Frequently Asked Questions
When considering working with a certified financial planner (CFP), it’s essential for prospective clients to ask questions that help them gauge the planner’s expertise, approach, and suitability for their specific financial needs and goals. Here are some key questions a prospect should consider asking:
1. What is financial planning?
Financial planning can be broad based and integrated, where all elements of your financial affairs (like retirement planning, investments, insurance, and college funding) are brought together into a coordinated, cohesive plan. Or it can be very specific, focusing just on a single issue of importance or concern to you. In either case, financial planning is a multi-step process that provides you with two important deliverables: first, an in-depth review of your current situation (either comprehensive or specific, depending your planning objective) and second, a road map that provides clear direction on how to achieve your planning goal(s). It is important to remember that financial planning is a dynamic process, not a single, one-time event. The economy, your planning objectives, and earned income can all change, necessitating a revisit of the road map.
2. What is “fee-only financial planning” and why should it be important to me?
Fee-only financial planners are paid only by their clients. They never receive any commissions, sales incentives, bonuses, or special perks paid by insurance companies or other financial service entities for selling their products. Conklin Financial Planning is a true fee-only financial advisor firm. Knowing this, you can approach us with the full knowledge that we will only make recommendations that are in your best interest. You do not have to worry that we will need to “sell you something” in order to be paid for providing you advice.
3. WHAT’S A FIDUCIARY? ARE YOU ONE?
Simply put, a “fiduciary” is someone in a position of trust and confidence that must place the interests of those he or she serves ahead of their own. When a planner takes the Fiduciary Oath, they are committed to putting their clients’ financial needs and interests ahead of their own. Sheri Conklin is a fiduciary and proud to take this Oath to serve both our clients and prospective clients.
4. Do I need to be in your immediate area to use your services?
Thanks to modern technology, it is generally not essential to have in-person meetings. Frequently, work may be accomplished for distance assignments using video conferences, online data collection and other tools. The choice of a distance assignment is really determined by a client’s comfort level with working with someone who is not in the immediate area. Even for those who live and/or work in the Denver area or other nearby areas, it has been a major convenience to use these tools due to busy work/family schedules, commuting demands, etc. Sheri serves clients throughout the United States.
5. Don’t I need significant assets to get a good advisor?
No and in fact, we have no income or investment account minimums for hourly engagements. We also offer some great, accessible plans and services for clients who have never worked with a planner and want to try it out with specific questions or needs.
6. Who can benefit most from your services?
Any individual or family seeking financial peace of mine can benefit from our services. We serve people at all income levels and from all walks of life. Clients have the flexibility to work with us on either a one-time, as-needed basis or on an ongoing basis. We welcome clients who simply need a one-time financial consultation or second opinion, as well as those who need comprehensive 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.
7. I have already accumulated substantial assets and think I am doing quite well financially. 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 myself. Can you help me?
Yes. We offer many services for those people who need more sophisticated financial planning or advice. If a goal is to simplify your financial affairs, an ongoing client review may be right for you. Or, if you’re interested in a professional review or a second opinion, we can provide that too. People who need more sophisticated planning or advice will find our services appealing and beneficial.
8. 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 regarding the purchase of financial products that may be appropriate for you. So, if you need to obtain an insurance policy or a new mortgage, invest in a portfolio of mutual funds, or find an estate planning attorney or accountant, we can direct you to the resources you need and/or help you obtain these products and services.
9. I’m in charge of the retirement plans and employee benefits at my company and would like to get more employees to participate. How can you help us?
Corporate education is vital in building employee participation. We can help your people understand the benefits of your programs. Please call to discuss your specific needs. We can custom-build an educational program for your company. We can also provide services for executives and staff if desired.
10. How do I implement the recommendations you make for investments or other financial products?
We can help directly with implementation in the areas of retirement planning, tax planning and investments. For areas with a specialized focus such as insurance, tax preparation, or estate planning, we pinpoint issues but recommend professionals in those areas. We are also happy to partner with someone you may already be working with to accomplish planning goals.
11. What if I don’t want to implement recommendations entirely on my own?
Conklin Financial Planning offers several levels of service and professional oversight to assist you in implementing our recommendations.
12. Once my financial plan or project is finished, will our relationship end?
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. Contact us when you have a change that impacts your goals, and contact us annually for a checkup to keep your plan on track.
13. How do I get started?
The first step is an initial inquiry from you. Schedule your appointment now. We offer an initial no-cost, no-obligation Get Acquainted meeting, either on the phone or in your home or office. Contact us to schedule a time that is convenient for you. We can discuss which of our services may be appropriate for you during this meeting.