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| 1. |
Please tell me about the financial
planning process. Financial planning
is a multi-step process that provides you with two important
things: (1) An in-depth review of your current financial
situation, and (2) a blueprint that shows you how to
achieve your goals and objectives for the future. At
New Means Financial Planning, the financial planning
process consists of seven distinct steps (see Seven
Steps To Building a Brighter Financial Future for
details on our unique financial planning process.)
It is important to remember that financial planning
is a process, not an event.
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| 2. |
How do you create this blueprint?
First we focus on your goals, objectives, priorities and
values. For instance: the reduction of current and future
income taxes may be an immediate goal, funding a quality
education for your children and/or grandchildren may be
an intermediate goal, and enjoying a secure financial
future in your retirement years is likely to be one of
your most important long-term goals. Another great goal
in life for some people is creating wealth and/or leaving
a legacy for your chosen beneficiaries or charities. You
may already be on the road to meeting these objectives
and simply need a new strategy, professional insight,
or to fine-tune your plan. You may just be starting out,
or you may be somewhere in between. Whatever your unique
situation may be, everyone needs a periodic assessment
of where they are on the road to meeting their financial
goals. That’s why we do an in-depth review of your
current financial situation. Next, you need to know how
you can set about achieving (or continue working toward)
your financial goals. By focusing on cash flow, investments,
taxes, pensions and retirement plans, estate planning,
insurance issues, savings opportunities and other general
financial matters, we design a customized financial plan
for you. Finally, to achieve the intended results, you
must implement and monitor your plan. |
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| 3. |
Sounds like a lot of work!
It may seem like that at first, but the good news is,
if you follow your plan and maintain a disciplined approach,
you can rest well knowing you can reach your stated goals.
At New Means Financial Planning, we try to make the process
as easy as possible for you. In addition to offering professional
advice on your most important financial concerns, we can
also help with implementation, if appropriate for your
needs. |
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| 4. |
Who can benefit most from your
services? Any individual seeking financial
peace of mind can benefit from our services. We serve
people at all income levels, from all walks of life. Clients
have the flexibility to work with us on either a one-time,
as-needed basis or an ongoing basis. We welcome clients
who simply need a one-time financial consultation or a
second opinion, as well as those who need comprehensive
financial planning. |
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| 5. |
What is ''Fee-Only'' financial
planning and why should that be important to me?
Because we are Fee-Only financial planners, all conflicts
of interest regarding compensation are removed. We do
not accept sales commissions; we work solely for our
clients. Because we do not sell financial products such
as investments and insurance, there are no third-party
relationships or outside influences to color our thinking
and financial recommendations. For more information
on Fee-Only financial planning, including our Code of
Ethics, Fiduciary Code and member requirements, please
visit www.napfa.org.
In
addition, our firm is a Registered Investment Advisor
(RIA); as such, we must comply with a host of regulations
designed to protect the consumer. One important question
you should always ask when considering a financial planner’s
services: ''May I please have a copy of your ADV Part
II?'' This document contains important information about
the planner’s qualifications, fiduciary duties,
history of any past violations, etc. We would be happy
to send you a copy of our ADV Part II. Please contact
us to request your copy.
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| 6. |
I understand the benefits of
working with a Fee-Only financial planner, but I might
need to obtain financial products. How will I be able
to do that? While we do not sell financial
products, we 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 or
tax professional, we can direct you to the resources you
need and/or help you obtain these products and services.
If appropriate, we can also help you implement your plan. |
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| 7. |
Does New Means Financial Planning
provide only comprehensive financial planning?
No. Although a comprehensive financial plan can provide
the greatest benefits, we can limit our advisory services
to your specific needs, such as cash management and budgeting,
investment analysis or college education funding. |
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| 8. |
My spouse and I are just beginning
to build for our financial future. There is so much
to learn! We need help and guidance to get started.
Will you accept us as clients? Yes. Some
firms have income levels and/or net worth minimums but,
at New Means Financial Planning, we realize that everyone
has financial needs. We are proud to work with people
from all income levels, and all walks of life. Remember,
''You don't have to have a fortune to start building one.''
Visit the description of our Services to learn how New Means can help. Or call us today and let's get started. |
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| 9. |
I have already accumulated substantial
assets and think I am doing quite well. But as I progress
and build for the future, things seem to be getting more
complicated. I want to be sure I am on track, but I don’t
always have the time or inclination to research the myriad
details by myself. Can you help me?
Yes. People who need more sophisticated financial planning
or advice will find our services beneficial. If you are
looking for a professional review or a second opinion
to ensure you are on track, we can provide that. Visit the description of our Services to learn how New Means can help. Or call us today and let's get started. |
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| 10. |
What types of securities do you
provide advice for? We provide advice
for a wide range of securities, including mutual funds,
stocks (as they relate to your portfolio holdings), bonds,
bank deposits, variable and fixed annuities. We
also provide advice on mortgages, budgeting and cash flow
issues, 401(k), 403(b) and other retirement programs,
stock options, life and disability insurance, etc.
If it has to do with money and finances, we can provide
counseling, guidance and/or resources for you. Clients
are encouraged to call us when they have a major life
event, such as a new job, a baby, a marriage or divorce,
or if they are planning to buy a new home or start their
own business. We also encourage our clients to call
us with more common everyday questions, such as: ''How
should I invest within my 401(k) or 403(b) plan?'', ''How
can I reduce my taxes?'', ''What advice can you offer
on refinancing my home?'', or ''How can I maximize my
Flex Spending Account, Cafeteria Plan or Section 125 Plan
at work?'' |
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| 11. |
If I use New Means Financial
Planning to develop a financial plan, am I obligated to
purchase the recommended products? Absolutely
not. We will offer recommendations which in our professional
opinion will meet your needs and objectives, but you are
under no obligation to purchase the recommended products.
In today’s competitive market, it makes sense to
shop around for the best available product or service. |
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| 12. |
Tell me about your investment
philosophy. As financial planners and
investment consultants, we believe in the following fundamental
principals with regard to designing an investment portfolio
and making specific recommendations: The purpose of a
client’s investment portfolio is to fund current
and/or future financial objectives. The design of
the portfolio must take into account the client’s
financial objectives, tolerance for risk, needs for current
income or liquidity, and special considerations such as
income and estate taxes. The important thing to
remember is that no one can predict the future.
It is difference of opinion that makes a market.
Investment and economic ''experts'' provided with the
same information often come to different conclusions.
We do not suggest that we can, or that any of the money
or mutual fund managers that we recommend, will make the
correct decision every time. We do believe, however,
that studying the historic trends and relationships of
investment classes and the philosophies and approaches
of successful investment managers can provide valuable
insight. The appropriate allocation of investment
assets for your goals and risk tolerance is the most important
component in developing an investment portfolio.
We believe that having a diversified, well-balanced portfolio,
following long-term buy-and-hold strategies, and having
patience, will increase the likelihood that one will achieve
their long-term financial objectives. |
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| 13. |
How do you select investments
for a client? Before we recommend any
investment, we consider the current economic conditions,
the outlook for that asset class or type of security,
and how this investment fits within your portfolio given
your objectives and tolerance for risk. For equity investments,
we focus primarily on the philosophies, experience and
track record of the management team. With fixed income
investments, we look for the best yield available for
a given quality of security. As fiduciaries for our clients,
we strive to obtain the most appropriate investment vehicles
to meet your objectives, while being very conscious of
total expenses and risk exposure. |
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| 14. |
How do you price your financial
planning services? The fees are based
on the actual time involved in meeting with you in person
or over the phone, researching and analyzing your current
situation, and providing specific recommendations and
implementation assistance (if appropriate). Hourly rates
are $180 per hour for services rendered. |
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| 15. |
How much will my financial plan
cost? Financial planning fees are determined
on a "per project" basis; the total fee for a financial plan
will vary from client to client based on the specific
needs and complexity of your situation. If your needs match one of our standard service packages, you can get an idea of the total project fee by visiting the Services page. An exact quote
is provided after the Get Acquainted meeting, when your
personal needs are fully identified. |
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| 16. |
Are your fees tax deductible?
Yes. Section 212 of the Internal Revenue Code permits
an itemized deduction for tax and/or investment advice
in the miscellaneous section of Schedule A. It is subject
to a 2% floor of the adjusted gross income on a personal
tax return. |
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| 17. |
Once my financial plan is completed,
will our relationship end? Once the financial
plan is complete, the actual engagement of services may
end, but the majority of our clients choose to continue
working with us. Because financial planning is a
process, not an event, we offer ongoing services,
periodic reviews and day-to-day consultation as requested
and/or needed. |
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| 18. |
How can I get started?
The first step is an initial inquiry from you.
You many contact us via our Web
form, call us at (603) 465-3485, or email us at
info@newmeans.com.
We offer an initial no-cost, no-obligation Get Acquainted
Meeting, either over the phone or in person. The
purpose of this short meeting is for us to exchange
information about your needs and objectives, and discuss
which of our services are right for you.
Most
clients find the financial planning process to be stimulating
and enlightening. The end result, of course, is
greater peace of mind and increased likelihood that
you will achieve your personal and financial goals.
We look forward to helping YOU build your plan to get
there!
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