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Financial Planning Services

Whether at Pro Tax or another financial institution be sure to ask the following questions when interviewing for a financial planner:



What experience do you have?


Find out how long the planner has been in practice and the number and types of companies with which she has been associated. Ask the planner to briefly describe her work experience and how it relates to her current practice. Choose a financial planner who has experience counseling individuals on their financial needs.



What are your qualifications?


The term "financial planner" is used by many financial professionals. Ask the planner what qualifies him to offer financial planning advice and whether he is recognized as a CERTIFIED FINANCIAL PLANNER™ professional or CFP® practitioner, a Certified Public Accountant/ Personal Financial Specialist (CPA/PFS), or a Chartered Financial Consultant (ChFC). Look for a planner who has proven experience in financial planning topics such as insurance, tax planning, investments, estate planning or retirement planning. Determine what steps the planner takes to stay current with changes and developments in the financial planning field. If the planner holds a financial planning designation or certification, check on his background with CFP Board or other relevant professional organizations.



What Services do you offer?


The services a financial planner offers depend on a number of factors including credentials, licenses and areas of expertise. Generally, financial planners cannot sell insurance or securities products such as mutual funds or stocks without the proper licenses, or give investment advice unless registered with state or federal authorities. Some planners offer financial planning advice on a range of topics but do not sell financial products. Others may provide advice only in specific areas such as estate planning or on tax matters.



What is your approach to financial planning?


Ask the financial planner about the type of clients and financial situations she typically likes to work with. Some planners prefer to develop one plan by bringing together all of your financial goals. Others provide advice on specific areas, as needed. Make sure the planner's viewpoint on investing is not too cautious or overly aggressive for you. Some planners require you to have a certain net worth before offering services. Find out if the planner will carry out the financial recommendations developed for you or refer you to others who will do so.



How will I pay for your services?


As part of your financial planning agreement, the financial planner should clearly tell you in writing how she will be paid for the services to be provided.


Planners can be paid in several ways:


A salary paid by the company for which the planner works. The planner's employer receives payment from you or others, either in fees or commissions, in order to pay the planner's salary.


Fees based on an hourly rate, a flat rate, or on a percentage of your assets and/or income.


Commissions paid by a third party from the products sold to you to carry out the financial planning recommendations. Commissions are usually a percentage of the amount you invest in a product.


A combination of fees and commissions whereby fees are charged for the amount of work done to develop financial planning recommendations and commissions are received from any products sold. In addition, some planners may offset some portion of the fees you pay if they receive commissions for carrying out their recommendations.



How much do you typically charge?


While the amount you pay the planner will depend on your particular needs, the financial planner should be able to provide you with an estimate of possible costs based on the work to be performed. Such costs should include the planner's hourly rates or flat fees or the percentage he would receive as commission on products you may purchase as part of the financial planning recommendations.



Could anyone besides me benefit from your recommendations?


Some business relationships or partnerships that a planner has could affect her professional judgment while working with you, inhibiting the planner from acting in your best interest. Ask the planner to provide you with a description of her conflicts of interest in writing. For example, financial planners who sell insurance policies, securities or mutual funds have a business relationship with the companies that provide these financial products. The planner may also have relationships or partnerships that should be disclosed to you, such as business she receives for referring you to an insurance agent, accountant or attorney for implementation of planning suggestions.


Broke because of your broker?

Bad luck with your investments?

Disappointed with your investment advisor’s "Hot Tips"?


Verify an Individual’s CFP® Certification and BackgroundWhen you’re making an important financial decision, who do you turn to? Pro Tax can help you with all your investment decisions and needs. Pro Tax Financial Services employs people who can help you make the right decision based on your values and goals. Our company’s approach is different than others. All of our asset managers hold the highly distinguished Certified Financial Planner™ designation. At Pro Tax your advisor won’t be a salesman and we don’t push products for commissions or sales kickbacks. Instead we charge an annual management fee based on 1.5% of the assets under management. Why do we charge this way? Well, most of the industry has migrated to this type of “asset based” fee structure. Having your financial advisor paid based on assets vs. the number of trades placed helps get rid of any conflict of interest. The only way your advisor makes more is if your account performs well, making the client/advisor relationship much more ethical.


To schedule an appointment with one of Pro Tax’s Certified Financial Planners™ call (480) 464-1040.