common questions about financial planning
At Pay It Forward Financial Planning, we believe everyone deserves to have transparent answers prior to working with us. Below, you’ll find answers to some of the most common questions we receive about our fee-only services and financial planning process. If you don’t see your question here, reach out to us—we’re happy to help.
about our firm
*
about our firm *
-
Our focus on serving primarily nonprofit employees, educators/administrators, and professionals seeking to give back to their communities.
Many Columbus, Ohio firms will focus primarily on retirees, doctors, or business owners. Some firms don't specify a type of client and will work with anyone.
Not our firm. Pay It Forward Financial Planning is focused on serving clients who want to make an impact on their community and society. If that sounds like you, then we welcome you to schedule an introductory meeting.
-
Yes! Matthew is a CERTIFIED FINANCIAL PLANNER® and is legally required to act as a fiduciary when providing financial advice.
This means that your best interests are placed first, and any conflicts of interest must be disclosed to you.
-
A fee-only planner means that my compensation is from flat ongoing planning fees and investment management fees.
We do not receive any commissions or kickbacks from any specific financial product.
You can check out our fee schedule here by scrolling to the pricing section located at the bottom of the webpage
-
No, Pay It Forward Financial Planning does not have an investment minimum.
We do not believe that financial advice is only for those who have a certain level of investible assets. We work with a wide array of clients. We’ve helped some individuals open their first IRAs, while other clients are multi-millionaires. At the end of the day, we are focused on bettering the lives of those committed to making our community a better place, regardless of your current net worth.
-
Pay It Forward Financial Planning was started due to the inspiration of founder Matthew Hofacre’s mother.
His mom was a huge inspiration in his life, and she was constantly volunteering with various organizations until her passing in 2021 from lung cancer.
Since then, he thought about creating a financial planning firm that would focus on serving people like her.
If you’re interested, you can read his blog post where he talks about her impact in greater detail.
about our process
-
We believe in following the CFP Board’s 7-Step Financial Planning Process.
Our introductory meeting focuses on a high-level discussion of your current situation and what you’d like to change about it.
After becoming a client, our initial meetings focus on your values, how we can align your money to those values, and reviewing all your relevant financial documents.
Our onboarding process wraps up with a collaborative conversation on planning recommendations and which recommendations will receive our highest priority.
You can visit our homepage for more details!
-
90 days or less.
Our onboarding process is structured so that we can review your financial information and present recommendations and observations within 90 days of signing your Client Agreement.
However, your financial plan will need constant updating, which is why we have a structured client service calendar.
-
We offer both virtual and in-person meetings.
Many of our clients prefer to meet virtually via Microsoft Teams.
In-person meetings can be scheduled on a per-client basis. We are predominately a virtual practice, so in-person meetings can be scheduled at various locations.
our fees and services
*
our fees and services *
-
Our clients pay a monthly fee for ongoing financial planning services. This fee is calculated primarily on two factors:
Client’s household income
Client’s financial complexity
Our financial planning fee is typically 1.5% - 2% of a client’s household income.
You will be quoted and provided a fee at the end of your introductory meeting.
-
Our clients pay their monthly financial planning fee in one of two ways:
Automatic withdrawal from a bank account
Withdrawn from a non-taxable brokerage account held at Schwab
-
We like to meet with clients at least three times per year.
January/February to discuss the year ahead and mainly focus on your cash flow.
June/July to complete a review of your investments and retirement planning.
October/November to discuss year-end tax planning and open enrollment decisions.
However, throughout the year I conduct internal reviews of a client’s student loans, college planning for kids, insurance, and estate planning.
Lastly, an ongoing financial planning client has access to Matthew whenever needed. Whether that requires a phone call, an email, or a meeting, we are here to support you and tackle whatever life throws your way.
-
Yes, investment management clients are charged a separate fee in addition to the the financial planning fee.
There are five monthly fee amounts depending on the account balances of the investments being managed by Pay It Forward Financial Planning.
You can access that fee schedule by visiting the Process & Pricing page.
-
I conduct monthly portfolio reviews for investment management clients.
These reviews primarily focus on whether your current accounts are too far from our “target” portfolio.
Also, investment management clients hold their non-employer investment accounts at Charles Schwab or Altruist. This allows me to place trades and move money on your behalf and with your permission.
Financial planning for nonprofit professionals, teachers & administrators
-
We offer investment management services to help manage your non-403(b) investment accounts.
For nonprofit professionals with a 403(b), we will:
Review your investment options
Determine if you should make pre-tax or after-tax contributions given your tax situation
Analyze your employer matching contribution
For teachers and administrators, we will:
Review which plans are available in your school district
Determine if your plan offers after-tax contributions, and if that’s best for your situation.
Review investment options offered by your 403(b)
-
Yes, Pay It Forward Financial Planning assists all clients during open enrollment season.
Providing guidance on employer benefits during open enrollment season is one of the major financial planning topics that we cover during the year. We will spend the time reviewing your health insurance options, access to a Health Savings Account, and ancillary insurance options.
In fact, I wrote a blog about enrollment season, which you can read here.
-
Yes, Pay It Forward Financial Planning has helped many clients with their student loans and working through Public Student Loan Forgiveness!
Developing a plan for student loans is a key area of focus when we work with nonprofit professionals and educators.
Also, Matthew is currently working on becoming a Certified Student Loan Professional (CSLP®) to ensure he achieves the highest professional designation in the area of student loans.
-
Yes, Pay It Forward Financial Planning helps public school employees with their STRS pension.
Reviewing your STRS pension encapsulates:
Running projections on your future benefits
Discussing how STRS impacts your Social Security payment
Talking with an STRS benefits member if you have years paying into SERS and OPERS
Analyzing the impact of taking a Partial Lump-Sum Option Plan (PLOP)
-
Yes, Matthew is able to assist you with your tax questions!
He is an Enrolled Agent, which is the highest credential the IRS awards. He has earned this privilege by passing a three-part comprehensive IRS test covering individual and business tax returns. You can learn about Matthew’s professional credentials on our About page
As a separate service, he offers tax preparation to ongoing financial planning clients and standalone tax preparation clients. You can learn more here
financial topics
*
financial topics *
-
Our firm uses budgeting software called Monarch Money
You get access to your client portal for free so that you can review monthly, quarterly, and yearly breakdowns of income and expenses.
The software also allows you to create a fully customizable budget.
The best part is that transactions automatically feed into the software so there is minimal work on your end.
This software provides the guidance needed to gameplan and implement cash flow and debt strategies!
-
Pay It Forward Financial Planning uses eMoney for retirement planning purposes.
In fact, retirement planning is just one small portion of eMoney.
This software allows us to model practically every financial situation and scenario that could impact your life. It lays the foundation from which financial decisions are made.
-
Our firm uses Schwab Charitable and Daffodil to assist clients with their charitable needs.
These platforms allow clients to setup Donor-Advised Funds, which are great tools to help clients meet their charitable goals.
We also have retirees that give money directly to charities from their IRAs. These types of withdrawals are called Qualified Charitable Distributions.
Pay It Forward Financial Planning is well-equipped to implement the appropriate strategy to meet your charitable goals.
-
Yes, Pay It Forward Financial Planning will assist clients in getting the appropriate life insurance policy.
Matthew Hofacre is not a licensed insurance agent. However, he works with a company called LLIS, which provide insurance solutions for fee-only advisors.
-
Yes, we have relationships with multiple estate attorneys.
We consistently refer clients to a few different estate attorneys. Both attorneys have done a tremendous job for our clients.
They also allow for Matthew to attend the meetings, at the client’s request or desire. That way, all parties know what is going on with your estate plan.