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A financial planner will be able to connect all of the financial dots in order to provide you with an overall plan to meet your financial goals. He or she should have training and experience in all kinds of financial products and financial aspects of your life – equities, bonds, insurance, taxes, and estate planning – in order to make the right recommendations for your personal situation.
The fees will vary depending on the education and experience level of the financial planner, and how the fees are assessed. In general, a financial planner will charge based on one of two ways: commission or fee-only. If the planner charges based on commission, the amount will usually be a percentage of each transaction or assets under management. If the compensation structure is fee-only, he or she will typically charge an hourly rate or will quote a specified fee for the services provided.
There are a number of different financial planning certifications. While a financial planning professional can have any of several designations or certifications, at the very least you should make sure that he or she is licensed and in good standing with the licensing authority. Three of the most common designations are Certified Financial Planner, Chartered Financial Consultant, and Registered Investment Advisor.
Choose a financial planner who has experience dealing with clients in similar circumstances to yours. You’ll also want to make sure that the financial planner has your best interests in mind, and that he or she isn’t selling you products that are not suited to your needs. Interview prospective financial planners and ask them about credentials, management strategies, and history of performance. Call up past clients as references.
Asset allocation refers to the diversity of your entire savings and investment portfolio across asset classes. Stocks, bonds, cash and real estate are asset classes. Diversification refers to the types of investments held within each class. For example, both 3M and Union Pacific are high-cap equities in the Industrials sector. Because they’re in the same sector, these two stocks are likely to move up or down together. However, Tyson Foods is in the Consumer Staples sector.
Your plan should be to interview several financial advisors to find one that meets your investment style, has a good track record of returns, is open about his or her fee structure, and discloses any conflicts of interest. During the interview process, ask questions that address these main points. Ask the advisor for references and follow up with them to make sure the advisor is trustworthy.
If the advisor is a Certified Financial Planner, check the Certified Financial Planner Board of Standards. The Financial Industry Regulatory Authority (FINRA), the Securities and Exchange Commission (SEC), and the National Association of Securities Dealers (NASD) are also places to check and make sure the financial advisor has not had disciplinary action taken. Another great source of information is the advisor’s past clients. A good advisor won’t be afraid to hand out two or three solid references.
The key to successful financial planning is finding an honest and knowledgeable financial advisor that has you interests at heart. Any financial management company can potentially employ such an advisor. It’s great to side with a company that has a good track record of customer support, positive returns, and open fee structure, but don’t focus on this too much. Focus on finding an excellent advisor above all else.
Time horizon refers to the amount of time a person has to save for a particular event. For example, the time horizon for a college savings account might be 10 years for the parents of an eight-year old child, but 15 years for the parents of a three-year old. Likewise, the time horizon for a 30-year old saving for retirement might be 35 years, whereas it might be 15 years for a 60-year old who started saving late in life.
Financial planners are paid on either a commission or fee basis, or sometimes a combination of the two. Commissions are usually one-time charges based on each product sold or for each transaction. Fees can be based on the percentage of assets under management, an hourly rate, or even a flat fee.
First, ask about his or her experience with people in a similar situation to yours. Second, ask about education and certifications. Third, ask about the breadth and depth of products offered. Fourth, ask how he or she is compensated for services. Finally, always be sure to check that the financial planner is fully licensed and in good standing. If the financial planner is a CFP, visit the Certified Financial Planner Board of Standards website to run a quick check.
While your financial planner may make a different recommendation based on your particular circumstances, it’s a good idea to see him or her once a year. You should also consider making an appointment in anticipation of life-changing events such as marriage, the birth of a child, divorce, or after inheriting a large amount of money.
Our process begins with a “get acquainted” meeting. We will review information you provide regarding your financial situation (tax returns, insurance policies, asset statements, estate planning documents, employee benefits, etc.). We want to know about your personal goals, values, concerns, dreams, and past experiences.
The financial planning process entails discovering where you are now and where you want to go. We work together to establish and prioritize objectives. We’ll review the problems and opportunities facing you, examine alternatives and make recommendations and action steps. The last step is assisting you in implementing those recommendations.
Our philosophy is to manage your assets in a way that works best for you. We will attempt to design your portfolio to achieve its targeted rate of return without taking on more risk than necessary. You will have your own tailored Investment Policy Statement that mandates and establishes your goals, policies and procedures.
Strategic and Tactical Asset Allocation provide the foundation to managing the long-term risk and return of a portfolio.
Low cost investing through the use of low-expense no-load mutual fund families, ETF’s, and index funds are preferred.
Rebalancing portfolios on a consistent basis should reduce risk and increase returns over time.
A mandate to uphold an unbiased, objective, and advocacy roll.
