Frequently Asked Questions

 

My services differ from that of many large financial institutions in the following ways:

 

 

 

Comprehensive financial planning recognizes the need to consider all areas of a client’s financial situation before developing a plan to reach his/her personal financial goals. If we focus on only one or two elements, other areas which may be overlooked may undo all of our planning efforts.

 

 

No.  You don’t need to be a millionaire to benefit from financial planning. Anyone who cares about his/her financial well being, or seeks to improve his/her ability to meet their financial objectives can benefit from financial planning.

 

 

(Requires 30 hours of continuing education every 2 years)

 

(Requires 60 hours of continuing education every 2 years)

 

(Requires 20 hours of continuing education every 2 years)

 

 

 

A Fee-Only planner is one who in all circumstances is compensated solely by the client. Thus, neither the advisor nor any related party receives compensation that is contingent on the purchase or sale of a financial product.  

 

 

Although no compensation structure is inherently good or bad, I believe that there are far fewer conflicts of interest involved when an advisor is compensated solely based on the fee that he/she receives directly from clients. I also believe that many of the problems we face today in our financial affairs—including the mismanagement of debt, failure to protect retirement assets, and poor allocation of savings and investments—relate directly to the conflicts of interest that pervade the marketplace.

 

 

No.  I do not sell any type of investment, insurance, or other financial product. And I will not receive commission, rebates, rewards, finder’s fees, bonuses, or any form of compensation from others as a result of a client’s implementation of his/her individual planning recommendations.

 

 

This term indicates that a financial planner adheres to the industry’s most demanding practice requirements—including Fee-Only compensation—and meets NAPFA’s rigorous standards.

 

 

The Board of Directors, Representatives, and Financial Advisors comprising NAPFA have developed the following definition of Fiduciary:

 

Fi•du•ci•ar•y – A financial advisor held to a Fiduciary Standard occupies a position of special trust and confidence when working with a client. As a Fiduciary, the financial advisor is required to act with undivided loyalty to the client.  This includes disclosure of how the financial advisor is to be compensated and any corresponding conflicts of interest.

 

NAPFA firmly believes this is the strongest definition of Fiduciary available because of the basic requirements of Trust, Loyalty, and Disclosure.

 

Trust – Someone who does not completely trust their financial advisor can never be fully confident that they are receiving the best possible advice from the best possible advisor.  Without trust, can confidence really be achieved?

 

Loyalty – An advisor who is loyal to only their clients will not be swayed by outside forces to recommend investments with higher commissions or payouts. Without loyalty, can people ever be sure their own interests are being looked after?

 

Disclosure – People must know, and understand, how their financial advisor is being compensated for the advice they are providing and whether or not any conflicts exist that may cause a problem with that advisor’s ability to provide truly independent advice. Without disclosure, can prudent advice be provided?

 

 

Yes.  Asset management is the main part of my practice.

 

 

No.  I welcome the opportunity to work with anyone who shares our financial planning and investment philosophy, and to whom my services can provide significant value.

 

 

No.  All accounts and assets are held in your name with an independent financial custodian.

 

 

Yes.  If you are currently working with other advisors—accountants, attorneys, or money managers—I will be happy to coordinate efforts with them to provide you with fully integrated service and advice.

 

 

A) Financial Planning Fees:

 

At the client’s discretion, and based on the nature and scope of planning work to be performed, clients may pay for planning services in one of three ways:

• Hourly fees: This approach is typically recommended for shorter term consulting requests or more limited financial planning and analyses. The Advisor hourly fee is $240.00 with a minimum engagement of five (5) hours.
• Project fees: Project fees. These are fixed at the beginning of the engagement and based on an estimate of the time required to complete the work. This approach is for both basic planning and for complex planning cases. The project fee is based on the hourly rate listed below multiplied by the number of hours Applicant expects to spend on the project. Usually this will require 10 to 30 billable hours or approximately $2400 to 7200.00. Client fees are outlined in advance in writing and are collected 50% upon engagement and 50% upon plan delivery.

B) Asset Management Services Fees:

To serve the various needs of different asset management clients, I utilize multiple compensation structures as described in my ADV Part II. The specific services and compensation arrangements appropriate for each client, as well as all appropriate disclosures, are documented in an agreement signed by the client prior to services being rendered.