Why should I work with a CFP®?
Although many professionals may call themselves "financial planners," they are not all "certified". Only those who have fulfilled CFP® Board's rigorous requirements can call themselves a CERTIFIED FINANCIAL PLANNER™ professional. CFP® professionals must acquire several years of experience, complete extensive training, and pass the comprehensive CFP® Certification Exam while being held to strict ethical standards. Learn more about the Four E's of the CFP® Certification - Education, Examination, Experience, Ethics and View Ryan J. Weiser's CFP® Profile.
What is a Fiduciary?
A fiduciary advisor is obligated to put their clients’ interests ahead of their own and owes that person the duties of good faith and trust. The fiduciary duty is the highest standard of care and involves being bound ethically to act in the client's best interests.
There are Five Core Principles:
• Put the client’s best interests first
• Act with prudence, that is, with the skill, care, diligence and good judgment of a professional
• Do not mislead clients--provide conspicuous, full and fair disclosure of all important facts
• Avoid conflicts of interest
• Fully disclose and fairly manage, in the client’s favor, unavoidable conflicts
It is important to note that not all financial professionals, or those calling themselves advisors or planners, are required to act as a fiduciary for their clients. Individuals often assume their advisor is a fiduciary when that may not be the case.
Some advisors may even wear multiple hats and act as a fiduciary in some capacity, but not at all times, depending on the particular type of account or investments that they manage. This type of arrangement can make it very confusing as a client to clearly understand when an advisor is actually acting as a fiduciary.
Are you a Fiduciary?
Yes, under federal law, in particular the Investment Advisers Act of 1940, investment advisers are regulated by the Securities and Exchange Commission (SEC) or appropriate state authorities and are required to provide services to their customers under the fiduciary standard. Additionally, CERTIFIED FINANCIAL PLANNER™ professionals providing financial planning services must also abide by the Rules of Conduct (Rule 1.4 - Defining the Relationship with the Prospective Client or Client) established by the CFP® Board. Finally, as a member of NAPFA (NAPFA's Mission and Fiduciary Oath) and the XY Planning Network (XYPN Fiduciary Oath), additional fiduciary oaths are required as part of these organization’s commitment to superior client-focused financial planning.
Who is your typical client?
Our clients have an interest beyond money. They understand that money is just a tool, and are interested in how they can best utilize it to maximize their lives and make it more meaningful. Our services are most cost-effective for households with $500,000 or more of investable assets (ie, IRAs, brokerage accounts, bank cash balances, and/or rollover-eligible employer retirement plans).
Who is not a good fit for WFP?
Someone who is interested in the latest hot stock tip, and those that are not open to sharing and discussing their complete financial picture. We also believe that financial planning is an ongoing process and not a single event. It is much more effective to periodically review your financial plan and make small adjustments as needed, rather than needing to make major adjustments less frequently. Therefore we work with clients on an ongoing basis and not those seeking a one-time check-up.
How do you get paid?
WFP is a fee-only firm which means we do not receive any commissions from the sale of any products. We are paid directly and only from our clients, by either an investment advisory or financial planning fee, with a minimum annual fee of $6000/yr. All fees and services are disclosed in our Disclosure Brochure Form ADV Part 2, and your specific fees will be stated in our financial planning and advisory agreements which are signed by you prior to engaging in services.
No, our initial conversation is complementary and completely free at our expense, so that we can learn more about each other and discuss how we can best serve you.
Will I be charged for our initial conversation?
Do we need to meet at your office?
No, WFP was built from the ground up with technology driving our infrastructure. We are a virtual office and can serve our clients anytime from anyplace. It's your choice whether you prefer to meet in-person or via our secure online meeting platform.
The next step is to schedule a time for us to talk and learn more about each other. During our initial conversation the agenda is yours to ask any questions you have. We will then discuss the scope of our agreement and the details of how we will work together moving forward if there is a mutually good fit.
