How is a Certified Financial Planner (CFP®) different from other financial advisors?
A Certified Financial Planner (CFP®) is a unique designation awarded to financial professionals that have proven exemplary knowledge and skill in creating and analyzing financial plans for individuals, families, and businesses.
To attain the CFP® status, professionals must undergo coursework in Professional Conduct and Fiduciary Responsibility, as well as six core subject matter (General Principals of Financial Planning, Insurance Planning, Investment Planning, Income Tax Planning, Retirement Planning and Estate Planning), and pass a rigorous ten-hour examination testing the above subject matter and sample cases that again explore the applicants’ depth of knowledge on the material. Finally, there are many continuing education requirements to maintain this esteemed designation.
A CFP® has a unique perspective of the financial world. Instead of prioritizing just one aspect to attain and grow wealth, a CFP® examines all of the interconnected pieces of the puzzle to find the best approach given their clients’ personal needs, dreams and goals.
What does it mean to be a fiduciary?
We believe being a fiduciary simply means putting the clients’ needs before our own as a firm. At times, what is best for the client may be in conflict with what is best for the growth of our firm. But our core principle to be a fiduciary for our client first and foremost reduces this conflict to a simple answer for us, to act in the clients’ best interest. We are committed to our clients, and we want it to be clear that this commitment is unwavering.
What does it mean to be fee-based?
Legacy Care is a fee-based firm, which communicates to you that our primary source of revenue is from you, our clients. Only in limited cases, such as insurance and long-term care products, do we receive any outside source of income. In addition, if these cases are to arise during our relationship, we will clearly inform you of the circumstances and how they apply to you. We have specifically decided to structure our firm in this manner to make it clear to our clients that our goals are for you to reach your goals and increase transparency and trust between all parties. We understand the uncertainty your financial future holds and the risk it is for an individual to share this financial information with someone else. We cherish the level of trust you place in us, and our decision to be fee-based was founded on this core belief
Can you work with us on income tax filing and annual tax preparation?
At Legacy Care, we work with many of our clients on their annual income tax filing and preparation, as well as addressing any pending issues with the IRS. It is important that you trust your financial partners. Given that we work so closely with you and have insights into your transactions each year, income tax filing can be more simply addressed through Legacy Care.
Do you manage investment assets as well as offer financial planning advice?
Investment management is an important component of any financial plan. Through investing, we can identify savings accumulations and target specific goals with these funds. We provide both a passive investment management and managed investment strategy options to our clients by partnering with two leading vendors for each approach, Trade PMR and SEI Investment Company. Your needs vary by your own circumstances, and we believe it to be an utmost priority to offer tailored investment solutions that best serve your specific goals.
How much do your services cost?
The cost of our services varies based on the complexity of your financial situation. We are competitive in our industry, and are open to discussing the terms that are most appropriate given your financial situation. We charge an up-front financial planning fee that ranges from $600-$1,500 depending on complexity. There is also an option for ongoing services which cost $140-$200 a month.
In addition, if you prefer for us to manage your investments, as well as provide financial planning services, we typically consolidate all fees into one investment management fee that is calculated as a percentage of assets under management. This again allows for alignment of interests, since our firm’s goal will be to increase your overall wealth. The annual fee for assets under management will range from .50% - 1.00% depending on the amount of investment assets under management, the complexity of the financial plan, and the investment management structure. This amount will be billed quarterly versus your investment portfolio.
All fee amounts and timing are fully discussed with clients before any payment accrues. We do all we can to maximize transparency in the billing process and to ensure that you are comfortable with the terms.
How can you benefit from working with an independent advisor?
Some financial advisors have affiliations with larger investment firms, banks and broker-dealers, whereas others are independent financial advisors. At Legacy Care, we are independent financial advisors, which means that we have greater flexibility to review investment products and strategies offered by the industry at-large. As a client, you can be ensured that we will only offer
and promote products that are in your best interest, and we have no other incentive driving our recommendations.
Further, Legacy Care is a family owned and operated business. We welcome our clients into our family, sharing stories of our own experiences and identifying with your struggles to do the most you