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- What is financial planning?
Done right, financial planning is a process that helps you
figure out where you are financially today and where you
want to be in the future, and then helps you determine the
best way to get there. The process involves an initial in-depth
review of a client’s current financial situation followed
by the creation of a roadmap on how to achieve future goals
and objectives.
- What is a financial planner or advisor?
Anyone can say that he or she is a financial planner or advisor.
That’s why it’s essential to be sure of the qualifications
and credentials of any “planner” or “advisor” before
you pay anything or entrust them with your financial present
or future. We offer a complimentary meeting either via the
telephone or in person. Our advisors are well-qualified to
help you with your financial advisory needs. Each is at minimum
a CERTIFIED FINANCIAL PLANNER™ professional or attending
school to become a CFP®. That means that he or she has
taken extensive training and adheres to a rigorous code of
ethics. The firm is independently registered as an
investment advisor with the state of Florida. All our advisors adhere to the Florida Financial Advisors, Inc. Code of Ethics, CFP® code
of ethics and the National
Association of Personal Financial Advisors Fiduciary Oath.
- What’s so different about
NAPFA advisors?
Members of NAPFA provide their advisory services on a fee-only
basis. Members do not accept sales commissions or any compensation
other than directly from their clients. Clients pay only for
the time an advisor works with or for them. NAPFA advisors
may offer their services on an hourly basis, on a retainer
basis or as a percentage of investments managed.
- Don’t I have to have lots
of money to need or get a good advisor?
No. Our advisors have no income or investment account minimums.
- How can a financial advisor help
me?
Anyone, any age looking for financial peace of mind can benefit
from working with a good financial advisor either periodically
or on a regular basis. Our advisors serve people at all income
levels – whether the need is for a brief project or ongoing
financial assessment, management, and direction. Because our
fees are on an hourly basis, we can offer an affordable opportunity
for beginners and middle-income people to get quality financial
and investment advice.
Each individual’s situation is unique. Someone just starting
out may need a detailed, long-term plan of action while someone
else already on the road to achieving their goals simply may
need a new strategy, professional insight, fine-tuning or second
opinion of an existing plan. That’s why our advisors
work to custom tailor their services to meet each individual’s
needs.
Goals can be short-, intermediate-, or long-term. Reducing
current income tax liabilities, for example, is a short-term
goal, while funding a child’s education an intermediate
one, and enjoying a secure financial retirement a more long-term
goal. By focusing on cash flow, investments, taxes, pension,
retirement plans, estate planning, insurance issues, savings
opportunities, and other general financial matters, our advisors
can design a customized financial plan for you.
- What if I want or need to buy investment
or insurance products? How do I do that?
Our advisors don’t sell products, only their time and
expertise. They do offer specific recommendations and opinions
on various products and services that may be appropriate for
a client’s situation, and in turn can advise a client
where to obtain those products or services. If appropriate
and at the client’s request, an advisor can help with
plan implementation at their hourly rate.
- Do your advisors provide just comprehensive
financial planning and investment management?
No. Although a comprehensive financial plan yields the greatest
benefits, our advisors also can limit their services to individual,
specific needs like cash management and budgeting, investment
analysis or college education funding – whatever is critical
to you right now.
- My spouse and I need help and guidance
getting started building for our financial future. Will one
of your advisors accept us as clients?
Yes, we realize that everyone has financial questions. We are
happy to work with people from all income levels.
- I already have substantial assets
and am doing quite well financially – I think. Can
you help me?
Yes. Our advisors offer many services for those people who
need more sophisticated financial planning or advice. If a
goal is to simplify your financial affairs, our investment
management program may be right for you. Or, if you’re
only interested in a professional review or a second opinion,
we can provide that, too.
- Can you help me with any kind of
securities?
Yes. We provide advice on all types of securities, including
mutual funds, stocks, stock options, bonds, bank deposits,
variable and fixed annuities, and limited partnerships. We
also provide advice on mortgages, budgeting and cash flow issues,
401(k), 403(b), 457 and other retirement programs, life and
disability insurance, and more.
- If I use your advisors to develop
a financial plan, am I obligated to purchase the recommended
products?
Absolutely not! We offer recommendations to meet your needs
and objectives, but you are under no obligation to purchase
anything. We also recognize the importance of shopping around
for the best available product or service. If you need life
or disability insurance, for example, our advisors will suggest
the type of policy, various riders or additions, and the amounts
that best fit your situation, then direct you to one or several
different providers with quality products at competitive prices.
The extent of your advisor’s involvement in helping with
your purchase of a product or investment also is up to you.
If you would like, an advisor can help you purchase investments
and/or set up your accounts with a third-party custodian like
a discount broker. Since our advisors are not compensated by
commissions on products, you can be assured that their recommendations
are based on what they truly believe is in your best interests.
- What is Florida Financial Advisors’ investment
philosophy?
As financial advisors and investment consultants, we believe
in the following fundamental principles when it comes 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. Difference of opinion makes
a market. Investment and economic "experts" provided
with the same information often come to different conclusions.
We do not suggest that we, or that any of the money or mutual
fund managers that we may 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 a diversified, well-balanced portfolio, combined
with long-term buy-and-hold strategies, affordability and patience,
increases the likelihood that one will achieve his or her long-term
financial objectives.
- How does Florida Financial Advisors
select investments for a client?
Before recommending any investment, an advisor considers current
economic conditions, the outlook for a particular asset class
or type of security, and how the investment fits within a client’s
portfolio given his or her objectives and tolerance for risk.
With equities, the focus is primarily on the philosophies,
experience, and track record of the management team. With fixed
income investments, our advisors 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 a client’s objectives,
while being very conscious of total expenses and risk exposure.
- How do your advisors charge for
their financial advisory services?
Advisor fees are based on the actual time involved in meeting
with a client in person or via the phone, researching and analyzing
that client’s current situation, and providing specific
recommendations and implementation assistance (if appropriate).
Hourly rates vary by advisor ranging from $175 an hour up to
$250 an hour. However, we provide prospective clients with
quotes of their estimated fees following an initial no-obligation meeting.
Please contact us for more information.
- Are your advisors’ fees tax
deductible?
Yes, with certain limitations. 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 percent floor of the adjusted gross income on a personal
tax return.
- Once my financial plan or project
is finished, will our relationship end?
No, only that engagement will cease. It’s up to you to
contact your advisor as the need arises. However, we like to
think of financial advisors as ongoing providers. Just as someone
thinks of a dentist as an ongoing provider and has regular
dental checkups to maintain good dental health, good fiscal
health requires periodic reviews of your personal finances
by a qualified financial advisor.
- What if I decide to have you
manage my investments?
Investment management clients
receive the following services as part of their contract, which
is based on a percentage of assets:
- Financial and tax planning.
- We review clients’ retirement plans, college planning,
estate plans, insurance policies and tax documents to be sure
that everything is in order.
- We include in-house tax preparation for those clients who
would like to use us.
- Investment planning, including the implementation of changes
and recommendations for your portfolio.
- Monitoring of your accounts on an ongoing basis and proposed
adjustments to the holdings as necessary.
- Quarterly reports with our recommendations for any changes
we feel are necessary. If something occurs in the interim that
we believe warrants an adjustment or at least a discussion,
we would also notify you.
- Maintenance of cost basis and other records going forward,
which would simplify things at tax time.
- How do I get started?
E-mail us at cbott@floridafinancialadvisors.com or
call us at (813) 961-5926 for more information or to set up
your initial meeting.
At your initial meeting with one of our advisors, he or she
will discuss your immediate financial planning needs and follow-up
with an estimate of the charges involved, the data needed,
and when the work will be completed.
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| Florida Financial Advisors — Experience,
Expertise, Excellence |
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