Financial Advising Services FAQ
What is the difference between a financial advisor and a financial planner?
A financial advisor is more of a broad term that covers anyone who helps clients manage money. You do not need any specific education or training to call yourself a financial advisor in Wisconsin. Sometimes, the term "financial coach" is used interchangeably with "financial advisor." Most often, though, a coach focuses on your personal financial situation, helping you with your budget, get out of debt and get started planning for the future.
A financial planner, on the other hand, typically has a certification in financial planning (designated by CFP following their name). In Wisconsin, you must hold a CFP certification in order to call yourself a financial planner.
A financial planner, on the other hand, typically has a certification in financial planning (designated by CFP following their name). In Wisconsin, you must hold a CFP certification in order to call yourself a financial planner.
Are you a financial advisor or a financial planner?
I am a financial coach or advisor. I do not hold a CFP certification. I do have a Master's degree in Accounting, however, and have taken additional coursework in investment strategies and hold an Annual Filing Season Program Record of Completion through the IRS.
WHat is a fee-only Financial Advisor or coach?
Fee-only refers to the fact that I do not get commission from any sales of investment products. Be careful that you find a fee-only financial advisor or planner, rather than fee-based. A fee-based advisor may also receive commissions based on selling you insurance or investment products.
I only receive payment from advising services, not any sales. In fact, because I do not hold a license to sell any insurance or investment products, I will not recommend specific investments to you.
I only receive payment from advising services, not any sales. In fact, because I do not hold a license to sell any insurance or investment products, I will not recommend specific investments to you.
If you don't recommend specific investments, how do you create a plan?
The plan we create together based on your specific situation includes budget planning, tax planning, retirement planning and an investment strategy based on your goals. The strategy we plan for will include explanation and purpose of different types of investments so that you can make a good decision for your own investments keeping in mind fees and tax implications. I can not give specific investment advice because I am not a registered Investment Advisor.
What fees do you charge?
The fee depends on the type of planning and work we do together and how complex the work is. You may also elect for me to help you on a monthly basis. Again, the fee is different based on the services provided. Contact me to setup a free consultation to decide if I would be a good fit for you.
What does fiduciary mean?
Basically, a fiduciary is an advisor who must act in your best interest, rather than their (or their company's) own interest. They must give ethical advice that is based on the client's needs and goals.