FAQ Group Two - Services Offered? Approach to Planning?
What financial planning services do you offer?
Credentials, licenses, and areas of expertise are all factors that determine the services a financial planner can offer. Generally, financial planners cannot sell insurance or securities products, such as mutual funds or stocks, without proper licenses. And they cannot give investment advice unless registered with state or federal regulatory bodies.
Answer:
I am properly licensed to offer four fee-based services:
- Holistic Financial planning
- Investment (asset) management
- Income tax planning/tax loss harvesting
- Income tax preparation
As an added value, I offer all qualified* clients an online account with eMoney™ financial management, account aggregation, and financial planning software at no additional charge.
As a tax professional, I bring a unique and value-added insight to the income tax implications regarding the following areas of financial concern:
- Rental Property
- Small business
- Airline crew member taxation
- Pre and post-divorce considerations
- Investment gains/losses and installment sales
- Tax loss harvesting
- Employee stock options
As a Certified Kingdom Advisor (CKA®), I offer financial and life planning counsel to those seeking such guidance from a Biblical perspective. However, my recommendation is values-based for those whose faith orientation is not Biblical.
What is your approach to financial planning?
Ensure the planner’s investing philosophy isn’t too cautious or overly aggressive for your needs. Learn how they will carry out recommendations or refer tasks to others.
Answer:
The terms “financial planning” and “investment management” are often confused and interchanged by the public as if to have the same meaning. Since they are two connected yet separate issues, please allow me to clarify them here briefly.
FINANCIAL PLANNING
Financial planning is the art and skill of helping a client define, in economic and “life” terms, where they are currently, what they want to achieve in the future and what course of action(s) will result in an increased probability of achieving their desired future life.
I recommend approaching the financial planning process from a holistic perspective. The plan should revolve around the client’s life, not the other way around. The client’s comprehension and endorsement of the completed proposal are paramount. Experience has shown that if the client lacks confidence in, a fundamental understanding of, or agreement with the plan’s recommendations, they will most likely not execute it. It is my responsibility and a goal to guide them toward constructing a project that they understand and want to follow.
ASSET OR INVESTMENT MANAGEMENT
The investment philosophy of the client always takes priority. Therefore, I recommend an adequately diversified, asset-allocated securities portfolio that addresses the client’s preferences, values, goals, time horizon, tax considerations, personal tolerance for market volatility, need for income and overall financial disposition.
For my clients approaching or currently in retirement, I stress the understanding and need for a balance between preservation of purchasing power and conservation of principle. I do not encourage clients to try and “beat” the market by timing their investment decisions or picking the “hot” sector or security. I believe in steady growth over the long term—principles determine my recommendations rather than emotions invoked by current yet temporary upheavals of economics, political or environmental events. I am generally optimistic about the long-term economic growth of our country and the world economy.
My investing philosophy is to recommend a portfolio which affords the client the best chance of achieving their prioritized goals.
RECOMMENDATIONS OR TASKS ASSIGNED TO OTHERS
I will record all the recommendations I make or client requests received by Family Financial Services in the Client Resource Management software. I will be personally responsible for addressing any issue entered.
Avantax Investment Services™ manages a Customer Service Log (CSL), which records tasks assigned to the appropriate department. Family Financial Services monitors each CSL until the request or issue is fulfilled or resolved.