Kamboh Financial Planning Designs Proactive Client Strategies for the Unexpected
Devika Kamboh, CLTC, CFP®, MBA makes it plain to clients that today’s actions are the base for tomorrow’s financial security. Then she guides them in building that foundation.
Most successful people don’t have time to focus the necessary attention on their personal financial goals. She offers a well-formed process that helps clients get off to a good start and stay on track to meet their goals by executing the customized financial plans she designs. For those clients who have their financial strategy in place, Kamboh wears the hat of a financial services representative, and sources investment and insurance products for them. Therefore, clients can choose between two platforms when working with Kamboh – fee-based comprehensive financial planning or a product-based relationship, as she can offer products from several life insurance and investment companies in the market and this model is commission-based.
In the initial meeting, Kamboh and her team begin by exploring the client’s current financial position, defining goals, and outlining preliminary steps to reach them. She emphasizes that decisions made today affect choices available tomorrow. Then she wraps up by summarizing the initial action plan the client should consider and also quotes the financial planning fee (that is annually renewable) should the client choose to have this relationship, which also holds her to higher fiduciary standards. Most clients are professionals and business owners who understand and see the value in fee-based advice. “By investing in our expertise they will be doing things in a more cost-efficient manner and therefore will save hard-earned dollars over time, whether from a tax standpoint or savings and budgeting standpoint, or through appropriate investment strategies,” Kamboh says. The data-gathering process is comprehensive. This is undertaken after the client has signed a fee agreement and has committed to the discipline required to reach their stipulated goals.
Then comes in-depth analysis. “We listen, and we get to know their situation as well as they know it,” says Kamboh. This step delves into six areas: the client’s financial position and net worth; insurance exposures or risk management; tax planning (exposure to income tax, capital gains tax, gift tax, estate tax, generation-skipping transfer tax); full-scale investment planning; retirement planning; and estate planning for the greatest control over assets and their distribution to future generations. A preliminary plan is put together for the client’s review to ensure that there are no material changes, which then leads to evaluating solutions and options that the client can adopt, addressing all six areas.
“We present recommendations based on their needs and abilities. Any time we discuss options, the pros and cons of each are also reviewed.”
Once the written financial plan is presented to the client, she can then help the client implement* and monitor its progress through the year. This cycle is repeated each year the client chooses to renew the planning relationship.
Kamboh encourages clients to have a good team of advisors – a CPA and an estate-planning attorney – in addition to her expertise.
“They’re paying me to deal with the overload of technical information in the market, and our goal is to help them navigate through this complexity by educating them about various financial concepts so that they can make informed decisions. For example, this is what this vehicle does, here are some things that would benefit you from using this vehicle, and here are some of the drawbacks,” Kamboh says. “It’s a very deliberate process, which holds clients accountable for their actions and increases the success rate of accomplishing their short- and long-term financial goals as they aspire toward financial independence.” Additionally, as a special needs planner, Kamboh works with MetLife Center for Special Needs Planning to advocate for the special needs community. (For details visit www.metlife.com/specialneeds.) Kamboh also hosts seminars which provide CE credits to CPAs by talking on topics like business succession planning and executive bonus planning, to name a few.
According to Robin Vetere, a Financial Services Representative and Financial Planner on Kamboh’s team, “After being with MetLife for several decades, it was refreshing to work with a Senior Financial Planner who gives superior service that I have not witnessed since my trading days on Wall Street.”
277 Park Avenue, Floor 41 | New York, NY 10172
212-578-2985 | www.KambohFinancialPlanning.com
Devika Kamboh is a MetLife Financial Services Representative and Senior Financial Planner. MetLife does not provide tax or legal advice. Please consult your tax advisor or attorney for guidance. Metropolitan Life Insurance Company (MLIC), New York, NY 10166. Securities products and investment advisory services offered by MetLife Securities, Inc. (MSI)(member FINRA/SIPC) a registered investment advisor. MLIC and MSI are MetLife Companies. *Clients can implement their financial Plan at the financial institution of their choice. L0712268728[exp0713][NY]