- What is financial planning?
- How do you create this roadmap?
- Sounds like a lot of work!
- Who can benefit from your services?
- What is Fee-Only financial planning and why should that be important to me?
- What if I want or need to buy investment or insurance products? How do I do that?
- Does White Oak Financial Planning provide only comprehensive financial planning?
- My spouse and I need help and guidance getting started building for our financial future. Will you accept us as clients?
- 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 manage the myriad details by myself. Can you help me?
- What types of securities do you provide advice for?
- If I use White Oak Financial Planning to develop a financial plan, am I obligated to purchase the recommended products?
- Are you a registered representative of any broker/dealer?
- Tell me about your investment philosophy.
- How much will my financial plan cost?
- Once my financial plan is completed, will our relationship end?
- How can I get started?
1. What is financial planning?
Financial planning is a coordinated, multi-step process that provides you with two important things: (1) an independent analysis and assessment of your current financial situation and life goals, and (2) a roadmap to help you determine the best way to achieve those goals.
It’s important to monitor and update your financial plan as needed. As your life and the events that impact it change, so should the roadmap that guides your financial decisions. Keep in mind that financial planning is a process . . . not an event.
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2. How do you create this roadmap?
Together, we first 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 White Oak Financial Planning, we try to make the process as easy as possible for you. In addition to receiving professional advice on your most important financial concerns, we can also assist you with implementation and ongoing portfolio consulting, if appropriate for your needs.
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4. Who can benefit from your services?
Any individual seeking financial peace of mind can benefit from our services. 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 full-service financial planning. In addition, any corporation or organization seeking quality, unbiased financial education for their employees or members can benefit from our financial education programs.
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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. White Oak Financial Planning’s Fiduciary Oath reflects our practice of Fee-Only financial planning.
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6. What if I want or need to buy investment or insurance products? How do I 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. If you need to obtain an insurance policy or a new mortgage, invest into a portfolio of mutual funds, find an estate planning attorney or tax professional, we are here to 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 and set up your accounts. We want to find the best fit for your needs.
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7. Does White Oak 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, 401(k) review or college education funding.
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8. My spouse and I need help and guidance getting started building for our financial future. Will you accept us as clients?
Yes. Some firms have income levels and/or net worth minimums but, at White Oak 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.'' The sooner you call, the sooner we can help.
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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 manage the myriad details by myself. Can you help me?
Yes. People who need more sophisticated financial planning or advice will find our services appealing and beneficial. If you have a desire to simplify your financial affairs, we can provide the scope of ongoing services that is right for you. If you are looking for a professional review or a second opinion to ensure you are on track, we can provide that as well.
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10. What types of securities do you provide advice for?
We provide advice for a wide variety 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, disability, and long term care insurance, etc. If it has to do with money and finances, we can provide counseling, guidance and/or resources for you.
Because we want our clients to know that they can call on us with any and all of their financial concerns, we use the slogan ''Financial Planning and Advice for Everyday Life.'' Clients are encouraged to call us when they have a major life event, such as a job change, 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?'', “Is there anything I should be doing to minimize my taxes?'', or “When can I retire?''
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11. If I use White Oak 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 them. And we do not benefit in any way if you do purchase them. In today’s competitive market, it makes sense to shop around for the best available product or service. For instance, if you need to obtain a life insurance or long term care policy, we will suggest the kind of policy, which riders and what amounts may be best for you. We will then direct you to a choice of companies that can provide a quality product at competitive prices for you. If you wish, we can help you purchase investments and/or set up your accounts with a third-party custodian such as a discount broker.
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12. Are you a registered representative of any broker/dealer?
No, I am not affiliated with any broker/dealer. My allegiance is to my clients and I receive no commissions from any other party at any time. A broker/dealer sells commissioned based products (such as mutual funds that have a fee, called a load, when you buy into the fund) through registered representatives.
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13. 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 tax and estate tax. 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. “Time in the market” is emphasized over “timing the market.”
We do believe, however, that studying the historic trends, 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 your investment portfolio. We believe that having a diversified, well-balanced portfolio over the long term with low expenses, and having patience, will increase the likelihood that you will achieve your long-term financial objectives. Regular checkups and disciplined rebalancing are advisable.
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14. How much will my financial plan cost?
Financial planning fees are determined on a 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. After the Get Acquainted Meeting and once we have an understanding of your current financial situation and the services you are seeking, we will provide you with a service agreement that includes a time and fee-estimate. Once the financial plan is complete, you determine how much ongoing assistance you want with implementation and investment monitoring.
Section 212 of the Internal Revenue Code allows an itemized deduction for tax and/or investment advice in the miscellaneous section of Schedule A. It is subject to a 2% floor or the adjusted gross income on a personal tax return.
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15. Once my financial plan is completed, will our relationship end?
Depending on your needs and desires, the actual engagement of services may end; however, most clients choose to re-engage our services on an as-needed or periodic basis. Because financial planning is a process, not an event, periodic reviews and as-needed consultations are highly recommended.
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16. How can I get started?
The first step is an initial inquiry from you. Contact us at info@whiteoakfinancialplanning.com or call 815-444-9686. We offer an initial no-cost, no-obligation Get Acquainted Meeting. Most clients find the financial planning process to be stimulating and enlightening. The end result, of course, is greater peace of mind. We look forward to helping you build a brighter financial future!
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