1. Please tell me about the financial planning process. Financial planning can be either comprehensive, focusing on most or all of the major components of your financial matters such as investments, retirement, taxes, insurance, etc., or it can be very specific, focusing on only one or two issues of key importance to you. In either case, financial planning is a multi-step process that provides you with two important outcomes: (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. It is always important to remember that financial planning is a process . . . not an event. Like most things worth doing in life, you have to stay at it to achieve the results you desire!
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2. Who can benefit most from your services? Any individual or family seeking financial peace of mind can benefit from our services. We serve people at all income levels, from all walks of life. We do not require that clients have a minimum net worth, or income level. We welcome clients who simply need a one-time financial consultation or a second opinion, as well as those who are seeking ongoing coaching and monitoring over a longer period of time. In addition, any corporation or organization seeking quality, unbiased financial education for their employees can benefit from our financial education programs.
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3. What is ''Fee-Only'' financial planning and why should it be important to me? Because we are Fee-Only financial planners, we are paid by our clients and only by our clients. So the possibility of a conflict of interest regarding compensation is non-existent. We DO NOT accept sales commissions. While we DO advise our clients on financial products such as investments, insurance, or annuities, we DO NOT sell them. We seek out the best alternatives for our clients without third-party relationships or outside influences to color our thinking or recommendations. For more information about Fee-Only financial planning, please visit www.NAPFA.org.
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4. Does Financial Solutions LLC provide only comprehensive financial planning? No. Although a comprehensive financial plan can often provide the greatest benefit, we have the flexibility to tailor our advisory services to your specific needs, such as retirement planning, cash management and budgeting, portfolio review, etc.
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5. 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 we do not sell financial products, we sometimes offer specific recommendations and opinions regarding the purchase of various financial products that may be appropriate for you. So, if you need to obtain an insurance policy or a new mortgage, invest in a portfolio of mutual funds, or find an estate planning attorney or tax professional, we can direct you to the reliable resources that you need and, if necessary, help you obtain these products and services. If appropriate, we can also help you implement your plan and set up your accounts.
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6. For what types of investments and financial planning matters do you provide advice? We provide advice for most types of investment securities (as they relate to your portfolio holdings), including mutual funds, stocks, bonds, bank deposits, variable and fixed annuities, limited partnerships, tax shelters, etc.
We provide advice and education on retirement planning, budgeting and cash flow issues, 401(k)'s, 403(b)'s and other retirement programs, rollovers, stock options, life and disability insurance, mortgages and more. If it has to do with money and finances, we can provide counseling, guidance and/or resources for you.
Clients are also encouraged to call us when they have a major life event, such as a new job, a baby, a marriage or divorce, or if they are planning to buy a new home or start their own business. And we encourage our clients to call us with more common everyday questions, such as: ''How should I invest within my 401(k) or 403(b) plan?'', ''How can I reduce my taxes?'', ''What advice can you offer on refinancing my home?'', or ''How can I maximize my Health Savings Account, Flex Spending Account or Cafeteria Plan?''
Finally, we can also provide important financial education for those just starting out or trying to get "up to speed" on their finances.
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7. If I use Financial Solutions LLC to develop a financial plan, am I obligated to purchase the recommended products? Absolutely not. We will offer recommendations that we believe will, in our professional opinion, 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, we may suggest the kind of policy, which riders and what amounts may be best for you. We will then direct you to one or more companies that can provide a quality product at competitive prices. If you wish, we can also help you with implementation of various parts of your financial plan.
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8. What is your investment philosophy? We believe in the following fundamental principals when designing asset allocations and/or investment portfolios or for our clients:
- We believe that the allocation of investment assets (i.e. among stocks, bonds and cash) is the most important component in developing a client's investment portfolio. The design of the portfolio should take into account a client's financial objectives, tolerance for risk, needs for current income or liquidity, and any other considerations unique to the client. Perhaps most importantly, the asset allocation should be such that the client should be able to "sleep at night" regardless of what happens with short term market fluctuations.
- We believe in investing for the long term. Studies show that stock market investing becomes less risky as the investment time horizon increases. Generally, long-term means at least five years and preferably much longer. We do not believe in market timing.
- We believe that a diversified and well-balanced portfolio of low-cost, tax efficient investments will serve our clients best. We typically recommend no-load mutual funds to help clients achieve their investment objectives.
- And we believe that investing does not have to be rocket science to be effective. Our straight-forward approach to financial planning and financial education is reflected in our approach to investments and in our recommendations. Except in unusual situations..simpler is usually better.
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9. Do you offer educational programs for companies who want to educate their employees about 401(k)'s, investing and other benefit-related issues? Yes. We can custom-build an educational program for your company to help your employees understand why they'll be better off if they participate in your benefit programs.
We can also educate them on investing basics and other financial matters so they can make well-informed decisions both inside and outside of their company plans. Your employees will appreciate the fact that you have engaged an independent, fee-only firm, eliminating the possibility of product sales, promotions, or biased advice. Please call us to discuss your company's specific educational needs.
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10. How do you price your financial planning services? Our fees for Hourly Engagements are based on the actual time involved in meeting with you, either in person or over the phone, researching and analyzing your financial situation, and providing specific recommendations and implementation assistance (where appropriate). Our hourly rate is $180 per hour.
Clients who choose Retainer Engagements pay a fixed fee which is determined at the beginning of the engagement and paid in installments during the term. The retainer fee is based upon the scope and duration of the retainer engagement.
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11. How much will my financial plan cost? The fee for a financial plan or consultation will vary based on the specific needs and complexity of your situation. We will provide an estimate to you before work begins, after your personal needs and objectives have been fully identified. Remember, since we are Fee-Only planners, ALL charges are fully disclosed to you. If you decide to engage us, we will ask you to sign a short contract documenting our agreement to go forward and the responsibilities of each party.
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12. 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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13. Once my financial plan is completed, will our relationship end? That's up to you! Most of our clients return for periodic checkups to ensure that once they get their plan on track, they keep it on track. We also recommend periodic portfolio rebalancing to ensure that your asset allocation remains on target. And of course our Retainer clients have an ongoing relationship with us.
Remember that financial planning is a process, not an event. Once you get started, if you stay with it, you will reap many long term benefits. For this reason, we always encourage clients to return for periodic reviews and updates.
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14. How can I get started? The first step is up to you! Call us NOW at (614) 604-3551 or email us at PDolce@FinancialSols.com to schedule a meeting. We offer a no-cost, no-obligation "Get Acquainted" meeting, either on the phone or in our offices. These meetings are scheduled based on availability during regular business hours of 8-5, Monday through Friday. Expanded office hours are available to accommodate special needs or emergency situations.
THE KEY IS. DON'T PROCRASTINATE!! Most clients find the financial planning process stimulating and enlightening once they get started. And the end result, of course, is greater peace of mind.
We look forward to helping YOU build a brighter financial future!
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