- What and how do you charge for your services?
- What is Fee-Only financial planning and why should it be important to me?
- Do you hold yourself to a fiduciary standard?
- What is your approach to investing?
- Do you monitor my portfolio and contact me when changes are needed?
- Are your fees tax deductible?
- Once my initial financial plan is completed, will our relationship end?
Answers
1. What and how do you charge for your services?
Our fees are based on an hourly rate of $190 for the firm’s Financial Planner, Rob Oliver, and $95 per hour for Julie Brennan, our Paraplanner. The first time we work with a new client, we charge a flat project fee of $650 for a New Client Planning Session. Subsequent engagements are charged on an hourly basis in six minute increments. Visit the Our Solutions page to see our typical fees for specific services.
2. What is ”Fee-Only” financial planning and why should it be important to me?
As Fee-Only financial planners, we do not sell products such as mutual funds or insurance or accept commissions from the sale of those products. Our compensation comes solely and directly from our clients and our fees are fully disclosed. This approach allows us to work without ulterior motives and solely in your best interest. For more information on Fee-Only financial planning, please visit The National Association of Personal Financial Advisors.
3. Do you hold yourself to a fiduciary standard?
As a member of the National Association of Personal Financial Advisors, I have taken a Fiduciary Oath to act in good faith and in the best interests of my clients. Many so-called financial advisors are not held to a fiduciary standard and are only required to make sure a recommended investment is suitable for you.
4. What is your approach to investing?
We believe that asset allocation and expenses are the main determinants of your long-term portfolio returns. As such, we work with you to determine a mix of investments that is appropriate for your objectives, tolerance for risk, stage of life, and need for income. We then build a recommended portfolio for you using low-cost, diversified investments such as index mutual funds and exchange traded funds. In addition, we take tax implications into consideration when selecting investments for you and determining where certain types of investments are located in your portfolio. We typically encourage our clients to rebalance their portfolios annually and to maintain their positions in the meantime.
5. Do you monitor my portfolio and contact me when changes are needed?
We do not provide ongoing monitoring of your portfolio. However, we will encourage you to meet with us on an annual basis to get direction on rebalancing your portfolio back to its target asset allocation.
6. 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.
7. Once my initial financial plan is completed, will our relationship end?
That is up to you! Depending on why you chose to hire us, our initial engagement may end once you receive our recommendations. However, the majority of our clients see the benefits of establishing a long term relationship with us. We encourage our clients to return for periodic reviews and to contact us anytime they have questions or experience a major life event.