About Forrest

Forrest Baumhover is a Certified Financial Planner (CFP), Enrolled Agent (EA), and founder of Westchase Financial Planning. Forrest started writing personal finance articles for Military In Transition because he wanted to give back to the military community which has given him so much. Since its inception in 2015, Military In Transition has been nominated as a Plutus Award finalist for "Best Military Personal Finance Blog." I’m Forrest Baumhover, and I’m a military veteran.  My wife, Tania and I have experienced quite a bit in our careers.  Deployments, relocations, children, overseas assignments… we’ve done quite a bit of it.

Halfway through my military career, I knew that I wanted to work with servicemembers and their families.  In my experienced, it seemed that there were a lot of resources to help people get out of debt, but that it was hard find a trustworthy financial planner who could relate to me.  I decided that I would focus on becoming the financial planner that military people could depend on and trust.

About Military In Transition

I created this blog to document some of the experiences & challenges that I was going through during my transition.  Along the way, I discovered that it could also help other folks better handle their own transition.

Too many times, we focus solely on our careers:  moves, promotions, etc.  When we have families, they have a priority as well.  Along the way, we usually do whatever we need to do (or sometimes we don’t), to minimize the amount of energy that we put into our finances.  Or, we trust someone to help us with that.  Towards the end of our military career, we realize we’re going up against a whole lot of new things, and get overwhelmed.  Suddenly, it seems like everything we’ve been doing is completely wrong, or we know nothing about what life looks like on the other side, or any number of uncertainties.  Especially with our finances.  This blog is meant to help you take control of your finances as you transition.

If all you need is a couple of articles, or some insight on a particular topic, then great!  Feel free to read what you’re interested in.  If you like it, please share it with your friends.

You can subscribe to this blog by going to the sign up form in the right hand corner, or follow it on the Military in Transition Facebook Group. If you have any questions, please feel free to email me.

Work With Forrest

If you like my articles, but would like to work with a professional who can help you take control of your finances, I can work with you.

My firm, Westchase Financial Planning, is a financial planning firm registered in the state of Florida. You can check out my Form ADV, which I update annually, on my firm’s website, and I encourage you to do so before contacting me.  I want you to feel like you know, like, and trust me so that our relationship can truly benefit you.  So, take your time, because I’ll be here when you are ready.

Once you’ve done your research, and you’re interested in working with me, I offer the following services:

Financial Planning Checklist

Being a military member, I fully understand the importance of a checklist.  Checklists help establish the order and discipline that we appreciate in our relationship with the military.  Working together, I can help you establish a comprehensive financial planning checklist, based upon your goals and concerns.  This covers a lot of things that cover your entire financial life, from investments & insurance to estate planning and taxes.  And a lot of things in between.

Fees:  For the Financial Planning Checklist, my fees are based strictly on paygrade:

  • E-1 to E-6:     $400
  • E-7 to O-3:    $600
  • O-4 and up:   $800

Once you have this checklist, you are free to execute it just as you would any other checklist.  Unless you subscribe to this blog or client email list, I will never spam you or up-sell you, ever.

Retainer Relationship

For those of you who would like help implementing the financial checklist, I offer a retainer relationship.

What is a retainer relationship?

A retainer relationship simply means that we will walk step-by-step through your checklist, until you feel comfortable with your financial situation.  After you feel in control of your finances, you can feel free to keep me on retainer to help you discuss and manage your finances at any time.  You pay one fee, discussed in advance, in exchange for unfettered access to my time and advice.

Why would I want a retainer?

When you receive your financial planning checklist, it might seem overwhelming.  Because financial planning can involve a lot of moving pieces, you might feel like you can’t do it all yourself, or that you just don’t have the time.  Having a retainer relationship allows us to take control of your finances, one piece at a time, based upon your schedule.

How much does a retainer cost?

Unlike a financial plan, a retainer relationship’s price is hard to calculate in advance.  Since the complexity of a retainer relationship can vary, I calculate my retainer fees for each client based upon their personal situation.

However, each client knows the cost of a retainer relationship up front, and I walk each client through the expected value of that relationship before we sign any paperwork.

What should I expect?

First, you should expect not to do this all at once.  We’ll tackle your concerns one step at a time so that it feels more comfortable for you.

In the first year, you should expect 6-8 meetings, based upon how you feel about your finances.  We’ll take as much time as you need to discuss specific topics related to your financial picture, as well as any concerns you think we need to address.  Examples of topics we cover in the first year include:

  • Cash flow & getting organized
  • Your investment picture
  • Insurance
  • Taxes & Tax planning
  • Estate planning
  • College planning
  • Your transition

After the first year, we’ll meet on a quarterly basis, depending on your schedule.  By this time, you should feel more comfortable with your finances, but you still might want to talk about concerns, changes in your life, or unexpected issues that have an impact.

I can work with clients in person or remotely.  I hold remote appointments over the phone or online, based upon your preference.  I’m also available to answer client questions via email.

I’m a fee-only financial planner with Westchase Financial Planning.  My passion for financial planning was brought out when I was a young officer helping my Sailors pay their bills.  Although financial planning went on the back burner while I continued to serve the Navy, the passion never left.  Now I’m in a position to help other people learn more about their relationship with their money.

By knowing how money impacts your life, you can take the necessary steps to address your concerns and reach your financial goals so that you can enjoy the best things in life.  Feel free to follow this blog as much or as little as you want.  I hope it helps you put together some of the missing pieces that might concern you as you face the rest of your life.

I will never pressure you to work with me.  Feel free to follow this blog and join the Military in Transition Facebook Group so that you can get a little more comfortable with me.  When you decide that you want to work with me, please email me to schedule an appointment.