Haag Financial Consulting
446 West Aldine
Suite 3W
Chicago, IL 60657
Principal – Peter G. Haag CFP®
Peter G. Haag has many years of experience in the financial industry as both a consultant and employee for banks, brokerage firms, mutual fund companies and exchanges.
Peter has a deep understanding of investment vehicles, including stocks, bonds, mutual funds and ETFs. He has developed successful asset allocation models used by his clients.
He has helped set up family trusts and served as both trustee and estate executor.
Peter is also experienced with many types of tax returns, including personal income tax, corporate income tax, gift tax and estate tax. He can help recommend ways to minimize these tax burdens. A Fee-Only Firm
A Fee-Only Firm
Fee-Only means that you pay a fee for our services in exchange for which you are guaranteed that our advice is completely unbiased. We will never sell you any products, period. Any advisor claiming to provide free advice is being compensated with hidden commissions or other fees and the advice is likely to be skewed by that.
If you are seeking help with any of the following types of questions, we can help you:
- How can I save money on taxes?
- When can I retire?
- Am I saving enough for my planned retirement date?
- How should my 401k/403b/457/IRA money be invested?
- How does asset allocation work?
- What is the best way to plan for my children's college education?
- What kind of estate plan do I need?
- Should I set up a trust?
- Will I be subject to the estate tax?
- Do I have the right kind and amount of car/home/life insurance?
The Financial Planning Process
The comprehensive financial planning process is a structured approach to analyzing all aspects of your financial situation, recommending changes, implementing them and monitoring progress on an ongoing basis.
This process is interactive and collaborative -- you will be asked to collect a variety of information and documents and to review aspects of the plan as it is developed.
This methodology has been proven effective over many years of use and attempting to shortcut it tends to be self-defeating.
Step 1. Prior to the Initial Meeting
During the first contact, assuming there is mutual interest, we will set up an appointment for an initial consultation. This will typically be about two weeks hence to allow time for preparation. You will be asked to fill out a preliminary questionnaire.
Step 2. Initial Consultation
At our first face-to-face meeting we will review all of the materials you provide and answer any questions you may have. You should be assured that all information is kept strictly private. But complete honesty and openness is crucial.
Once we have a good understanding of your financial situation we will be able to quote you a fee. If you are in agreement and decide to continue the process, we will ask you to provide an initial deposit of $500, at which point our work can begin. Of course, you are under no obligation.
Step 3. Development of the Plan
With this information in hand and a good understanding of your situation and goals, the development of the plan can proceed in earnest. It will typically take a few weeks for us to digest and analyze the information. Often we find that we need additional data, forms and statements. We will usually have at least one intermediate meeting to look at preliminary aspects of the plan and review all of the data.
At the final meeting we present and explain the plan to you. Expect this to take about two hours.
So what is included in the plan?
It's a very thorough look at all aspects of your financial situation with recommendations for any changes that may be appropriate. We generally include the following areas, although specifics will vary from person to person:
- Cash flow
- Savings and investments
- Insurance
- Taxes
- College savings planning
- Retirement planning
-
Estate planning
Step 4. Plan Implementation and Monitoring
Implementing the plan will typically take many months and we will help you every step of the way. The specific actions depend, of course, on your plan and which recommendations you choose to proceed with.
Some typical steps you may be working in this stage include:
- Keeping closer track of your expenses and curtailing spending
- Paying off credit card debt or a home equity loan
- Shopping around for better insurance or changing deductibles
- Opening new brokerage or college savings accounts and transferring assets
- Seeing a lawyer about drafting or updating a will
The first two to four months are generally the busiest. Thereafter we meet in person quarterly or so and stay in contact by phone more often as needed.
NAPFA: The National Association of Personal Financial Advisors is the nation’s leading organization of Fee-Only comprehensive financial planning professionals.
Please be aware that Haag Financial Consulting has a portfolio minimum of $50,000 to accept inquiries through this directory.
