Frequently Asked Questions
Q: What is Financial Planning?
In general usage, a financial plan is a comprehensive evaluation of an individual's financial picture. It is composed from data on income, expenses, investments, insurance and estate planning from the individual, as well as a set of conservative variables based in historical financial data. It takes the client’s goals into consideration, creating short and long term projections to determine the sustainability and feasibility of these goals. It is a collaborative process, from data gathering to the development and implementation of strategies that will strengthen the overall financial picture, helping the client achieve their short and long term goals.
Q: Which certifications could my Financial Planner have?
There is a multitude of certifications professionals in the financial planning field may obtain, all of which take extensive commitment to obtaining as well as maintaining.
Our planners are all Certified Financial Planner professionals (CFP®). For more than 30 years, the CERTIFIED FINANCIAL PLANNER™ certification has been the standard of excellence for financial planners. CFP® professionals have met extensive training and experience requirements, and work within to the CFP Board's ethical standards that require them to put their clients' interests first. That's why partnering with a CFP® professional gives consumers confidence today and a more secure tomorrow.
Other licenses our Financial Planners carry:
- Chartered Financial Consultant (ChFC®): covers a must-have list of requirements for financial advisors, from knowledge on tax and retirement planning to special needs advising, wealth management, and insurance, amongst others.
- Chartered Advisor in Senior Living (CASL®): shows a commitment to helping aging clients achieve financial security now and into the future. The CASL® helps advisors lead clients from middle age through retirement and assist them with the management, preservation, and transfer of wealth.
- Chartered Life Underwriter (CLU®): focuses on the specialization in life insurance underwriting and within the context of estate planning. Life insurance is a very important planning tool for both individuals and business owners.
- Retirement Income Certified Professional (RICP®): focuses on the various sources of retirement income and how to create a plan utilizing these sources, taking into consideration taxation, Medicare costs, legacy planning and insurance planning, amongst others.
Q: What is a Fiduciary?
A fiduciary is a professional who holds a legal or ethical relationship of trust with one or more other parties. Typically, a fiduciary prudently takes care of money or other assets for another person. In simple terms, a fiduciary has a legal, ethical and/or professional duty to put their clients’ needs above their own.
Q: How much does a financial plan cost?
Well, it depends. The fee for a financial plan varies according to time and complexity. The cost includes the full data gathering, case construction and objective advice based on your personal and financial goals. It also includes access to the Personal Financial View web-based tool powered by Emoney® that conveniently aggregates all of your accounts. We will continually monitor your plan and help you implement your recommendations.
Q: How does my Financial Planner get paid?
The answer to this question depends on how you engage in our services. Engagement in a fee-based financial plan will result in a flat fee based on the complexity of your financial picture. If you need assistance managing your assets, your planner will get paid a percentage of the account beginning at 1% with the opportunity for a fee reduction as the account balance grows. If you need protection planning, your planner earns a commission from the product you may need.
Q: How can I get started?
You can schedule a complimentary meeting with one of our financial planners to discuss your goals and financial picture. During this meeting, the planner will focus on getting to know you, and will also describe our services and team philosophy. The formal financial planning process can then start if you choose to engage in our services.