FAQs
- What should the customer know about your pricing (e.g., discounts, fees)?
We have aligned our services to work with clients in one of a few ways. Our Wealth Management Services include both Financial Planning and Portfolio Management and is paid according to an Assets Under Management fee schedule. We also offer flat fee Financial Planning for a one time fee. We work with you to develop a thorough financial plan that you take and implement. Lastly, we offer a Financial Planning App with monthly coaching for a monthly charge.
- What is your typical process for working with a new customer?
YOUR FIRST MEETING At your first meeting, we’ll discuss the financial planning process, what you would like to accomplish and how Worthen Financial Advisors can help you. The first step is to discuss the services that we will provide you, give you information on our background, detail how you will pay for products and services, detail how we will be compensated, and disclose any conflicts of interest. FINANCIAL PLANNING BEGINS: UNDERSTANDING YOUR SITUATION Once you have signed our Client Wealth Agreement, we will begin providing financial planning. Our first job is to gather information about your current finances and overall personal circumstances. We will discuss issues such as your risk tolerance and your exposure to longevity, economic, liability and health-care risks. This is the time we use to get to know all about you. SETTING YOUR GOALS Now that we know your situation, it’s time to set your goals. We know it’s important for us both to be on the same page and to talk through any assumptions or estimates. You’ll be able to share what’s most important to you. ANALYZING YOUR FINANCIAL STRENGTHS AND VULNERABILITIES We will analyze the strengths and vulnerabilities of your current financial situation and course of action and potential alternative courses of action. Depending upon your personal circumstances, this includes your cash flow, asset protection, retirement planning, emergency fund and other financial data. You want to know if you are on track or if you need to make some adjustments. DEVELOPING FINANCIAL PLANNING RECOMMENDATIONS The next step is to develop recommendations to help you meet your goals. We consider the available options to determine what is right for you. This usually involves financial modeling with reasonable assumptions for life expectancy, tax rates and investment returns. Our responsibility is to develop recommendations that are designed to maximize the potential for you to reach your goals. This isn’t just finances: it’s your life, your health, and even planning for future generations. PLANNER PRESENTS RECOMMENDATIONS When we present the financial planning recommendations to you, you will have the opportunity to provide feedback, ask questions and discuss adjustments to the plan, as we work together to finalize the steps you will take toward reaching your goals. It’s important for you to know the reasons for the recommendations, what assumptions and estimates we made, and when you will need to take action to implement your plan. PUTTING YOUR FINANCIAL PLAN INTO ACTION Now it’s time to put the plan into action. If your planning agreement includes implementation, then you will need to know what we will be doing and what you will be doing. For the areas we are handling, we will identify potential actions, products and services, and then make recommendations. You’ll have the opportunity to discuss the recommendations before you make your selections. MONITOR PERFORMANCE: EXPECT A COLLABORATIVE PARTNERSHIP Financial planning is a collaborative process. If your planning agreement includes monitoring, then you will need to work with us to review the performance and progress of the plan through time. Part of this is knowing what your financial planner is responsible for doing and what you need to do. It’s your job to let your financial planner know about changes in your personal circumstances (such as a change in employment or family status) that may call for adjustments to your plan. Our job is to keep track of the progress you are making to achieve your goals and determine whether any changes or updates are needed. Throughout the process, we are able to provide ongoing support, guidance and education.
- What education and/or training do you have that relates to your work?
CERTIFIED FINANCIAL PLANNER™ certification is the standard of excellence in financial planning. CFP® professionals meet rigorous education, training and ethical standards, and are committed to serving their clients' best interests today to prepare them for a more secure tomorrow.