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Our Process |
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Through time, experience,
and proven results, we have developed
a comprehensive process that systematically
analyzes your individual needs and provides
tailored financial planning strategies
that give you the best chance for success.
But our process is more than simply
going through a sequence of steps. It’s
an in-depth interaction with you in
which we will come to understand your
unique needs—then apply our in-depth
knowledge in financial management for
medical and dental professionals to
solve them. Ultimately, it’s this
process and commitment to our clients
that leads to a successful engagement.
Here’s a look at
what you can expect when working with
Crawford Advisory Group.
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Getting started |
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Before we begin the engagement,
we will sit down with you for a brief
meeting to discuss your broad financial
goals, our process, what we’ll
deliver to you, and our fees. After
you’re comfortable with what to
expect, we’ll begin the engagement.
Prior to starting, we will send you
a description of which practice and
personal financial data we will need
from you for the analysis. We also
include a questionnaire about your
practice, including its business entity
type and financial operations and
a questionnaire about your personal
financial goals and objectives.
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Preparing the Practice Financial
Analysis |
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Our process begins with the
Practice Financial
Evaluation, the goal of which is to give
us a thorough understanding of the financial
aspects of your practice. During this step,
we will analyze the financial data you’ve
provided us and build a financial profile
of your practice, an exercise that typically
takes about one week. |
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Reviewing the Analysis |
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With the analysis complete,
we will meet with you to review the results
and educate you on understanding your practice’s
financial situation and how it is—or
isn’t—generating wealth for
you. We will continue meeting until we are
both comfortable that you fully understand
the analysis and its implications.
During this meeting you will learn about
your cash flow, the value of your practice,
and the effectiveness of your pension plan,
business entity type, and tax structure.
You’ll walk away with a much better
understanding of your practice’s finances,
along with a greater sense of control over
your financial destiny. |
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Creating the Personal Financial
Plan |
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With the practice financial
analysis in place, we will devise a tailored
Personal Financial
Plan, complete with strategies for
converting cash generated from the practice
and other sources into savings and investments.
The plan’s development begins with
us working with you and your spouse to formulate
a set of goals and objectives, accompanied
by time frames for reaching them. In the
plan we consider virtually every aspect
of your current financial situation, including
cash reserves, insurance coverage, retirement
plans, investment plans, and estate plans.
Similar to the Practice Financial Analysis,
the Personal Financial Plan typically takes
one week to complete. |
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Reviewing the Financial Plan |
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After completing the plan,
we will review it with you and your spouse.
During this meeting, we’ll educate you
about your current situation, how well your
current strategies are working towards meeting
your financial goals, and suggest alternative
strategies to help you reach your financial
goals. After this meeting, you’ll have
a better understanding of your financial outlook
and what changes, if any, you may need to
consider in order to reach your financial
goals
After the Financial Plan review, we will
educate you in a series of one-on-one meetings
in which we will help you to better understand
your options for addressing each area of
your plan, for example cash flow planning,
investment planning, estate planning. These
educational meetings are critical in helping
you follow the plan of action—a plan
that doesn’t commence until you precisely
understand the “How” and “Why”
of the recommended strategies. |
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Reaching your Financial Goals |
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We view financial management
as a lifelong process that does not end when
the written plan is presented, but begins
with it. Therefore, if you’re in agreement
with our recommendations and wish to continue
working with us, we will help you implement
the changes. After that, we will continue
to monitor your progress through one-on-one
quarterly meetings where we will discuss your
investments, your progress towards meeting
your financial goals, and whether or not changes
need to be made to your strategy. We will
also monitor financial events at your practice
to identify if a change needs to be made.
While our process might
seem very involved, don’t worry. Through
our experience, we’ve recognized ways
to minimize your time requirements. Beyond
collecting information for the analysis,
the balance of your time will be spent in
informative, educational meetings. |
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Paying for our services |
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For the practice financial
evaluation and personal financial plan we
charge an initial engagement fee and then
an ongoing monthly fee. After the financial
plan is presented, if you choose to have us
manage your investments, we charge a fee that
is based on a percentage of the value of the
assets that we manage and this asset management
fee will offset the ongoing monthly fee. Unlike
many firms, we do not require a minimum account
size. We'd be happy to discuss payment in
more detail during our initial conversations,
please contact us. |
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