Who
is Premier Financial Planning, Inc. (PFPI)?
How long has PFPI been in business?
What is Fee-Only?
What is a Registered Investment Advisor
(RIA)?
What is a CERTIFIED
FINANCIAL PLANNER
™ Professional?
What is a Form ADV Part 2A and 2B?
Who can benefit most from your services?
Do I need a certain net worth in order
to work with PFPI?
What do you provide advice for?
How much are your services?
Is your fee tax deductible?
How can I get started?
How long will it take to set up an
appointment?
What are your office hours?
Will I meet with the planner?
Are you willing to act as a fiduciary?
Will you answer the NAPFA questionnaire?
I understand the benefits of working
with a fee-only financial planner, but what if I need
to obtain financial products? How will I be able to do
that?
How do you select investments for a
money management client?
What is your investment philosophy?
As a money management client, how often
will I get reports from PFPI?
Who
is Premier Financial Planning, Inc. (PFPI)?
Premier
Financial Planning, Inc. is a fee-only, personal financial
planning firm registered with the New Jersey Bureau of
Securities (NJBOS) as a Registered Investment Advisor
(RIA). BACK
TO TOP
How
long has PFPI been in business?
Constance
Herrstrom started PFPI in 1994. She has over twenty-five years
experience as a financial planner and investment advisor.
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What
is Fee-Only?
Fee-only
refers to a financial planner paid solely by you, the
client, for financial advice. This avoids significant
conflicts of interest that can arise if your financial
advisor accepts commissions or receives any other compensation
when recommending specific financial products. Constance
Herrstrom is a member of the National Association for
Personal Financial Advisors (NAPFA), a national organization
that promotes the concept of fee-only financial planning
and requires member adherence to this central tenant of
its charter. BACK
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What
is a Registered Investment Advisor (RIA)?
An
investment advisor is a fiduciary whose duty is the undivided
loyalty to its clients and who must deal fairly and honestly
with them. Any person or entity that provides advice and
holds itself out as offering financial planning and receives
compensation must be registered. A Registered Investment
Advisor is a representative of the client who, for compensation,
engages in the business of advising as to the value of
securities or the advisability of purchasing or selling
securities. RIAs are required to register with the SEC
and in certain states.
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What
is a CERTIFIED
FINANCIAL PLANNER™
professional?
A
Certified Financial Planner™ professional is an
experienced planner who has completed courses of study
and passed examinations in areas such as retirement and
estate planning, insurance, investments, and taxes. Additionally,
a CFP® is required to disclose ethical standing and
comply with the CFP Board Code of Ethics. The CFP certification
is awarded by the Certified Financial Planner Board of
Standards. It can only be maintained by meeting on-going
education requirements. BACK
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What
is a Form ADV Part 2A and 2B?
This
form is the document used by Registered Investment Advisors
(RIAs) to register and update registrations with the SEC
and the state jurisdictions that require advisors to register.
The form is also used to comply with SEC Rule 206(4)-4,
which obligates investment advisors to disclose relevant
financial and disciplinary information to clients; such
information includes the planner’s qualifications,
fiduciary duties, history, and how the RIA conducts business.
You should always ask to see a planner’s Form ADV
Part 2A and Part 2B when considering their services. We
would be happy to send you a copy of our form at your
request. BACK
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Who
can benefit most from your services?
Anyone
seeking financial peace of mind can benefit from our services.
We serve people at all income levels, from all walks of
life.
Do
I need a certain net worth in order to work with PFPI?
No.
You do not need to be a high net worth individual to work
with us. We recognize that everyone, regardless of their
financial situation can benefit from our financial planning
services. BACK
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What
do you provide advice for?
If
it pertains to your finances, we can help. We provide
advice on budgeting, cash flow issues, mortgages, 401(k)
and 403(b), as well as other retirement programs, stock
options, life and disability insurance, and more. We also
provide advice for all types of securities, including
mutual funds, stocks (as they relate to your portfolio
holdings), bonds, bank deposits, variable and fixed annuities,
etc. Clients are encouraged to call us if they have a
major life event, such as a new job, a marriage or divorce,
a baby, starting their own business, buying a home, etc.
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How
much are your services?
Since
each client is unique, a comprehensive plan fee will be
set based on the level of service required, issues involved
and financial complexity. This flat fee will become part
of a signed Financial Services Agreement. A range for
you would be determined in the initial, no-charge consultation.
For engagements of limited scope, after the plan, an hourly
rate may be employed.
After the initial financial plan, for those clients who
use our on-going financial planning and investment management
services, an Investment Management Agreement is prepared
outlining the terms. We charge a percentage of the assets
under management (between 0.50% and 1.50%, calculated
on an annualized basis with one-fourth paid each quarter),
depending upon the market value of the assets under management.
In certain situations, a retainer fee (assessed annually)
is more appropriate and is quoted after the initial plan.
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Is
your fee tax deductible?
The Tax Cuts and Jobs Act of 2017
eliminated advisor fees from being eligible for a tax deduction.
This change to the tax code is currently set to remain in effect through 2025.
However, this could change with the passing of future legislation.
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How
can I get started?
The
first step is an initial inquiry from you. Contact us
here, or call (609)-924-2424 to receive a packet of informational
material and set up your initial, no charge consultation.
From there, should we mutually agree to work together,
we would discuss what next steps might be appropriate
for you and take it from there. Most clients find the
financial planning process to be stimulating and enlightening.
The end result is greater peace of mind. We look forward
to helping you identify the alternatives for the lifestyle
you choose and then working towards the one that offers
the best chance for happiness and success. BACK
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How
long will it take to set up an appointment?
Of
course it depends on our current workload but generally
we will schedule your initial appointment within two weeks
from your call. Once we agree to work together, the time
it takes to finish your financial plan depends greatly
on the complexity of the plan, but a good rule of thumb
is to complete the plan within two months. If circumstances
dictate, we can work with you to expedite this timeline.
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What
are your office hours?
Our
normal office hours are Monday through Friday, from 9:00AM
to 5:00PM. In order to accommodate your schedule, we also
offer early evening hours (by appointment only) Monday
through Thursday. BACK
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Will
I meet with the planner?
Yes.
All clients, financial planning and investment management,
meet with PFPI’s planner, Constance Herrstrom, during
their planning process. BACK
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Are
you willing to act as a fiduciary?
Yes.
We hold ourselves to the fiduciary standard and as such
we are obligated to act in your best interest and be proactive
in our disclosure of any conflicts of interest that may
impact you. As a National Association of Personal Financial
Advisors (NAPFA) member, we are not compensated in any
way except by the client. BACK
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Will
you answer the NAPFA questionnaire?
For
your convenience we have already filled out the questionnaire
and can mail, fax or email it to you upon request.
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I understand
the benefits of working with a fee-only financial planner,
but what if I need to obtain financial products? How will
I be able to do that?
While
PFPI does not sell financial products, we offer specific
recommendations to our clients regarding the purchase
of various products that may be appropriate for them and
can charge a fee for the buying or selling of those products.
Furthermore, we can help you coordinate the trading with
other financial institutions. BACK
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How
do you select investments for a money management client?
We
evaluate an investment based on its performance relative
to others in its asset class. We recommend those investment
vehicles that are most appropriate to meeting the client’s
objectives, while being mindful of total expenses and
risk exposure. Before using any investment, we look at
the current economic conditions, the outlook for the specific
asset class or security type and how this investment fits
within the client’s portfolio. BACK
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What
is your investment philosophy?
The
design of the portfolio must take into account the client’s
financial objectives, risk tolerance, income or liquidity
needs as well as any other special considerations. The
important thing to remember is that no one can predict
the future. Investment and economic "experts"
provided with the same information often come to different
conclusions. We do not suggest that we or any of the money
or mutual fund managers that we recommend will make the
correct decisions every time. We do believe, however,
that the appropriate allocation of investment assets for
your goals and risk tolerance is the most important component
in developing a portfolio. When appropriate, we use tactical
asset allocations to provide greater portfolio protection.
We also believe that a diversified, well balanced portfolio,
following long-term strategies, and having patience, will
increase the likelihood that you can achieve your long-term
financial objectives. BACK
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As
a money management client, how often will I get reports
from PFPI?
In
addition to the trade confirmations and statements sent
on a monthly basis by the account custodian (usually Charles
Schwab), we provide comprehensive, customized quarterly
reports. Updated reports can be sent at anytime upon the
client’s request. Clients with Schwab accounts can
access their accounts 24/7 through the Schwab website.
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