Helping You Solve Complex Financial Questions
We play the role of “personal CFO” helping you make crucial decisions about spending, saving, investing and planning for future growth
Who We Serve
Medical and other professionals often times face the unique challenge of paying down large student debt balances while still socking away funds for retirement. Specific insurance needs further complicate the picture with the potential need for specific disability and malpractice insurance. Furthermore, due to their high-earning potential, professionals are often the target of some not-so-great financial salespeople, this alone requires an advocate by your side to help navigate. With my spouse in the medical field, I understand and relate to what you are going through.
Couples & Families
Young families can encounter a barrage of major financial decisions in only a short time. Many times they are seeking to balance saving for retirement and a child’s education. This is usually combined with contemplating a home purchase, obtaining life insurance, buying/leasing cars, and major career decisions. As a firm that prioritizes family, we understand and are glad to work with you through some of the most exciting years of your life. Making sound financial decisions during this pivotal time will yield rewards down the line.
We get it. We’re entrepreneurs at heart, too, and we understand the challenges you have to overcome. You know what it takes to survive and thrive as a business owner – to take an idea and bring it to life. And you know how running a business is a 24/7 commitment, from startup until the day you decide to move on to your next challenge. But you also know that your personal and professional lives may intertwine in ways you had not anticipated, especially when it comes to your personal finances. So, no matter where you are in the life cycle of your business, we can help you deal with the details to keep your personal finances organized and on track.
Hi! I’m Gabe Kaplan
I over 10 years of experience in the financial industry. I bring to the table extensive knowledge in tax, financial planning, and investment management. This becomes necessary and valuable when dealing with complex financial planning questions that require a deep understanding of many variables, calculations, and tax laws. This is not typical expertise of a financial advisor. Only someone who is a trained, experienced, and credentialed CPA and CFP® can help you effectively answer such questions…or you need two different experts working together.
Value & Benefits of Hiring a Financial Planner
Bring order to your financial life, by assisting you in getting your financial house in order and anticipate your life transitions
Help you follow through on financial commitments, by working with you to prioritize your goals, show you the steps you need to take, and review your progress
Insight from the outside to help you avoid emotionally driven decisions in important money matters
We will customize our services to your needs, thinking long-term to build an individualized service that is right for you.
We provide you with the necessary resources to facilitate your decisions, explaining the options and risks associated with each choice.
We work collaboratively with you to achieve your goals and offer complete transparency around our own costs and compensation.
FINANCIAL PLANNING SERVICES
Financial planning sits at the core of how we optimize your wealth. Part of our mission is to help you live the life you would if money weren’t a constraint. We serve a diverse range of clients – individuals, families, and organizations – who rely on us to help them understand, optimize, and implement innovative financial planning.
Balancing your longer term goals against your shorter term needs often causes friction. Without purpose, discipline, and knowledge of options, longer term goals may seem out of reach. Knowing how much and where your hard earned dollars are going is a starting place.
What often happens is that you go to a investment manager for investment advice, an insurance agent to buy insurance, an accountant for tax preparation, and an attorney for estate planning. You end up with several pieces of your financial plan in place, but each was developed independently by a different person at different times in your life. Is it any wonder that the pieces then do not fit together?
We take a holistic approach and work with you to put all the pieces of your financial life together into one comprehensive plan that matches your goals and values.
No matter where you are in life, we can provide guidance, tools, and services to help you prepare for retirement on your terms.
Net Worth Calculation
We aggregate and calculate your net worth so you have a complete picture of your assets and liabilities.
We help you track spending, manage a budget, and see all your accounts in in a simple and intuitive format.
Paying off credit cards, auto loans, a mortgage and now a loan on a practice? We will work together to determine the plan that best fits your situation.
We do an in depth analysis of the education funds needed to pay for education. We evaluate what tax benefits are available and opportunities in scholarship and grants, given the client’s financial circumstances.
We help you organize and provide an overview of estate needs and, if needed, provide references for qualified attorneys to make sure the client’s needs are covered.
Employee Benefits Review
Have you made any employee benefit elections this year? Are your benefits incorporated into your financial planning? We help you choose which benefits based on your comprehensive financial plan.
Individual tax planning and preparation can be a complicated, time-consuming process. But it doesn’t have to be that way. By enlisting Wealth Habit’s help, your tax season can be almost stress-free.
FINANCIAL PLANNING PROCESS
Get to know each other
Outline the planning process
Suggest best fit package
Introduce financial planning portal
Answer follow up questions
Review financial information
Discuss expectations and goals
Plan future work/meetings
2-3 working sessions
Ongoing virtual collaboration
Create action items
Ongoing Consultation (optional)
Ongoing plan implementation
Continuing financial planning
FINANCIAL PLANNING PRICING
Medical professionals can apply here for a discount
Optional Ongoing Subscription Pricing: $450/quarter (~4 meetings a year)
One-time engagements are also available – pricing depends on scope of project
Basic PackageGet the Basics
- Make a Budget + Create a Savings Plan + Review Credit Report + Review employee benefits package + Maximize credit card rewards and bank accounts + Create a custom debt payoff plan + Analyze tax withholding and update W4 form
Foundations PackageFirst-Time Plan
- EVERYTHING IN GOAL SESSION + + Net Worth Statement – Bring all your assets/liabilities into one picture + Tax Planning – Find all possible tax deductions and credits + Retirement Planning – Calculate retirement stability + Insurance Analysis – Reduce risk with adequate insurance coverage + Investment Review
Integrated PackageOutsourced CFO
- EVERYTHING IN FOUNDATIONS + + Advanced Tax Planning & Preparation* + Education Planning + Estate Planning* + Cash Flow System*
* Wealth Habits works with a specialized tax accounting firm for tax preparation
* Estate planning will require coordination with your estate attorney. If you don’t have any, we can suggest a few options
* Our cash flow system works better when you to subscribe to specific technology platforms and use specific banking institutions
Schedule a Call to Discuss Financial Planning Needs
Getting Started is Easy
Free 30 Min Chat
What Type of Questions Do We Answer?
Can you help me minimize my tax liability?
I can’t make any promises but if you contact me a couple of months before the December 31st, we can probably find, and implement a plan to reduce your tax liability.
How much life insurance do I need?
This depends on a couple of variables: do you have dependents? do you have a mortgage? are you the sole breadwinner? etc… My job is to evaluate your financial state and figure what gaps you have to determine your insurance needs. Since I don’t sell you insurance, my recommendations will be less biased than an insurance agent so keep that in mind.
What will a college education cost in the future? How am I going to pay for it when the time comes? What are my options?
You probably have a couple of options. The real question is what option makes most sense in light of your entire financial picture? How much can you pay without risking your retirement? We can work together to get those answers.
Are you a “fiduciary”?
Yes, I signed the fiduciary oath (click to see it):
- Put the client’s best interests first
- Act with prudence; that is, with skill, care diligence and good judgment of a professional
- Do not mislead clients; provide conspicuous, full and fair disclosure of all important facts
- Avoid conflicts of interest; and fully disclose and fairly manage, in the client’s favor, unavoidable conflicts.
How to tell if your financial advisor looks out for you? Ask him/her to sign this document!
How much do I need to save for retirement?
With the right information we can answer this question. For example, I will need to know your retirement goals and the assets you have to support those goals.
How should I invest my assets? Am I diversified?
Like everything complex, it depends… First we need to know your goals and translate them into financial numbers. One that is determined, we will review your risk tolerance and a few other things. After that, we create a portfolio that strives to maximize returns while minimizing potential losses.
What employer benefits should I choose?
Every fourth quarter, your company’s benefits department notifies you that it’s time to make your annual insurance benefit elections. There are a variety of plans out there with varying employee contributions required.
These increasingly complex plans can leave you unsure of how to navigate through your options. How do you know you are making the best decisions for you and your family?
How much disability insurance should I get?
What does disability insurance cover? Do I have enough? This really depends on your financial situation. We can help you answer this question