Frequently Asked Questions

General Questions:

What Does A Financial Planner Do?

A financial planner listens to and understands the client’s financial picture and then comes up with recommendations on how best to manage the clients’ money. They take the headaches of how to invest and what to do off your plate. Some other areas advisors look at are your goals, taxes, retirement planning, insurance analysis and many other areas and work on educating you, the client on these topics. We believe in understanding the client’s whole picture before providing guidance and recommendations.

Do I Need a Financial Planner?

More often than not it helps to have a conversation with a financial planner to see if it would be beneficial or not. If your financial situation is very simple, chances are you may not need one. However, if you are facing some large life changes or want to just get a better handle on your finances and goals in and out of retirement, it would be a good idea to work with a financial planner. We offer a free no-obligation conversation to see if we would be a good fit and if our services would be beneficial to you.

How Do I Choose A Financial Planner?

Think about what you are looking for from a financial planner and then search for ones that can help you with that. We recommend reaching out and having an initial conversation to see if what we provide fits your need. Our firm is a large believer in not only helping the client but educating them as well.
Our advisors have also spent time continuing their education by obtaining additional certifications. One area that we specialize in is exit planning for your business. If you are looking to exit your business, we have the knowledge to be able to help.
Find one that works in a fiduciary capacity. You want to make sure the professional is working in your best interest!

Credential Questions:

What Is A Fiduciary Planner?

Being a fiduciary means we are legally and ethically required to put your best interests at the forefront. We believe in being open and transparent in our conversations as well as what is in the best interests of you. Finance is a complicated subject and know that your best interest is our top priority. By promoting education, we hope that our clients will understand some of the complicated areas of finance to help them feel more comfortable when making decisions regarding their finances.

Should I Work With a CFP®  Or A Financial Planner?

Some financial planners are CFPs®  and some are not. The CFP®  is an extensive test and certification for advisors who want to become more educated and knowledgeable for their clients. This certification holds the advisor to high ethical standards. If you have a more complicated financial picture, a CFP®  may be best in helping guide you through your financial journey, understanding all areas and not just investments.

What's The Difference Between a Financial Planner & A Financial Advisor?

We get this a good amount! Some people refer to themselves as “adviser, planner, superhero, etc.” Most financial advisors can be anyone who passes a licensing exam. Some can know what they are doing, but some do not. Same with “planners.” Planners are the same thing, but they tend to be more comprehensive. Note that a very important thing here is that neither of these titles are ones that are certified. The difference between a “planner” or “adviser” vs. a Certified Financial Planner®  can be vast.

Services:

When Should I Hire A Financial Planner?

There is no perfect answer for this. We think that yesterday was the right time! However, part of our philosophy is that everyone and everyone’s situation is different! We would recommend if you are curious, book a short call with us. During that conversation, we will learn more about you, your financial position and where you want to go. Based on that conversation, we can look at setting up a further more in depth conversation if we all agree it is in the best interest of everyone.

Do I Need A Financial Planner When I Get Married?

You don’t necessarily need a financial planner when you get married, but it would be a good idea to speak with one.  Getting married often includes combining finances and new goals.  One area that our firm is passionate about and takes pride in building financial plans for clients.  We work with our clients and have an in depth conversation regarding goals, finances, debt, etc and we build a plan with scenarios.  In those scenarios there are recommendations on how to best reach the goals laid out.  As life changes, this plan is meant to be dynamic and can be adjusted as life changes for many reasons.  Again, an initial conversation would be recommended to determine if this would be a good fit for you.

Is A Financial Planner Necessary When I Inherit Money?

Inheriting money can be life changing, however, there can be an added level of complexity. Between a good CPA and financial planner, they can help work with you to best understand your needs and what would be the best use of these funds. An inheritance, when being intentional and utilized correctly, can be an amazing gift that can change a client’s life as well as provide financial stability.

Can I Meet With a Financial Planner Online?

Yes, we do offer meetings virtually via Zoom, in person or by phone. We prefer to at least see the client on Zoom or in person. Zoom is very beneficial for us to serve our clients who are out of town or state. This still provides us with a conversation face to face.

Do I Need To Find A Financial Planner In My State?

No, you are able to work with financial planners who are out of state.

Our Niches:

Education:

Education is one of the main areas we take pride in at our firm. Our goal is to educate everyone, from the public, to clients, to students on finance in many different areas. Our firm offers many ways to learn more about finances through webinars, Big Eth You Tube videos and just conversations. We believe that if people knew more about finance, then the world would be a better place. Our mission is to help change that!

CEPA:

Exit planning is another area our firm is passionate about. If you are a small business owner who is about 3-5 years out from retirement/exiting your business, we can help you. We explore how ready you are, what your future looks like, provide an analysis of your business and many other areas. This is a big decision, one that should not be taken lightly, and planning is crucial for a successful exit. A brief phone conversation would be recommended to see if this would be beneficial to you.

Planning Through A Financial Plan:

Not all advisors strictly talk about investments. Another area we are passionate about is helping you, the client, create a personalized financial plan. We believe that good advice and good decisions for your future cannot come unless the whole financial picture is taken into account. This process involves starting with an in-depth discussion about money, how you feel about it and what you would like it to do for you. We work with you to gather all necessary information and then build a structured plan that gives you a clear path forward. This plan can be adjusted over time as your goals and life change. It provides you, the client, with a “manual” on what to do to increase your probability of success.

Exit Planning:

What Are The Three Stages Of Succession Planning?

They are discover, prepare, and decide. Discover is where you do an Enterprise Value Assessment to learn about your business and identify the 3 Gaps. Prepare is where you begin to work on your business to prepare it to sell by implementing 90 day “sprints” of actionable items intended to increase value. Decide is where the business owner decides if they want to continue working on increasing the value of the company or if they want to sell.

Which Options Should I Consider When Planning For Business Ownership Succession?

There are many options that can be considered for how you actually transition your business, but the more important part is to be very clear about why you are selling and what you want out of it. Then how it is done can be very flexible.

How Can You Ensure That My Succession Plan Aligns With My Personal Objectives?

In the Discover phase of the process, one of the things we go over is the personal side. Because, as a business owner, the business is very personal! So, part of discovery is to figure out what you are looking forward to in life after the business because that is what you will be doing! So, a successful exit strategy HAS to align with your personal objective or in our opinion it is not successful.

How Do I Know How Much My Business Is Worth?

You can properly evaluate your business by doing an Enterprise value assessment, which we can help with!

Will My Succession Plan Reflect My Business Goals?

If you do exit planning intentionally, then yes it will. Unfortunately, that is the difference between an unintentional and an exit plan. If you have no choice but to sell, then most likely succession will not be aligned with your goals of the business.

When Is The Right Time To Transfer Or Sell My Business?

As soon as you and the exit plan are aligned.

What Happens If My Partner Unexpectedly Exits The Business?

This is a risk that needs to be covered. We call those risks the 5 Ds because it could trigger an unintentional exit. So, how you avoid that is good protection around the business, so you are not subject to an unintentional exit.