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Questions and Answers about working with On Course Financial
- Please tell me about the financial planning process at On Course Financial Group.
- How do clients typically benefit from working with On Course Financial Group?
- What are some other ways that clients benefit?
- What does Fee-Only Mean?
- What is "Fee-Only" financial planning and why should that be important to me?
- 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?
- If I use On Course Financial Group, LLC to develop a financial plan, am I obligated to purchase the recommended products?
- Sounds like a lot of work!
- How do you price your financial planning services?
- How much will my financial plan cost?
- Are your fees tax deductible?
- Once my financial plan is completed, how will our relationship continue?
- How can you help me with my investments?
- Are ongoing investment advisory services right for me?
- What do I have to do to begin this process?
- How does the investment management service offering work at On Course Financial Group?
- How do I view my account holdings and monitor performance?
- What are the fees associated with your ongoing investment management program?
- Please tell me about the financial planning process at On Course Financial Group.
We view financial planning as a continual process that helps guide your decisions to utilize your resources effectively and lead toward the achievement of your goals. Here, financial planning involves a number of important steps, including an in-depth review of your current financial situation, the development of a solid financial foundation, and ongoing updates to ensure that your plan of action continues to reflect your changing circumstances, market dynamics, changing tax laws and other important factors.
back to top - How do clients typically benefit from working with On Course Financial Group?
Clients engage our services for a variety of reasons and benefit in many different ways. However, one of the most important benefits we offer to all clients is peace of mind. Regardless of your current circumstances, we can help provide organization and direction to assist with the achievement of your overall financial well-being.
back to top - What are some other ways that clients benefit?
Ultimately the goal of most clients is financial independence, either at retirement or earlier. Having an ongoing relationship with us and working together as a team over the years helps our clients achieve this goal.
back to top - What does Fee-Only Mean?
Fee-only means that all compensation for services provided comes directly from our clients. Our firm does not sell financial products or receive commissions on any products or services recommended. Fee-Only advisors receive no third party referral fees. You are engaging in a straightforward relationship between yourself and a professional.
back to top - What is "Fee-Only" financial planning and why should that be important to me?
Because we are Fee-only financial planners, conflicts of interest regarding compensation are minimized. We work solely for our clients. Because we are independent advisors, there are no third-party relationships or outside influences to color our thinking and financial recommendations. For more information on Fee-Only financial planning, including our Code of Ethics, Fiduciary Code and member requirements, please visit www.NAPFA.org.
In addition, our firm is a Maine State Licensed Investment Advisor; as such, we must comply with a host of regulations designed to protect the consumer. One important question you should always ask when considering a financial planner’s services: "May I please have a copy of your ADV Part II?" This document contains important information about the planner’s qualifications, fiduciary duties, history of any past violations, etc. We would be happy to send you a copy of our ADV Part II. Please contact us to request your copy.
back to top - 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 are looking for a professional review or a second opinion to ensure you are on track, we can provide that, too.
back to top - If I use On Course Financial Group, LLC 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. 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 disability policy, we will suggest the kind of policy and what amounts may be best for you. We can then direct you to insurance representatives that can provide a quality product at competitive prices for you.
back to top - 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 On-Course Financial Group, LLC, 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 provide implementation services, if appropriate for your needs.
back to top - How do you price your financial planning services?
Our fees are based on the actual time involved in meeting with you in person or over the phone, researching and analyzing your current situation, and providing specific recommendations and implementation assistance (if appropriate). Hourly rates are $150 per hour for services rendered. Planning fees are separate from ongoing investment advisory fees, which are determined based upon a percentage of assets managed.
back to top - How much will my financial plan cost?
We don’t like surprises and we recognize that you don’t either. Our 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. A firm estimate is provided after your initial planning meeting, when your personal needs are fully identified.
back to top - Are your fees tax deductible?
Yes. 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% floor of the adjusted gross income on a personal tax return.
back to top - Once my financial plan is completed, how will our relationship continue? We seek to develop long-term relationships with our clients. Financial planning is a process, and we initiate annual reviews and recommend contacting us if any personal circumstances change.
back to top - How can you help me with my investments?
We can provide full service investment advisory services which includes implementation, or advice for clients who choose to implement individually
back to top - Are ongoing investment advisory services right for me?
Here are some questions you need to consider:
- Are you busy and find there is little time to make informed decisions on the most appropriate investments for you?
- Do you still hold the same investments you held 5 years ago or have you made little or no changes to your investment portfolio for a significant period of time?
- Does the daily media hype make you uneasy?
- Do you look at what is performing well today to make decisions about what to invest in for tomorrow?
- Do new contributions to investment accounts sit in cash for a while before they are invested?
- Do you feel anxious about how you are invested and wonder if your portfolio is properly diversified or that it will maintain its diversification over time?
- Do you find that the investment selection process complex or are you unsure whether you are selecting the appropriate investments?
- If asked if you rebalance your portfolio, would you be telling a fib if you said yes?
- Has your implementation of recommendations received from investment professionals been spotty in the past?
- Are you unsure of what you can reasonably expect from your portfolio in terms of both downside and upside?
If you find yourself answering yes to several of these questions, then you are likely to benefit from an ongoing investment advisory services arrangement.
back to top - What do I have to do to begin this process?
The process really starts when we develop your financial plan. This is where we gain the insight into what is important to you which helps drive decisions about how to invest. Then we develop a recommended investment strategy that is aligned with your financial goals, tolerance for market volatility and time horizon. When an election is made to engage our ongoing investment advisory services, we help you complete the necessary paperwork to open your investment accounts and implement your strategy.
back to top - How does the investment management service offering work at On Course Financial Group?
Our primary role is to keep your investment strategy focused on your goals, and to make changes as your goals or personal circumstances change. We select the appropriate investments and money managers that are aligned with your investment strategy. Once the portfolio is set into place, we rebalance and recommend changes to your portfolio over time in accordance with your formalized investment policy. We will meet with you periodically to perform an investment portfolio review where we will discuss progress toward your goals, and any changes to your personal circumstances. Based on this review we will make any changes or adjustments that are warranted.
back to top - How do I view my account holdings and monitor performance? Our investment management clients have 24/7 online access to account information. Statements can be received either monthly or quarterly. Performance reports and market commentary are provided quarterly.
back to top - What are the fees associated with your ongoing investment management program? Fees for ongoing investment management are calculated as a percentage of total assets managed, and rates vary with the level of assets being managed. The fees are deducted directly from your investment accounts.
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©2010 On Course Financial Group, LLC. All rights reserved.
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