What is a CFP?
CFP stands for Certified Financial Planner. CERTIFIED FINANCIAL PLANNER™ certificants are individuals who have met the CFP Board’s 4 E's:
Education - CFP® certificants must develop their theoretical and practical financial planning knowledge by completing a comprehensive course of study at a college or university offering a financial planning curriculum approved by CFP Board.
Examination - CFP® certificants must pass a comprehensive two-day, 10-hour CFP® Certification Examination that tests their ability to apply financial planning knowledge in an integrated format that covers the financial planning process, tax planning, employee benefits and retirement planning, estate planning, investment management and insurance.
Experience - CFP® certificants must have three years minimum experience in the financial planning process prior to earning the right to use the CFP® certification marks.
Ethics - CFP® certificants agree to abide by a strict code of professional conduct, known as CFP Board’s Code of Ethics and Professional Responsibility, that sets forth their ethical responsibilities to the public, clients and employers.
What is a ChFC?
ChFC stands for Chartered Financial Consultant. It is a professional designation given by the American College. It is conferred upon candidates who will provide financial planning services for clients. To earn the ChFC designation candidates must complete eight college level courses; six required and two electives. The six required courses are: (1) Financial Planning: Process and Environment, (2) Fundamentals of Insurance Planning, (3) Income Taxation, (4) Planning for Retirement Needs, (5) Investments, and (6) Fundamentals of Estate Planning.
What is a Registered Investment Advisor Representative?
A Registered Investment Advisor Representative is associated with a Registered Investment Advisor. An Investment Advisor Representative is a fiduciary who has a duty of undivided loyalty to his investment advisory client. Additional an Investment Adviser Representative is compensated via fees paid by directly by the client. Any person or entity that holds itself out as a financial planner, must be registered with a firm who is a Registered Investment Advisor with their state or the Securities Exchange Commission.
What does Cowans Financial Services sell?
We sell financial advice regarding taxes, investments, insurance, pensions, retirement, college, estate planning and general financial matters.
What does "independent fee based" mean?
We are not obligated to any company, carrier or product and we charge a fixed amount with no hidden fees.
Who can benefit from our services?
Anyone who has financial, tax, investment, or estate planning problems, or who wishes to plan prudently for his or her financial future can benefit. Furthermore, persons who desire a higher, more sophisticated level of financial planning services may find our services appealing and helpful.
How much money do you need to start a financial plan?
There is no minimum dollar requirement. We recognize that persons with little or no assets as well as those with larger portfolios have financial planning needs.
What is a financial plan?
A financial plan is an in-depth review of your financial situation, taking into account your goals and objectives and focusing on income tax planning, asset management, estate planning, risk management, educational planning and retirement. The plan analyzes and recommends ways that you can achieve your financial goals and objectives.
How much do we charge for personal planning services?
We generally work on an annual retainer basis. Our pricing matrix uses income, gross estate, asset type, complexity, level of involvement and business ownership to determine the fee. This retainer fee ranges from $900 to $10,000. We also offer Situational Planning which is when only one or two areas of planning are desired. This fee ranges from $250 to $4000.
Do we offer money management?
Yes. We have various platforms to meet a wide range of client's needs.
What are you asset management fees?
Our fees are as follows:
| Total Assets |
Fee |
| < $1,000,000 |
1.00% |
| $1,000,000 - $5,000,000 |
0.80% |
| $5,000,000 - $10,000,000 |
0.60% |
| > $10,000,000 |
negotiable |
Is the fee 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. This deduction is now subject to a 2% floor of adjusted gross income. If the client has a business, the deduction would be taken on Schedule C.
Do we sell financial planning products, such as investments or insurance?
Yes. If our clients are not working with an outside advisor(s), we have the ability to sell investment and insurance products.
When we develop a financial plan together, are you obligated to purchase the recommended products?
No. You are never obligated to purchase any recommended products. The planning process is designed to give you choices for your financial goals.
Do we only provide comprehensive planning?
No. Although a comprehensive plan is most likely beneficial, we can limit our advisory services to your specific needs and do Situational Planning, such as retirement, education, estate or asset allocation.
Do we offer a tax service?
No. We choose to work with outside tax advisors to keep a clear line of distinction on the advise we give.
Do we provide legal services?
No. We work with various local attorneys not affiliated with our firm on legal matters.
Do we guarantee investment performance?
No.
Will client information be kept confidential?
Yes. It is the law.
Once a plan is completed, does our relationship end?
It should not. Financial planning is a process, not an event. We provide an annual, semi-annual or quarterly analysis of your net worth to assess diversification and review investments. We are also available as needed for additional support on issues pertaining to your financial well being.
How do you get started?
Contact us by completing the page found under the “Contact Us” link and we will contact you to discuss how we can best serve you. There is no charge for your initial consultation.
