Fee-Only Financial Planning

What is comprehensive financial planning?
Comprehensive financial planning is an integrated, coordinated strategy for achieving one’s personal financial goals and objectives. 

What is fee-only planning?
Fee-only refers to the financial advisor’s compensation structure.  Traditionally, financial advisors have been paid via commissions linked to the sale of mutual funds, annuities and insurance products.  While no arrangement is entirely conflict-free, we believe that objectivity is more likely to prevail when the advisor’s compensation is not tied to the sale of a particular financial product.

What is the profile of a typical PFPG client?
Good question!  Ages typically range from 30 to 90; investment portfolios run the gamut from under $250,000 to more than $5 million.  Clients include educators, engineers, corporate executives, physicians, attorneys, and inheritors. We work with traditional and non-traditional families, as well as single clients. Our clients share a common interest in conducting their financial affairs in a comprehensive, integrated fashion. 

What is a fiduciary, and why is that important?
The National Association of Personal Financial Advisors (NAPFA) defines fiduciary as follows: "A Financial Advisor held to a Fiduciary Standard occupies a position of special trust and confidence when working with a client. As a fiduciary, the Financial Advisor is required to act with undivided loyalty to the client. This includes disclosure of how the Financial Advisor is to be compensated and any corresponding conflicts of interest." A fee-only financial planner acting as a fiduciary is compensated strictly by the client, and not through any commissions or discounts related to the client’s purchase of financial products. Please see www.focusonfiduciary.com on the NAPFA website for more information.

Where can I learn more about financial planning?
We recommend that you explore the Consumers section of the Certified Financial Planner Board of Standards’ web site at www.cfp-board.org.  If you’d like to learn about the Certified Financial Planner (CFP®) designation and its distinction from other financial titles, please refer to our chart: Comparison of Credentials.

Where can I learn more about fee-only planning?
Link to the National Association of Personal Financial Advisors (NAPFA) at www.napfa.org.  Brian and Tom are active in NAPFA at the local, regional, and national levels.