FAQs
- What should the customer know about your pricing (e.g., discounts, fees)?
There are several different ways that I can engage in a client-planner relationship with someone. Compensation arrangements vary based on the types of services and their complexity. Insurance planning, investment management, and financial planning typically have different arrangements. With insurance, I’m not compensated directly from the client, but rather by the insurer. This arrangement is most commonly used with life insurance, disability insurance, long-term care, or annuities. I am compensated by the insurance company out of the premiums paid or contributions to the policy or contract. Similar to when you pay your auto or home insurance. You pay Geico, State Farm, etc., rather than the agent directly. They will then take a portion of the premium paid and direct it to the agent as necessary. With regards to investment management, an asset under management fee is most common. An annual fee is charged, based on the value of the accounts under management. The fee is most often applied on a quarterly basis. The fee is expressed as a percentage of the assets under management and varies based on the size of the account and the complexity of the underlying allocation. Financial planning is typically done through a fee-for-service arrangement. For specific needs, a fee will be assessed to address the specific need or needs. Such as; budgeting, asset allocation, etc. The fee can be paid in a lump sum, or paid over time in installments. A financial plan provides for the most comprehensive and detailed planning solutions. This can include planning in areas such as; investments, college savings, insurances, retirement, retirement income, and estate planning. The fee can be paid in a lump sum or spread over a 12-month period, interest-free. These are a few examples of common fee arrangements. Each option can be discussed in greater detail upon request.
- What is your typical process for working with a new customer?
The initial consultation is typically done in a face-to-face meeting, although a call is also fine, if that method is preferred. I’ll start by sharing more about myself, both personally and professionally. I’ll then share more about our firm Capitol Financial Solutions, our history, our independent architecture, and the various areas of financial planning that we cover. I then ask the individual or couple to share more about themselves personally and professionally if they’re comfortable doing so. I try to learn more about you; including who and what is most important to you. What do you value? What are some of your goals? By learning more about you personally, this helps give me greater context prior to making recommendations. We then typically discuss areas of your current financial position. Areas such as assets, liabilities, cash flow, large upcoming expenses, insurances, estate documents, etc. The initial consultation is a chance for us to discuss your current financial position and to determine if there are areas that may benefit from additional attention. If there are areas that could use professional assistance, we’ll discuss those in more detail. As I mentioned, the initial consultation is free, and without further expectation or obligation. The discussion typically lasts about an hour. If we mutually agree it makes sense to get together again, we’ll then discuss the next steps.
- What education and/or training do you have that relates to your work?
- CERTIFIED FINANCIAL PLANNER™ (CFP®) - Accredited Investment Fiduciary® (AIF®) - FINRA Series 7 Securities License - FINRA Series 66 Securities License - Life/Health Insurance License - Accident and Health Insurance License - Fixed and Variable Annuity License - Long-Term Care Insurance License