What is Financial Prioritization?

Do you work with a variety of professionals, including accountants, money managers, financial planners, and attorneys, but would like to take a more active role in managing your team? Would you like coaching and assistance on how to reconcile your accounts, create a budget, and build spreadsheets that will bring more clarity to your financial picture? Have you experienced a major life change, such as a divorce or a death in the family, and you need to assume the role of managing your or your family’s finances? Emily can help you become a more astute and engaged manager of your financial future. 

Emily began reconciling her own accounts as a young woman. Later, she did the same for her family’s 50 different investment accounts on a monthly basis for many years. The knowledge, comfort, and control that Emily experienced from managing her finances through account reconciliation is something that Emily wants to share with her clients. By demystifying financial prioritization, Emily helps her clients to take control. 

 

The Process

Emily starts by asking questions to understand the needs, wants, and concerns of her client. With an understanding that money is something that most people feel uncomfortable talking about, Emily blends the roles of professional advisor and confidante. Her approach focuses on demystifying the financial prioritization process for her clients. This includes coaching and assistance, as well as working with her client’s financial team. Specifically, her services include:

    • Communication with your professional advisors

    • Referrals and recommendations if you need a new advisor
    • Regular independent, consolidated reports customized to your needs and preferences
    • Training on how to reconcile your own accounts, including budgeting and spreadsheet management
    • Quickbooks account or company setup and maintenance
    • Monthly reconciliation of investment and other accounts
    • Private equity activity reconciliation, including tracking and reminders of capital call/distributions
    • Tax reporting assistance, including Schedule K-1 and 1099 collection and tracking

    “Emily is organized and detail-oriented; her skills underlie her comprehension of financial information.Most of us struggle to make sense of account statements and decipher complex financial reports.  Emily’s personal experience, coupled with her natural instinct to help others, make her an ideal partner to understand one’s personal finances.”

     

    – Barbara S. Gault, CFP



    FAQ

    Q: What does Emily provide that a regular financial advisor doesn’t?

    A: A financial advisor makes portfolio recommendations and generates reports; Emily help clients make sense of the reports and manage the reconciliation process, for accounting and tax reporting purposes.  Emily’s focus is on account reconciliation. She reviews a client’s financial reports from banks and financial institutions on a monthly basis. There are myriad sidebar tasks she can handle as well, from helping a client set up a QuickBooks account to communicating with their financial advisors; from training a client on how to reconcile the accounts him/herself to doing private equity activity reconciliation. 

     

     

    Q: What situations might prompt a need for a greater understanding of financial prioritization?

    A: Major life changes, like a divorce or death in the family are a common reason for clients to seek Emily’s services. Other times, people with multiple investment accounts, including private equity or hedge fund investments where there are a lot of moving parts, drives a greater need for help to make sense of all those parts. Sometimes accounting firms, estate lawyers or financial planners will suggest that their clients seek these services as a complement to the advice that they are providing. 

    Q: What makes this business unique?

    A: When interviewed for a global women's finance magazine, Emily was told by the columnist that a dearth of fiscal consultation services like The Power of AND exist for women and they are very much needed to help empower them.  

    Q: Does Emily work exclusively with individuals?

    A: Emily works with individuals, partners, and families.  The majority of her client base is comprised of women for a variety of reasons. Women face a bleaker future than men, for a variety of reasons, and Emily can help them develop a stronger financial platform. The need for account reconciliation and financial oversight affects everyone.

     

    Q: Why is this service needed?

    A: Businesses have auditors who come in and review and reconcile their books. But most individuals don’t have this kind of support. Yes, there are software programs, but you still need to know how to read a statement and enter the data. It takes time to learn, manage, and understand the information. Emily helps you make sense of it all and helps you make decisions based on this understanding.