Welcome to Brooklyn FI!
HOW TO GET THE MOST OUT OF THIS RELATIONSHIP
We’re so happy to have you as a client!!!! Now we begin the onboarding process which will help us get to know you and your money better. But FIRST please carefully review our “How to get the most out of this relationship” document. Read here.
step 1: link up with our planning platform
You’ll receive an email invitation to Right Capital, then you can log in here. Connect all your bank accounts, investment accounts, credit cards, and loans.
Don't forget to give us permission to see your transaction history by navigating to the gear icon in the top right of the screen > Security > Permissions > uncheck the box and save. Here's a video to help with set-up.
step 2: set up monthly billing
You’ll receive an email invite to our billing partner AdvicePay.
You'll add a credit card or connect your bank account where you'll authorize AdvicePay to charge the fee on the 15th of every month. You'll notice a "Subscription" in your account. The funds will come out of your account automatically and an invoice will be emailed to you for your records.
Step 3: onboarding and document upload
We are a 100% digital firm. We use a platform called Precise FP to securely store your information with a password and two-factor authentication. You likely created an account when you completed the “Intake Form” at the beginning of our engagement.
You'll receive an email invitation from Precise FP to complete a comprehensive onboarding questionnaire. You'll upload various documents and statements directly onto the form. We estimate it will take you 40 minutes to complete.
You’ll receive an email invitation from FileThis. Set up your account and begin to establish connections to your banks (Chase, Ally, etc., credit cards (Chase, Capital One, AMEX, etc.), investments (Fidelity, Vanguard, Betterment, etc.), and paychecks. Directions are here.
We suggest you get a head start on this process before our first meeting. We have a virtual “Get Organized” meeting to help you locate and upload any documents you’re having trouble with.
Here is a preview of the information we will collect via Precise FP and FileThis.
Expenses and Credit
Categorize Your Spending. Head to Right Capital > gear icon > Security > Permissions and “unhide” your transaction history. Then spend 10-15 minutes categorizing miscellaneous expenses and checking for errors. Please follow the instructions in this video. This step is important as we will build your entire plan based on cash flow.
Credit Reports. We ask that you use a free service called Credit Karma. We need the full reports as well as screen shots of your "credit factors" from both Equifax and Transunion (you'll be sending us four items: two PDFs and two screenshots) Here's a video that explains the process.
Credit Card Statements. We’ll need a recent bill or statement for each card. FileThis will automatically download a recent statement.
Employment and Taxes
Pay Stubs. We’ll need to see three (3) recent pay stubs for each client. This document should come from your HR department or your employer's online payroll system. This is important for us to project your income and taxes for the rest of the year. If you're self-employed we'll ask for an annual income estimate.
Summary Plan Documents for 401(k)s. If your employer offers a 401(k), 403(b) or similar account we need to see what’s available to you. You’ll need to ask HR for this one or download it from the provider’s website (this is not your statement, it’s the governing rules of your employer’s plan). This document details what funds are available for purchase, whether you can take loans, etc.
Benefits Package from Work. Upload your offer letter or statement of benefits. You likely received this when you were first hired or you can request this from HR. If you have stock options we need to see the “Equity Incentive Plan” and any paperwork you have received.
Your Tax Returns. We need to see your tax returns from the past two years.
Recent Statements from Retirement and Investment Accounts. We want to see your holdings so recent statements from any 401(k)s, IRAs or similar accounts are key. If you have any other brokerage accounts (inherited stocks, investments at Fidelity, Betterment, Merrill Lynch, or another institution), we’ll want statements from those too. Use your login to connect your accounts to FileThis to pull these automatically.
Student Loan Data. For federal loans we’ll need you to visit www.nslds.ed.gov, log in, and download a .txt file of your loan records. If you have private loans we’ll need the Master Promissory Note or Loan Contract.
Mortgage Statement. Provide a recent statement showing payments, taxes and remaining balance.
Health Insurance Plan Summary. This document was likely presented to you at the start of your health plan. It should be a long PDF detailing the types of plans available to you, co-pays, HSA/FSA eligibility and deadlines for changes. You may need to reach out to HR or download this from your online portal.
Home or Rental Insurance Policy. Upload the whole statement so we can analyze your coverage.
Life, car, motorcycle, boat, other Insurance. Upload the whole statement so we can analyze your coverage.
Estate Planning and Social Security
Wills and Estate Planning documents. Upload a copy of your will, durable power of attorney, or health care proxy.
Social Security Statements. We want to know what benefit you’ll receive in retirement (you do too!). Go to https://www.ssa.gov/myaccount/. You'll have to create an account and confirm your identity and they may even need to send you a pin via snail mail so complete this ASAP. You’ll also have to change your password every six months. Your full statement can be downloaded from this page once you log in. Please follow these instructions.