Here are the 10 Questions to Ask When Choosing a Financial Planner from the Certified Financial Planner Board of Standards, Inc.
- What experience do you have?
- What are your qualifications?
- What services do you offer?
- What is your approach to financial planning?
- Will you be the only person working with me?
- How will I pay for your services?
- How much do you typically charge?
- Could anyone besides me benefit from your recommendations?
- Have you ever been publicly disciplined for any unlawful or unethical actions in your professional career?
- Can I have it in writing?
More Frequently Asked Questions:
What makes Provident Planning’s services different from other financial services?
What is your investment philosophy?
What if I need to purchase financial products?
Can I just spend an hour or two with you to talk about one or two specific things?
Who can benefit most from your services?
How can I get started?
What can I expect from the Get Acquainted meeting?
Where is your office?
What experience do you have?
After graduating from Virginia Tech’s financial planning program which included a financial planning internship, I began working in financial services in 2007. In the two wealth management firms I worked for, I helped provide financial planning services, including insurance, lending, retirement, estate planning, tax, and investment advice to individuals, couples, families, trusts, and small businesses. I founded Provident Planning in 2010.
What are your qualifications?
I graduated summa cum laude with a Bachelor of Science degree from Virginia Tech’s financial planning program. Additionally, I’m currently a CERTIFIED FINANCIAL PLANNER™ professional. That means I’ve successfully completed the education, examination, and experience requirements set forth by the Certified Financial Planner Board of Standards, Inc. I’m also licensed as an investment adviser representative in Pennsylvania, which means I’ve met the requirements set forth by the Pennsylvania Securities Commission to legally provide investment advice for compensation within Pennsylvania. Finally, I’m an Enrolled Agent, which means I’m certified to represent taxpayers before the IRS in all 50 states and U.S. territories. Enrolled Agents, like CPAs and attorneys, are allowed to represent taxpayers at all levels of the IRS whereas other tax preparers are not. We’re also held to high ethical standards and continuing education requirements.
What services do you offer?
I offer financial planning advice and income tax preparation on an hourly basis. I also offer a flat fee option for clients who prefer ongoing access to my services without having to worry about how many billable hours they will be charged. Whether you need a comprehensive financial plan or are just seeking an answer to a specific question, I can provide as much or as little help as you desire. Please see the Services page for more information.
What is your approach to financial planning?
Financial planning is about your priorities and goals – not someone else’s. It should reduce uncertainty, provide a clear plan of action, and allow you to make informed choices about personal financial matters. Planning ought to provide a balance between having comfortable goals and confidence in achieving them so you can avoid making unnecessary sacrifices or taking unnecessary risks. At Provident Planning, the financial planning process consists of seven distinct steps which you can find on the Process page. It’s important to remember that financial planning is a process – not a one-time event.
Will you be the only person working with me?
When it comes to providing financial planning services at Provident Planning, I will be the only one working with you. However, you will likely work with other professionals who will also assist you in carrying out your financial plan. These other professionals may include attorneys, tax preparers, insurance agents, stock brokers, portfolio managers, lenders, employee benefits administrators, or others. It is important to understand that these other professionals operate completely independent of Provident Planning and will charge their own fees for their services.
How will I pay for your services?
Services are offered on a fee-only basis. Fee-only means that you pay a clear, up-front fee for the services provided and I never receive any commissions or third-party compensation. That means when I recommend a financial product or another professional’s services to you, I will receive no compensation except the fee you paid me – whether you follow my recommendations or not.
How much do you typically charge?
The current hourly rate for income tax preparation is $75 and $100 for financial planning. All hourly services are billed in five minute increments. There is no minimum for income tax preparation, but hourly financial planning requires the purchase of a 2, 5, or 10 hour package. However, those hours never expire so you can use them as you need to. Additionally, I offer a flat fee option for $1,800/year (paid as $900/six months) for unlimited access to meetings, phone calls, e-mail, research, and analysis including the preparation of your income tax returns. For more information, please read the Services page.
Could anyone besides me benefit from your recommendations?
Recommendations are made solely for your benefit and with your best interests in mind. However, your other professional advisors may stand to benefit if you purchase products or services from them. To avoid any conflict of interest, I do not accept any compensation nor do I maintain any referral arrangements with any financial service providers or other professionals. If a potential conflict of interest exists due to my relationship with another client, I will disclose the nature of the conflict of interest to you in writing.
Have you ever been publicly disciplined for any unlawful or unethical actions in your professional career?
No. And I’ve never been privately disciplined either. Also, I have never been involved in any unlawful or unethical actions during my career. To check the discipline history of any financial planner or advisor, visit:
Certified Financial Planner Board of Standards, Inc.
www.cfp.net, 888-237-6275
North American Securities Administrators Association
www.nasaa.org, 202-737-0900
National Association of Insurance Commissioners
www.naic.org, 816-842-3600
Financial Industry Regulatory Authority
www.finra.org, 800-289-9999
Securities and Exchange Commission
www.sec.gov, 202-942-7040
Can I have it in writing?
Absolutely! Feel free to print this page. Also, much of this information is contained in Provident Planning’s Investment Adviser disclosure document known as Form ADV Part 2. This document contains important information about fees, qualifications, ways of doing business, philosophies, potential conflicts of interest, and other important information. Click here to download a copy of Provident Planning’s Form ADV Part 2.
What makes Provident Planning’s services different from other financial services?
- Fee-Only: I only work for you, not a brokerage house, bank, or an insurance company. I do not accept any kind of referral incentives from other professionals. My advice is not subject to limitations imposed by agreements with third parties. Absolutely 100% of my compensation comes directly from the clients I serve. You’ll know what you’re paying me because I’m up-front and honest about the fees I charge and receive.
- CERTIFIED FINANCIAL PLANNER™ Professional: The term “financial planner” is not regulated and anyone may call himself or herself a financial planner. However, CERTIFIED FINANCIAL PLANNER™ (CFP®) professionals are regulated and must agree to abide by written standards of practice and a code of ethics set forth and enforced by The Certified Financial Planner Board of Standards, Inc. Because I am a CFP® professional, I am subjecting myself to additional regulation.
- Registered Investment Adviser: As a Registered Investment Adviser, Provident Planning must comply with a number of regulations designed to protect the client including a fiduciary duty to always act in the client’s best interest. Stock brokers and insurance agents aren’t legally held to that fiduciary standard.
- Enrolled Agent: Enrolled Agents are certified to represent taxpayers before the IRS in all 50 states and U.S. territories. To become an Enrolled Agent, I had to pass a three part IRS exam to prove my knowledge of the tax code. I’m also held to high ethical standards and continuing education requirements. As an Enrolled Agent, I’m committed to providing high quality tax services to all my clients.
- No Minimum Requirements: Provident Planning has no minimum income, portfolio, or net worth requirements to become a client. I structured Provident Planning to be able to help people from all backgrounds. You shouldn’t have to be rich already in order to get advice. And at Provident Planning you don’t have to be.
What is your investment philosophy?
Rather than trying to beat the markets, which very few people actually do, I focus on helping you get your fair share of market returns. Trying to match market performance, minimize investing costs, and control risk through asset allocation is the best way to reduce uncertainty and achieve long-term investment results. Therefore, I recommend passively managed, low-cost, index funds within a well diversified portfolio. Asset allocation and investment recommendations are based on your financial planning objectives – not on recent market activity or economic outlook.
What if I need to purchase financial products?
While I don’t sell financial products, I will offer specific recommendations and opinions regarding the purchase of the various financial products that may be appropriate for you. So, if you need to obtain an insurance policy or a new mortgage, invest into a portfolio of mutual funds, or find an estate planning attorney, I can direct you to the resources you need and/or help you obtain these products and services. If appropriate, I can also help you implement your plan, set up your accounts, and review your situation with you on a regular basis.
Can I just spend an hour or two with you to talk about one or two specific things?
Yes. You’d get the greatest benefits from my services by using a more comprehensive approach, but you can limit advisory services to your specific needs, such as cash management and budgeting, planning a major purchase, choosing investments, or getting a second opinion.
Who can benefit most from your services?
Any individual seeking financial advice can benefit from my services, but the clients that usually benefit the most have the following characteristics:
- Currently have control over their finances but seeking to improve, organize, or streamline their personal finances
- Willing to accept and plan around the long-term returns investment markets offer, acknowledging there is really no way to consistently beat the market, and understanding that it would not be prudent nor wise to plan on beating the markets
- Understand that financial planning is a process, know the only guarantee is that things will change, and want to be better prepared for that inevitable change through planning
If you’re not sure you’d benefit from my services, I’d encourage you to go ahead and schedule a no-obligation Get Acquainted meeting. We can determine together if you need my services, and if not I can help direct you to someone who can help. Remember, that first meeting comes at no cost and without any obligations, so you have nothing to lose by meeting with me to discuss your needs.
How can I get started?
The first step is an initial inquiry from you. Call (717) 715-0980 or click here to schedule a no-cost, no-obligation Get Acquainted meeting. Please see the Process page for more details on how I will work with you.
What can I expect from the Get Acquainted meeting?
The primary purpose of the Get Acquainted meeting is to get to know each other a bit and ask questions. This is an opportunity for you to learn more about Provident Planning and for me to assess your needs and estimate the amount of time necessary to provide the services you need. By the end of the meeting, I’ll provide you a fee estimate if appropriate. Anything we discuss is absolutely private and confidential, and I will give you copies of my Code of Ethics & Privacy Policy and Form ADV Part 2 at the start of the meeting if you are seeking financial planning services.
Where is your office?
I run Provident Planning from a home office. The address is 195 King Pen Road, Nottingham, PA 19362. However, for the convenience and service of my clients, I am available to meet at your home, office, or other location that’s best for you at no additional charge (within Lancaster County, PA and western Chester County, PA). We’ll decide on a date, time, and location that’s convenient for you when you contact me for your Get Acquainted meeting.