20 Questions to ask when choosing a Financial Planner

My 20 answers for these 20 questions.

1) Do you have experience in providing advice on the topics below? If yes indicate the number of years.

  • Retirement planning since 1994

  • Investment planning since 1994

  • Tax planning since 1994

  • Estate planning since 1994

  • Insurance planning since 1994

  • Integrated planning since 1994

  • Business succession planning since 1994

2) What are your areas of specialization? What qualifies you in this field?

  • Working with widows,

  • Divorcees,

  • Baby boomers planning for retirement, incapacity, wealth transfer and protection.

  • I have provided services to families in this field since 1997.

3) a. How long have you been offering financial planning advice to clients?

  • More than 25 years

4) b. How many clients do you currently have?

  • 10-50

5) Briefly describe your work history.

  • Before starting my firm in Spring of 2007, I was employed (1997 - 2007) at a boutique family office/investment management firm as a client service specialist, trainer, relationship manager, financial advisor and corporate officer.

6) What are your educational qualifications? Give area of study.

  • Undergraduate degree: BS Management Science Kean University, Union NJ

  • Advanced degree: Master of Business Administration Monmouth University, W. Long Branch NJ

7) What financial planning designation(s) or certification(s) do you hold?

  • Certified Financial Planner™ certification (1996)

  • Chartered Retirement Planning Counselor™ designation (2019)

  • Certified Divorce Financial Analyst™ (2023)

8) What financial planning continuing education requirements do you fulfill?

  • 28 varied credit hour every two years

  • 2 ethics credit hours every two years

9) What insurance licenses do you hold?

  • None

10) Are you personally licensed or registered as an investment adviser representative with a state?

  • Yes, New Jersey

11) Are you or your firm licensed or registered as an investment adviser with a state(s)

  • Yes, New Jersey

12) Will you provide me with your disclosure document Form ADV Part II or its state equivalent?

  • Yes

13) What services do you offer?

  • Financial life planning,

  • Investment advisory,

  • Cash flow analysis,

  • Income tax planning,

  • Elder planning,

  • Charitable planning,

  • Risk management planning.

14) Describe your approach to financial planning

  • I use a values-based approach to financial planning in that I conduct an intensive interview process to determine client values related to family, goals, aspirations and how achievement and protection of those values determine how wealth is managed.

15) Who will work with me?

  • All planning advice will be provided by a principal of the firm

  • Associates: Administrative functions such as forms completion, research, and preliminary analysis may be provided by a junior associate. All advice and recommendations will be provided by a principal of the firm.

16) How are you paid for your services?

  • Fee only

17) What do you typically charge

  • Flat fee inclusive of investment management range: $10,000 to $20,000

  • I charge a fixed, flat fee for financial planning and investment management which is very different from most others in the financial business.

  • Commission:

    • NONE.

18) a. Do you have a business affiliation with any company whose product or services you are recommending?

  • Yes. I maintain business relationships with several investment management service providers (Chas. Schwab, Nationwide Advisory, SEI Private Trust Company) that may from time to time provide research, technology tools or other minimal services to me.

18) b. Is any of your compensation based on selling products?

  • No.

18) c. Do professionals and sales agents to whom you may refer me send business, fees or any other benefits to you?

  • Yes. From time to time the professionals that I entrust to provide services to clients will refer their clients to me. There is no formal agreement in place that requires, motivates or compensates any professional to send a referral to me.

19) Do you provide a written client engagement agreement?

  • Yes.

20) Do you adhere to the Fiduciary Standard as defined by the CFP Board of Standards

  • Yes.