What Is A CFP? What Does A Typical Fee-Only Financial Plan Cost? When Is Fee-Only Financial Planning Not Right For Me? More Questions? Send us a note at CONTACT US.
CFP is the designation for CERTIFIED FINANCIAL PLANNER (R). To become a CFP, we had to take a series of financial courses, including investment planning, tax & estate planning, insurance, retirement & employee benefit planning. At the succesful completion of all courses, we had to pass a 2-day comprehensive exam and work a required number of years in financial planning. If you would like to learn more about the CFP requirements and standards of conduct, visit the CFP Board website,www.cfp.com.
What Is An RIA and an IAR?
RIA is the designation for Registered Investment Advisor. Garrison/Knight is registered in the State of Massachusetts to give investment advice and manage investments. RIAs are held to the highest fiduciary standards and are required to put the interests of the client first when giving advice. Lea Ann is the Investment Advisor Representative (IAR) for the RIA.
How Do You Work With My Other Advisors?
As part of your financial team, we often work collaboratively with your CPA on tax planning issues, your attorney on estate planning issues and your broker when implementing changes to your investments. We also work with various custodians when monitoring your plan.
My Broker Gives Me Investment Advice. How Are You Different?
We also give investment advice, but we are not compensated for selling you investments. You pay us by the hour, for advice on specific financial matters. Not all aspects of a financial plan require the purchase of investments and this is where we can offer more comprehensive service.
Where Are My Investments Kept?
You can keep your investments at the custodian or broker of your choice. Since you are paying us for the financial advice, we typically recommend the most cost-efficient custodian for your assets. Typical custodians include Scottrade, Charles Schwab & Fidelity.
A typical comprehensive financial plan usually take 10-12 hours and therefore costs approximately $2,000. A smaller project, such as a retirement calculation or insurance review, takes less time and usually costs between $500-$800. Implementation of the plan can be negotiated separately and cost can vary widely. Retainer services for portfolio monitoring are usually 2 hours/quarter, or $360.
When Is Fee-Only Financial Planning Better for Me?