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Answers to all your potential concerns

Frequently Asked Questions

Imagine you go to the doctor, and the doctor does not charge you (or your insurance) at all.  Instead, the doctor is paid by the pharmaceutical company when you purchase a prescription.  When this doctor prescribes you a medication, would you trust that this doctor is acting in your best interests?  Fee-Only means that we do not sell any financial products for a commission, receive any referral fees or other revenue sharing.  Unlike sales-based representatives, a Fee-Only advisor is ONLY compensated by the client.

This eliminates many of the conflicts of interest so prevalent in the financial industry.

EA stands for Enrolled Agent.  Enrolled agents, like attorneys and certified public accountants (CPAs), have unlimited practice rights.

This means they are unrestricted as to which taxpayers they can represent, what types of tax matters they can handle, and which IRS offices they can represent clients before.

An enrolled agent is a person who has earned the privilege of representing taxpayers before the Internal Revenue Service by either passing a three-part comprehensive IRS test covering individual and business tax returns, or through experience as a former IRS employee.

Enrolled agent status is the highest credential the IRS awards. Individuals who obtain this elite status must adhere to ethical standards and complete 72 hours of continuing education courses every three years.

NAPFA is the country’s leading professional association of Fee-Only financial advisors-highly trained professionals who are committed to working in the best interests of their clients.

Only about 1% of financial advisors have been accepted for membership.

NAPFA insists that every NAPFA-Registered Financial Advisor meet the highest competency standards. All NAPFA-Registered Financial Advisors must:

  • Meet stiff credentialing and educational requirements
  • Be primarily engaged as holistic financial advisors (rather than merely investment or tax advisors)
  • Meet the most rigorous continuing education requirements in the industry
  • Submit to outside professional review, to ensure that they do not have the conflicts of interest that commissions bring
  • Submit a financial plan for review by peers before they can be admitted

NAPFA-Registered Advisors must also sign a Fiduciary Oath.  See Robert’s here.

The CFP® certification is a voluntary certification; no federal or state law or regulation requires financial planners to hold CFP® certification. It is recognized in the United States and a number of other countries for its (1) high standard of professional education; (2) stringent code of conduct and standards of practice; and (3) ethical requirements that govern professional engagements with Clients. 

The CFP® certification process, administered by CFP Board, identifies to the public that those individuals who have been authorized to use the CFP® certification marks in the U.S. have met rigorous professional standards and have agreed to adhere to the principles of integrity, objectivity, competence, fairness, confidentiality, professionalism and diligence when dealing with clients.

We will decide that together.  Simply schedule an intro meeting and we’ll talk through what your unique challenges are and what you are trying to accomplish.  We’ll only move forward if we mutually agree on the best service for you.

Provision Financial Planning was designed to work with families who want to build lasting wealth, not just families who already have it.  You can work with us regardless of how much money you have.

Our investment philosophy consists of the following beliefs:

  • The purpose of investing is to maintain and grow purchasing power over long periods of time.
  • Asset Allocation is the most important decision, which incorporates risk tolerance, risk capacity, and required rate of return.
  • The Asset Allocation should be globally diversified.
  • The market cannot be beat or timed with any consistency over the long term after fees.
  • Investor returns are more important than investment returns.
  • Stocks should outperform bonds over time, but not at any given time.
  • Passive investment funds offer the most efficient way to access global asset classes.
  • The investor should focus on what they can control: costs, diversification, rebalancing, tax awareness and a buy-and-hold strategy.

If you want us to manage your investments, TD Ameritrade will be the custodian.  TD Ameritrade is one of the largest custodians in the US.  Provision Financial Planning is simply authorized to trade and service your accounts via a limited power of attorney.

Think of a pilot preparing a flight plan.  The destination is known and the general flight path is chosen.  Once airborne, the pilot must make many slight course corrections to arrive at the destination.  Without these course corrections, the plane can end up way off course.  The longer the pilot waits to correct, the bigger correction needed.

Even a very good financial plan needs course corrections.  It is almost certainly wrong a year later unless every single assumption came true.  Maybe your circumstances change, or there are large changes that may affect you.  For example, you may have a new baby or buy a different house.  Tax laws did change (Tax Reform 2018), they’ll change again and company benefits can be different year to year.

By scheduling an intro meeting (no cost or obligation) and deciding for yourself!

Our process is designed so you can properly evaluate whether or not PFP is the right firm for you.

You should have a fairly clear idea on whether or not we’re the right firm for you after this meeting.

A wide variety of times are available.  Clients have access directly to my calendar to schedule a meeting.  Others will receive a link to schedule a meeting directly on my calendar after an intro meeting.

Evening meetings will generally be virtual via Zoom.

Your cost will depend on the services provided and will be agreed upon ahead of time.  You can learn more about the fees for the services offered here.

Still have questions? That's what our intro call is for!