FINANCIAL PLANNING, INVESTMENT MANAGEMENT AND TAX SERVICES QUESTIONS

What is a fiduciary?

A fiduciary is a person or organization that acts on behalf of another person or persons, putting their clients' interests ahead of their own, with a duty to preserve good faith and trust. Being a fiduciary thus requires being bound both legally and ethically to act in the other's best interests.

What is comprehensive financial planning and how much does it cost?

We know there are a lot of moving parts to a financial life, so we created financial plans that address the various parts—insurance coverages, estate planning, taxes, employee benefits, retirement planning, investments and more. We help our clients formulate and implement a plan to meet their specific needs. What makes us different from other financial advisors is we do not sell any products—we work for our clients at an hourly rate.
The fee for comprehensive financial planning depends on the complexity of the situation, but the fee for a new client engagement generally ranges between $3,000 to $4,000.

What does the CFP® certification really mean?

CERTIFIED FINANCIAL PLANNER™ certificants complete rigorous training and experience requisites in order to earn the CFP® mark. Additionally, they are held to high ethical standards. The demanding expectations prepare CFP® professionals to make the best possible recommendations to their clients in the ever-changing financial climate. A CERTIFIED FINANCIAL PLANNER™ professional will combine all areas of your financial life, from education and retirement planning to tax services and budgeting.
Please note that not all "financial planners" are CERTIFIED FINANCIAL PLANNER™ certificants.

Do you have an investment minimum?

The minimum for our investment management services is $500,000. However, we do not have a minimum for our comprehensive financial planning services.

Do I have to be an investment client and a financial planning client?

We do not require our financial planning clients to move their investment accounts to us.

What are your fees? Are they transparent?

As a fee-only firm, we do not sell any products, and there are no hidden fees in which we are compensated; we operate with full transparency. Our financial planning fees are billed at an hourly rate. Depending on the complexity of your situation, the fee for a new client engagement for comprehensive financial planning generally ranges between $3,000 and $4,000.
Our annual fee for investment management is 0.5% of the value of the managed assets. Fees are calculated and billed quarterly at 0.125% per quarter.

How much do you charge for investment management services?

Investment management is 0.5% per year.

What does the CIMA® certification mean?

Certified Investment Management Analyst® (CIMA®) is the premier certification for financial advisors and investment consultants and one of the only professional certifications in financial services to meet international accreditation and quality standards. The CIMA Certification requires advisors to have at least three years of relevant financial services experience, a clean regulatory record, comply with the Institute Code of Professional Responsibility, complete executive education at a top 25 global business school and pass a stringent five–hour examination. To keep the certification, advisors must stay updated on industry trends, laws, and products with 40 hours of continuing education every two years, including two hours of ethics education.

What does the AAMS® certification mean?

The Accredited Asset Management Specialist (AAMS®) is a professional designation granted by the College for Financial Planning for advisors to think in terms of clients’ total financial situations. The AAMS designation requires advisors to complete a 10-course program covering the following topics: asset management process; risk, return, and investment performance; asset allocation and selection; investment strategies; taxation of investments; investing for retirement; deferred compensation and benefit plans; insurance products for investment clients; estate planning for investment clients; and fiduciary, regulatory, and ethical issues for advisors. To keep the certification, 16 hours of continuing education must be completed every two years.

TAX SERVICES QUESTIONS

What does a CPA designation mean?

The answer in short: CPAs typically begin their careers with years of college and graduate education. To become licensed, they must take the demanding Uniform CPA Examination, which tests their knowledge on a wide range of topics over a period of 14 hours. Additionally, CPAs must meet an experience requirement before being licensed by a State Board of Accountancy to practice. After earning the CPA accreditation, they must meet continuing education requirements to update their knowledge of new developments. They are held to a strict code of ethical standards. Armed with this rigorous training, CPAs are on the job year-round, ready to help individuals and businesses address their own unique challenges.

What does the CGMA® certification mean?

The Chartered Global Management Accountant® (CGMA®) designation is a management accounting credential indicating the professional has advanced proficiency in finance, operations, strategy, and management. To obtain the designation, a professional has to complete a rigorous and structured curriculum. Designees must abide by the Bylaws and Code of Professional Conduct issued by the American Institute of Certified Public Accountants. In addition, continuing education is required to remain current with competencies.