Frequently Asked Questions (FAQ)
What services does OTBFP offer?
OTBFP provides specialized financial planning services tailored to the unique needs of medical professionals and retirees. Our services include comprehensive financial planning, retirement planning, tax strategies, investment management, and wealth management. We understand the specific financial challenges these groups face and offer personalized advice to help you achieve your financial goals.
What does "fee-only" financial planning mean?
As a fee-only financial planning firm, OTBFP does not receive commissions or compensation from product sales. This means our only source of income is the fees paid by our clients. Our fee-only structure ensures that our advice is unbiased, free from conflicts of interest, and always aligned with your best interests.
How does OTBFP cater to the needs of medical professionals?
We specialize in financial planning for medical professionals, leveraging our extensive experience and deep knowledge of the unique challenges you face. This includes managing high student loan debt, dealing with irregular income streams, and navigating complex compensation structures.
In particular, we have a strong understanding of employee benefits and compensation plans at institutions such as Rush Medical Center, Advocate Lutheran General, St. Francis, and other Chicagoland area hospitals. Our expertise allows us to help you maximize your employment benefits, including optimizing 403(b) retirement plans, pension options, health savings accounts (HSAs), and other benefit programs specific to your institution. We ensure that you are making the most of your compensation package, protecting your income with appropriate disability insurance, and developing a financial plan that aligns with both your personal and professional goals.
What makes OTBFP’s services beneficial for retirees?
OTBFP offers retirees a comprehensive approach to retirement planning, focusing on strategies that ensure your savings last throughout your retirement years. We craft personalized retirement income strategies designed to provide a steady income stream, while also keeping pace with inflation to preserve your purchasing power over time.
Our services include optimizing Social Security benefits, managing retirement income, and creating sustainable withdrawal plans that align with your financial goals. We understand the importance of balancing income needs with the preservation of wealth, ensuring that you can maintain your desired lifestyle and pass on your legacy to future generations. Whether you’re transitioning into retirement or already retired, our goal is to provide peace of mind through thoughtful and proactive financial planning.
What is a Certified Financial Planner (CFP®), and why is it important?
A Certified Financial Planner (CFP®) is a professional designation awarded to individuals who meet rigorous education, examination, experience, and ethical standards. CFP® professionals, like Ivan Havrylyan, are required to act as fiduciaries, meaning they must put your interests first. With over a decade of experience, Ivan brings a deep level of knowledge and integrity to each client engagement, ensuring that both medical professionals and retirees receive expert financial guidance.
How do you charge for your services?
We offer transparent pricing based on a flat fee, hourly rate, or a percentage of assets under management, depending on the service provided. Our fee structure is designed to be clear and understandable, with no hidden charges, so you can trust that our recommendations are made in your best interest.
How often will we meet to review my financial plan?
At OTBFP, we believe in maintaining regular and proactive communication with our clients. We get in touch with our clients at least four times a year, including two formal semi-annual meetings. One of these meetings focuses on a review of your financial plan, while the other is dedicated to evaluating and refining your investment strategy. Additionally, we conduct a year-end tax strategy review to optimize your tax situation. In between these formal meetings, we provide check-in calls to address any immediate concerns and ensure your plan remains on track.
Do you work with clients outside of Illinois?
Yes, while we are located in the Chicago suburbs, OTBFP is a virtual firm that serves clients all over the United States. Our virtual approach allows us to efficiently meet the needs of clients regardless of their location, offering the same level of personalized service and expertise as if we were meeting in person. This is especially beneficial for retirees who may be planning to relocate in the early years of retirement. Whether you’re moving to a new state or simply seeking flexibility in how you manage your finances, our virtual services ensure that you can stay connected with us and maintain continuity in your financial planning wherever you are.
What should I bring to our first meeting?
Our initial meeting is an Introductory "Fit" meeting, designed to be a 30-minute session where we assess whether we’re a mutual fit, build rapport, and give you an overview of our firm and pricing. You don’t need to bring anything but yourself and any questions you may have. This meeting is an opportunity for you to learn more about how we work and for us to understand your needs and goals, ensuring that we’re aligned before moving forward with the next steps.
How can I get started with OTBFP?
To get started, simply click here to schedule an Introductory "Fit" meeting. We’ll discuss your financial goals and determine whether our services are a good fit for your needs. You can reach us through our website, by calling (312) 554-5889, or email at ivan@otbfinancialplanning.com.