MNA Financial Wellness Program

MNA Financial Wellness Program


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Program Mission:

The mission of the program is to help MNA members improve their overall financial well-being and increase the security of their financial future by providing access to a comprehensive source of independent, objective financial advice and planning.

Background:

Dorval & Chorne Financial Advisors has been working with MNA for more than a decade, addressing the unique financial needs and concerns of members through seminars, white papers and one-on-one consultations. Dorval & Chorne has been an innovator in promoting and expanding the delivery of independent, objective financial advice to individuals and families without regard to their incomes or net worth. Their signature accomplishment has been the development of unique group financial advisory programs which have successfully expanded access to independent financial information, planning, and advice for thousands of people. The MNA Financial Wellness program is an evolution of the group advisory concept providing MNA members with with greater access to independent and objective financial advice.

Member Benefits:

Under the MNA Financial Wellness Program, MNA members will have access to the following benefits:

  • Access to independent, objective advice and information from advisors experienced in working with MNA for more than a decade. Dorval & Chorne understands the unique financial opportunities and challenges of MNA nurses.
  • Guidance on your employer sponsored retirement plan (401(k), 403(b), etc.) along with a better understanding of how it fits into your overall plan.
  • How to incorporate the MNA Twin Cities pension into your retirement planning and maximize this very important benefit based on your unique circumstances.
  • For members who want to create a comprehensive guide for their financial future, Dorval & Chorne will design a plan to direct the decision making process in working toward accomplishing each member’s unique personal goals  – program planning is modeled on the Certified Financial Planner™ Process (see below for details).  A separate agreement will be required for each member that goes through the financial planning process but there will be no planning fee for nurses who decide to utilize this valuable service.

Planning Process for MNA Nurses:

The program financial planning service consists of the following six steps adapted from the Certified Financial Planner™ fiduciary planning process:

1. Establishing and defining the client-planner relationship.

For each member that wishes to go through a comprehensive financial plan, a fiduciary agreement will be implemented that clearly explains and documents the services to be provided to these members.

2. Gathering client data, including goals.

Your advisor needs to understand your financial situation before giving fiduciary level advice. You and your advisor will mutually define your personal financial goals, understand your time frame for results and discuss, if relevant, how you feel about risk. This fact finder process forms the basis for development of each member’s unique financial plan.

3. Analyzing and evaluating your financial status.

Your advisor will analyze information gathered in the fact finder meeting to assess your current situation and determine recommendations to help improve the probability of meeting your unique goals. Depending on what services you require, this could include analyzing your assets, liabilities and cash flow, current insurance coverage (risk management), investments and/or tax strategies.

4. Developing and presenting financial planning recommendations and/or alternatives.

Your financial advisor will offer specific financial planning recommendations that address your goals, based on the information you provide. The planner will go over the recommendations with you to help you understand them so that you can make better informed decisions. Creating your financial plan is a collaborative process which means your advisor will listen to you and revise recommendations if appropriate based on your feedback.

5. Implementing the financial planning recommendations.

You and your advisor will agree on how the recommendations will be implemented. Your advisor has the ability to help implement your plan recommendations which may involve compensation in the form of fees and/or commissions which will be fully disclosed in advance or you may implement plan recommendations on your own and/or with the help of another investment manager or insurance agent. Your advisor will help coordinate the implementation process with you and other professionals such as attorneys, accountants, or investment managers.

6. Monitoring the financial plan recommendations.

One of the most important aspects of the financial planning process is helping you monitor and maintain your plan as circumstances change.  For members who wish to maintain an ongoing agreement with an advisor, your advisor will periodically review your plan with you (at least annually) and will adjust the recommendations, if needed, as your goals evolve and/or you experience life changes. The monitoring process helps hold people accountable to their plan and improves the financial decision-making process with a disciplined focus on the things you can control. The monitoring process is the most important element of a financial plan with the greatest potential for improving the probability of accomplishing your most important financial goals.

The financial plan will serve as the guiding document for the ongoing relationship in order to make future decisions and to track progress. Your unique financial plan is developed in the context of:

  • Examining your present financial situation
  • Protecting what is important to you
  • Accumulating wealth
  • Considering tax consequences
  • Designing a retirement income strategy
  • Leaving a legacy to your heirs (if desired)

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