- Please tell me about the financial planning process.
- How do you create this blueprint?
- Sounds like a lot of work!
- Who can benefit from your services?
- What is Fee-Only financial planning and why should that be important to me?
- I understand the benefits of working with a Fee-Only financial planner, but I might need to obtain financial products. How will I be able to do that?
- Does Concierge Financial Planning provide only comprehensive financial planning?
- I have already accumulated substantial assets and think I am doing quite well. But as I progress and build for the future, things seem to be getting more complicated. I want to be sure I am on track, but I don't always have the time or inclination to manage the myriad details by myself. Can you help me?
- What types of securities do you provide advice for?
- If I use Concierge Financial Planning, LLC. to develop a financial plan, am I obligated to purchase the recommended products?
- Tell me about your investment philosophy.
- How do you select investments for a client?
- How do you price your financial planning services?
- How much will my financial plan cost?
- Are your fees tax deductible?
- Once my financial plan is completed, will our relationship end?
- How can I get started?
1. Please tell me about the financial planning process.
Financial planning is a multi-step process that provides you with two important things: (1) An in-depth review of your current financial situation, and (2) a blueprint that shows you how to achieve your goals and objectives for the future. At Concierge Financial Planning, LLC, the financial planning process consists of seven distinct steps (see Process). It is important to remember that financial planning is a process . . . not a one-time event.
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2. How do you create this blueprint?
First I focus on your goals, objectives, priorities and values. For instance: the reduction of current and future income taxes may be an immediate goal, funding a quality education for your children and/or grandchildren may be an intermediate goal, and enjoying a secure financial future in your retirement years is likely to be one of your most important long-term goals. Another great goal in life for some people is creating wealth and/or leaving a legacy for your chosen beneficiaries or charities. You may already be on the road to meeting these objectives and simply need a new strategy, professional insight, or to fine-tune your plan. You may just be starting out, or you may be somewhere in between. Whatever your unique situation may be, everyone needs a periodic assessment of where they are on the road to meeting their financial goals. That’s why we do an in-depth review of your current financial situation. Next, you need to know how you can set about achieving (or continue working toward) your financial goals. By focusing on cash flow, investments, taxes, pensions and retirement plans, estate planning, insurance issues, savings opportunities and other general financial matters, we design a customized financial plan for you. Finally, to achieve the intended results, you must implement and monitor your plan.
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3. Sounds like a lot of work!
It may seem like that at first, but the good news is, if you follow your plan and maintain a disciplined approach, you can rest well knowing you can reach your stated goals. At Concierge Financial Planning, LLC, I try to make the process as easy as possible for you.
4. Who can benefit most from your services?
Any individual seeking financial peace of mind can benefit from my services. I serve people at all income levels, from all walks of life. Clients have the flexibility to work with me on either a one-time, as-needed basis or an ongoing basis. I welcome clients who simply need a one-time financial consultation or a second opinion, as well as those who need comprehensive financial planning.
5. What is ''Fee-Only'' financial planning and why should that be important to me?
Because I am a Fee-Only financial planner, conflicts of interest regarding compensation are removed. I do not accept sales commissions; I work solely for my clients. Because I do not sell financial products such as investments and insurance, there are no third-party relationships or outside influences to color my thinking and financial recommendations. For more information on Fee-Only financial planning, including our Code of Ethics and Fiduciary Code, please visit www.NAPFA.org.
In addition, my firm is a Registered Investment Advisor (RIA); as such, I must comply with a host of regulations designed to protect the consumer. One important question you should always ask when considering a financial planner’s services: ''May I please have a copy of your ADV Part 2?'' This document contains important information about the planner’s qualifications, fiduciary duties, history of any past violations, etc. Click here to access my ADV Part 2.
6. I understand the benefits of working with a Fee-Only financial planner, but I might need to obtain financial products. How will I be able to do that?
While I do not sell financial products, I will offer specific recommendations and opinions regarding the purchase of the various financial products that may be appropriate for you. So, if you need to obtain an insurance policy or a new mortgage, invest into a portfolio of mutual funds, or find an estate planning attorney or tax professional, I can direct you to the resources you need and/or help you obtain these products and services.
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7. Does Concierge Financial Planning provide only comprehensive financial planning?
No. Although a comprehensive financial plan can provide the greatest benefits, I can limit my advisory services to your specific needs, such as retirement planning or portfolio review.
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8. I have already accumulated substantial assets and think I am doing quite well. But as I progress and build for the future, things seem to be getting more complicated. I want to be sure I am on track, but I don’t always have the time or inclination to manage the myriad details by myself. Can you help me?
Yes. People who need more sophisticated financial planning or advice will find our services appealing and beneficial. If you are looking for a professional review or a second opinion to ensure you are on track, we can provide that, too.
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9. What types of securities do you provide advice for?
I provide advice for all types of securities, including mutual funds, stocks (as they relate to your portfolio holdings), bonds, bank deposits, variable and fixed annuities, limited partnerships and tax shelters. I also provide advice on mortgages, budgeting and cash flow issues, 401(k), 403(b) and other retirement programs, stock options, life and disability insurance, etc. If it has to do with money and finances, I can provide counseling, guidance and/or resources for you. Clients are encouraged to call us when they have a major life event or if they have any questions about their plan or personal finances.
10. If I use Concierge Financial Planning, LLC to develop a financial plan, am I obligated to purchase the recommended products?
Absolutely not. I don’t even sell financial products. I will offer recommendations, which in my professional opinion will meet your needs and objectives, but you are under no obligation to purchase them. In today’s competitive market, it makes sense to shop around for the best available product or service. For instance, if you need to obtain a life insurance or disability policy, I will suggest the kind of policy, which riders and what amounts may be best for you. I will then direct you to a choice of companies that can provide a quality product at competitive prices for you.
11. Tell me about your investment philosophy.
As a financial planner and investment consultant, I believe in the following fundamental principals with regard to designing an investment portfolio and making specific recommendations: The purpose of a client’s investment portfolio is to fund current and/or future financial objectives. The design of the portfolio must take into account the client’s financial objectives, tolerance for risk, needs for current income or liquidity, and special considerations such as income and estate taxes. The important thing to remember is that no one can predict the future. It is difference of opinion that makes a market. Investment and economic ''experts'' provided with the same information often come to different conclusions. I do not suggest that I can, or that any of the money or mutual fund managers that I recommend, will make the correct decision every time. I do believe, however, that studying the historic trends and relationships of investment classes and the philosophies and approaches of successful investment managers can provide valuable insight. The appropriate allocation of investment assets for your goals and risk tolerance is the most important component in developing an investment portfolio. I believe that having a diversified, well-balanced portfolio, following long-term, passive strategies, and having patience, will increase the likelihood that one will achieve their long-term financial objectives.
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12. How do you select investments for a client?
Before I recommend any investments, I consider the current economic conditions, the outlook for that asset class or type of security and how this investment fits within your portfolio given your objectives and tolerance for risk. For equity investments, I focus primarily on the philosophies, experience and track record of the management team. With fixed income investments, I look for the best yield available for a given quality of security. As a fiduciary for my clients, I strive to obtain the most appropriate investment vehicles to meet your objectives, while being very conscious of total expenses and risk exposure.
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13. How do you price your financial planning services?
The fees are based on the actual time involved in meeting with you in person or over the phone, researching and analyzing your current situation, and providing specific recommendations and implementation assistance (if appropriate). Hourly rates are $250 per hour.
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14. How much will my financial plan cost?
Financial planning fees are determined on a project basis; the total fee for a financial plan will vary from client to client based on the specific needs and complexity of your situation. An estimate is provided after the Get Acquainted Meeting, when your personal needs are fully identified. A typical comprehensive plans runs about $3,500.
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15. Are your fees tax deductible?
Yes. Section 212 of the Internal Revenue Code permits an itemized deduction for tax and/or investment advice in the miscellaneous section of Schedule A. It is subject to a 2% floor of the adjusted gross income on a personal tax return.
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16. Once my financial plan is completed, will our relationship end?
Depending on your client track, the actual engagement of services may end, but because financial planning is a process, not an event, I offer ongoing services, periodic reviews and day-to-day consultation as requested and/or needed. I usually suggest a review and rebalance annually.
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17. How can I get started?
The first step is an initial inquiry from you. I offer an initial no-cost, no-obligation Getting Acquainted Meeting, either on the phone or in my office. For Get Acquainted Meetings, appointments are scheduled based on availability 9AM-2PM, Monday through Friday. Expanded office hours are offered to clients who have engaged my services. Most clients find the financial planning process to be stimulating and enlightening. The end result, of course, is greater peace of mind. I look forward to helping YOU build a brighter financial future! Get started by scheduling a Getting Acquainted Meeting and completing the Concierge Financial Planning Prospective Client Questionnaire.