What forms of compensation are used by financial planners? Some financial planners, including most registered representatives of broker-dealers, are compensated entirely by commissions from the providers of products they recommend or sell. Others, referred to as "fee-based" or "fee-offset" financial planners, charge both a fee and receive commissions from selling products. Altitude Financial Planning is a true "fee-only" firm and never accepts commissions related to financial advice or products. This allows us to seek out the best alternatives for you without third-party relationships or outside influences to color our thinking or recommendations.
Isn't financial planning only for the wealthy? Everyone, regardless of income or net worth, has dreams and goals. We believe everyone is entitled to objective and trustworthy professional financial advice regardless of whether they have few or ample assets. Accordingly, unlike many financial advisors, we do not have a minimum dollar requirement for clients.
Shouldn't I wait until I'm closer to retirement age to start financial planning? Thanks to modern medicine, our life expectancies are longer than ever. Will you have enough money to carry you through until 90 years of age or more? Financial planning is a life-long process and getting started earlier is more important than ever. The earlier you start the more successful you are likely to be!
I'm very busy, will I have time to commit to the financial planning process? We understand you have a busy life. We offer you options for working with us efficiently including secure online portals and templates, e-mail, virtual financial planning meetings and phone meetings in addition to face-to-face consultations. Most financial plans can be completed in 4-6 weeks. Because we value your time and ours, we have streamlined the process as much as possible.
I'm lousy with numbers, will I be able to understand financial planning? Because we are a small independent firm, we take the time to understand your individual needs and answer your questions. One of our intentions is to educate you about your financial affairs as we help you design and implement your financial plan.
What if I'm uncomfortable talking about money? We understand that in our society, money is often a "taboo" subject. We are sensitive to the fact that many are uncomfortable or even afraid to discuss money. Our approach is respectful, yet light-hearted and although the destination is serious, humor is always encouraged along the way!
I'm pretty good at managing my money, why should I work with a financial advisor? Because we can help you find your "blind spots" and optimize your performance. In a complex and constantly evolving financial market and tax environment, we can provide a much needed second opinion to ensure you are on the right course to meet your lifetime financial goals.
I understand the benefits of working with a fee-only financial planner, but what if I need to obtain financial products? While we don't sell financial products, we give you detailed advice regarding what specific financial products we believe are appropriate for you to acquire, or changes to make to your current holdings. We may also suggest certain types of insurance policies and direct you to one or more professionals or companies that can provide a quality product at competitive prices. You are free to decide to implement all or part of our recommendations on your own, or we can assist you in the implementation of various parts of your financial plan.
Do you guarantee investment performance? We will only recommend financial products that are appropriate for your financial goals, risk tolerance and tax status. We cannot, however, guarantee the future performance of investments as it is based on many factors outside of our control.
Once the financial plan is complete, does our relationship end? Financial planning is a life-long process. We encourage ongoing periodic reviews and consultation through our annual retainer program. Typically the most intensive work we do is in the first year and you will meet with us three times a year thereafter to keep the plan up to date and on track.
Are your fees tax deductible? Yes. Section 212 of the Internal Revenue Code permits a miscellaneous itemized deduction for tax and/or investment advice, subject to a 2% floor of the adjusted gross income. Clients who own their own business, have a farm or rental property, or who buy and sell investments may also be able to deduct 100% of our fee.
Do we offer income tax services? Yes. We believe income taxes are a very important part of a financial plan. Therefore, we offer tax planning advice and tax preparation services. These services are included for most of our annual retainer clients and hourly financial planning clients receive a 10% discount off our regular tax services rate. See our Tax Preparation page for more information.
What other services do you provide? In addition to our tax preparation services discussed above, we provide QuickBooks accounting consultation to small businesses. See our QuickBooks Consulting page for more information.
We also provide seminars and workshops on financial planning, income tax and QuickBooks topics. Check the Upcoming Events page.
Do you provide legal services? No, we are not attorneys. However, we will collaborate with your attorney in the preparation of necessary estate planning or other documents that are part of your comprehensive financial plan.
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