What is Financial Prioritization?

Photo by Sonya Yruel

Photo by Sonya Yruel

Do you work with a variety of professionals, including accountants, wealth managers, financial consultants, and attorneys, but would like to take a more active role in managing your team? Would you like financial coaching and assistance on how to reconcile your accounts, help with creating a budget, and building 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 financial management role for your personal or family’s finances? Emily Scott can help you become a more astute and engaged manager of your financial picture.

Emily began bank reconciliation of 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 financial management through the account reconciliation process and financial statement analysis are areas that Emily wants to share with her clients. By demystifying financial prioritization, Emily helps her clients to take control.

 

The Process

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

  • Communication with your professional financial advisors

  • Referrals and recommendations if you need a new financial advisor

  • Regular independent, consolidated financial reports and financial statement analysis customized to your needs and preferences

  • Training on how to reconcile your own accounts, including guidance on creating a budget and spreadsheet management

  • Quickbooks financial services of account or company setup and maintenance

  • Monthly bank reconciliation of investment and other accounts

  • Private equity investment 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 Scott 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 and bank 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 the account reconciliation process to doing private equity investment 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 common reasons for clients to seek Emily’s services. Other times, people with multiple investment accounts, including hedge fund or private equity 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 the Emily Scott AND 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. Women face a bleaker financial future than men, for a variety of reasons, and Emily can help them develop a stronger financial picture. The need for account reconciliation and financial management affects everyone.


 

Q: Why is a financial prioritization service needed?

A: Businesses have auditors who come in and review and reconcile their books. 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 a person’s financial picture. Emily helps you make sense of it all, acts as a financial coach, and helps you with financial decision-making based on this understanding.