assets arethere, you know, we kind of get
more detailed in the financialplan, figure out asset
allocations.
How do we want to compose thisto make sure that it aligns with
that risk we were talking aboutearlier?
Now let's say somebody movesforward and is a client.
What does it look like to be aclient here at Bowman Wealth
Group?
Let's say we've agreed to worktogether.

(10:38):
Well, firstly, we've gotaccounts set up and established,
but we want to make sure theclient's set up and can access
everything.
So this means access to ourplatforms, whether that's
Fidelity.
How do we get them a usernameand password so they can access
their Fidelity accounts,statements, values on a daily

(10:59):
basis?
Beyond that, we have a clientportal that's unique to Bowman
Wealth Group.
So we want to make sure they'reset up on the Bowman Wealth
Group client portal.
This client portal allowsclients to not only view the
accounts we're managing, but ifthey have outside accounts they
want to link whether it'schecking, savings, credit cards,
mortgage anything with anonline login, or even those

(11:23):
without, you can account for inthis online client portal, and
many of our current clients arefamiliar with this.
But it can be a powerful tool.
You can even establish a budgetwithin the portal itself.
So after this, you knowgenerally you'd meet other
members of our team if theyhaven't met already.
You know, by moving through theprocess, you're going to meet

(11:45):
many of our team members.
You know, when you become aclient here at Bumalow Wealth
Group, there's a good chance youstart to meet some of our other
team members that you didn't inthe early stages, and then at
this point we'll begin tofinalize a plan.
Right Now.
This plan changes.
Right, it's a living, breathingthing.
It changes all the time, but wewant to get as detailed as
possible so that each time wemeet we're kind of refining this

(12:07):
making changes, kind ofrefining this making changes.
Our review meetings arefruitful because we're getting
an update on your live andmaking sure that our portfolios
are set up properly.
So how often do we connect withour clients Once they're clients
, how often do we communicatewith them?
How does that work?
Well, we have a lot of ongoingresources.

(12:28):
We have constant communicationthat's going out, whether it's
via email or other channels, butweekly, biweekly, whether
that's email communications,this very podcast you're
listening to now, we've got alot of information on our
website and resources that youcan tap into.
Client events we have differenttypes of client events.

(12:50):
Some client events are morejust fun.
We'll go out to a baseball gameor wine tasting and just get to
connect with our clients in adifferent way.
Some of our client events aremore informative.
Maybe we do a breakfast orsomething and we're giving some
market outlook updates for theyear.
What's the market doingGeopolitically?

(13:11):
What's going on?
How does that affect ourportfolios?
How does it affect the markets?
So it's a different type ofclient event, but I think it's
very helpful for a lot of ourfolks.
Now, what about review meetings?
How often do we sit with ourclients for reviews?
Now, depending on that stage oflife, it may warrant more or
less review meetings throughoutthe year, but we meet, you know,
multiple times a year in a lotof cases and there is no quota.

(13:34):
So you know, if clients havebig things, big decisions, going
on their life, you know there'sbig life events that are
happening.
A lot of times that warrants,you know, some more meetings
than just our standard annual orbiannual or quarterly reviews,
and that's okay.
A lot of times that happens.
But throughout the year we'reassisting with things like RMD,
which stands for requiredminimum distribution.

(13:56):
Some of our clients know or ifyou're of that age, you're aware
that qualified accounts aresubject to RMDs where the IRS
says, hey, we have to startwithdrawing a certain percentage
of this account at that RMD age.
We want to take a look at incomeplanning and some of these
other things, tax documentationall this throughout the year.

(14:18):
During reviews we'll look ataccount performance.
How did it do last year?
How did it do year to date sofar?
We're halfway through the yearwith our clients.
Currently we're looking athow's our progress right now
through June.
Sometimes it makes sense torefinance your retirement.
What does that look like?
The interest rate environmentit's an interesting time right

(14:42):
now.
So can we take advantage ofthat in your portfolio?
How do we make sure that we'reon track each review meeting and
decide if any changes need tobe made.
This is the time to do that.
So, in a nutshell, this is howwe approach things with new
prospective clients and currentones.
Now we want to help as manypeople as possible, but we also

(15:03):
know that we can't work witheverybody and sometimes we just
aren't a fit for every person,and that's okay.
There are countless greatfinancial advisors out there,
but we really feel that it canbe paramount to partner up with
somebody to help you help walkyou through your retirement
roadmap, whether that's us oranother group.
I hope that this helps givesome insight to those wondering

(15:27):
what working with us is like.
So thanks for tuning in, thanksfor listening.
As always, if anything youheard 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 personalsituation or not.
Feel free to reach out.
As I said, you can reach us atour email address, that's, ask
at Bowman wealthcom.

(15:48):
A S K at Bowman wealthcom.
A S K at Bowman wealthcom.
I want to give a special thanksto our listeners and subscribers
.
If you are new to our podcast,please give us a follow.
Keep an eye out for futureepisodes.
We always appreciate all thesupport.
Join us next time on yourfinancial compass.
This has been your host, marcosLemus, with the Bowman wealth

(16:11):
group.

Speaker 2 (16:26):
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(17:01):
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(17:44):
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