There are many misconceptions people have about financial planning services. In order to help dispel these misconceptions we have provided you with answers to some commonly asked questions. We would be happy to assist you if you have additional questions or would like to contact us for more information.
Q – Will the advice I receive lead to a sales pitch about insurance or annuities?
A – Not at Spiritus, we are strictly fee-only. A fee-only financial planner is one who does not sell financial products, period. No annuities, stocks, mutual funds and no life insurance. We offer expert financial advice for a flat or hourly fee. The advice you receive is objective and most importantly puts your best interests first.
Q – How do I know if I can afford financial planning advice?
A - It costs too much not to seek professional advice. We designed comprehensive financial planning services with genuine value and affordability built into our fee structure. Contact us for our current fee schedule.
Q – I'd like some nuts and bolts financial planning advice - is Spiritus just about investing money?
A - Investing is but one element of a successful financial plan. Our goal is to look at your entire financial picture. Like a conductor of a symphony orchestra, the role of your financial planner is making certain that all the elements together create harmony. At Spiritus, we provide comprehensive financial planning which can include:
• Cash flow planning
• Income tax planning
• Retirement income planning
• Risk and asset protection planning
• Estate tax planning
• Asset allocation strategies to reflect your goals
• Investment review and planning
Q – Isn't financial planning only for the wealthy?
A - Financial planning is how the wealthy became wealthy. Financial planning is for everyone. Because everyone, regardless of income or net worth, has dreams, goals, and aspirations. And everyone, is entitled to receive objective and trustworthy professional financial advice.
Q – Should I wait until I am closer to retirement age before I start financial planning?
A - It wasn't long ago our average life expectancy was 75. Now, most financial planners use 90 years as average life expectancy. Will you have enough money to carry you through until 90 years of age? Living longer means that long-term financial planning is more essential than ever. Early planning leads to a secure and carefree life that you deserve.
Q – I'm so busy right now - how long can I expect the financial planning process to take?
A - Our financial planning process is designed for people with busy lives. Spiritus can offer you several options including virtual financial planning meetings, phone meetings as well as face-to-face consultations. Most financial plans can be completed in 3-4 weeks. Because we value your time and ours, we have streamlined the paperwork process, and as a result, the majority of our time together can be spent planning for your secure future.
Q – I've never been good with numbers – will I be able to understand financial planning?
A - We are a small independent firm. We are going to take the time necessary to understand your individual needs and to answer your questions. Part of our work together involves education as well as implementation. Working with numbers is not easy for many people, but we make it as fun and informative as possible. Our commitment is that you not only understand your financial plan, but implement it as well.
Q – How do you deal with someone who is uncomfortable talking about money?
A - It's true - money is often considered to be a 'taboo' subject, something many people are uncomfortable with or even afraid to discuss. The Spiritus approach to financial planning is both light-hearted and respectful of the profound (and often conflicted) issues it can raise in one's life. Although finance is admittedly a 'dry' topic, we work hard to keep it light. Humor is encouraged, even though the results you can expect are serious and effective.
Q – Can't I save money by purchasing a software program and creating my own financial plan?
A - Our financial plans are highly personalized and tailored to your unique circumstances. Some clients require an emphasis on tax planning, others, cash flow and yet others need retirement income planning. As experts in the field, we pay close attention to the ever changing financial landscape and tax law changes, so you don't have to. Regardless of your individual needs, we will create a financial plan that is custom designed for your success.
Q – What is "fee-only" financial planning?
A – Our income is derived purely from an hourly or pre-determined flat fee rather than from commissions. This assures that the advice our clients receive is independent, objective and always in their best interest.
A – There is a difference between managing your own finances and managing your own finances optimally. In this complex market and tax environment, we can provide a much needed second opinion to ensure that you are on target to meet your goals.
Q – What does "Spiritus" mean?
A – The word Spiritus is Latin for 'breath', 'breathing', 'life', 'spirit'. To me, it represents a sense of freedom around both money and life.