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 FINANCIAL PLANNING

Fee-Only Financial Planning

Not Your Average Fee-Only Firm

Ask five different people what financial planning means to them and you will likely get five different answers. Even in our industry, the term is used somewhat loosely. Financial planning and portfolio management are sometimes used interchangeably, which can be confusing. Financial planning is the process of defining your dreams and aspirations - the ones that can be funded with money, that is. The financial plan is derived from an honest and in-depth review of your most cherished goals. Only when a plan is in place, and only then, does it make sense to create a portfolio to fuel the forward movement of your plan.

Yet even within this definition of financial planning there is a need for greater specificity. Because not all financial plans are created alike. You may have heard about fee-based financial planner, not to be mistaken with a Fee-Only financial planner - we have a great blog about that. And then there are firms who claim to offer “free” financial planning, which is often tied to purchasing a product or investing with them. You know as well as we do, that anything worthwhile is not free. 

Fee-Only is the only way we do financial planning at Beck Bode. It means we are compensated through a fee which is openly and clearly disclosed. It’s a process that respects the needs, objectives, time and experience of all parties involved – advisor and client. 

We have always believed that full transparency is the only way to communicate. Brutal honesty is what gives our process 100% integrity.

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Why Do I Need a Fee-Only Financial Plan?

As a Fee-Only firm, we are members of the National Association of Personal Financial Advisors (NAPFA), and adhere to their code of ethics. This means that we absolutely do not receive commissions on the sale of any products or investments. 

The reason we think everyone should have a Fee-Only Plan has to do with trust. You need to know that you can trust the advice you are receiving from your advisor. One of the key ways to do that is to understand how your advisor is being compensated. If the advisor’s compensation is in any way tied to the advice they give you, you can’t be sure that it is in your absolute best interest. 

Fee-Only advisors have a fiduciary responsibility to act in the client’s best interest. They must disclose any potential or actual conflict of interest, and fully disclose how they are compensated. Fee-Only advisors are compensated either through a flat fee, or via a retainer that could be a percentage of assets managed. 

You need a Fee-Only plan because it’s the only way to know you are receiving objective advice, in a process that’s transparent from start to finish.

Not Your Average Fee-Only Firm

Ask five different people what financial planning means to them and you will likely get five different answers. Even in our industry, the term is used somewhat loosely. Financial planning and portfolio management are sometimes used interchangeably, which can be confusing. Financial planning is the process of defining your dreams and aspirations - the ones that can be funded with money, that is. The financial plan is derived from an honest and in-depth review of your most cherished goals. Only when a plan is in place, and only then, does it make sense to create a portfolio to fuel the forward movement of your plan.

Yet even within this definition of financial planning there is a need for greater specificity. Because not all financial plans are created alike. You may have heard about fee-based financial planner, not to be mistaken with a Fee-Only financial planner - we have a great blog about that. And then there are firms who claim to offer “free” financial planning, which is often tied to purchasing a product or investing with them. You know as well as we do, that anything worthwhile is not free. 

Fee-Only is the only way we do financial planning at Beck Bode. It means we are compensated through a fee which is openly and clearly disclosed. It’s a process that respects the needs, objectives, time and experience of all parties involved – advisor and client. 

We have always believed that full transparency is the only way to communicate. Brutal honesty is what gives our process 100% integrity.

Why Do I Need a Fee-Only Financial Plan?

As a Fee-Only firm, we are members of the National Association of Personal Financial Advisors (NAPFA), and adhere to their code of ethics. This means that we absolutely do not receive commissions on the sale of any products or investments. 

The reason we think everyone should have a Fee-Only Plan has to do with trust. You need to know that you can trust the advice you are receiving from your advisor. One of the key ways to do that is to understand how your advisor is being compensated. If the advisor’s compensation is in any way tied to the advice they give you, you can’t be sure that it is in your absolute best interest. 

Fee-Only advisors have a fiduciary responsibility to act in the client’s best interest. They must disclose any potential or actual conflict of interest, and fully disclose how they are compensated. Fee-Only advisors are compensated either through a flat fee, or via a retainer that could be a percentage of assets managed. 

You need a Fee-Only plan because it’s the only way to know you are receiving objective advice, in a process that’s transparent from start to finish.

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How Do I Start a Fee-Only Financial Plan?

We require that all of our clients have a GPS established before embarking on their financial journey. The Beck Bode GPS stands for Goals Planning Statement, and much like the Global Positioning System (GPS) in your vehicle, it helps you navigate toward your destination. A GPS is foundational to the development of a full-fledged financial plan. Our fee-only financial plans integrate access to a wide range of resources, including access to your own Personal Financial Management website powered by our technology portal, E-Money. Via this website, you can get a 360-degree view of your finances, 24/7, 365 days a year, track progress toward your personal goals, manage budgets and secure valuables in a secure digital vault. 




The Beck Bode Financial Planning Process

You deserve better advice, service, and communication from your financial advisor. Let's talk.

 

 

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We engage in a deep discovery conversation to completely understand your financial life today and your goals and dreams for the future.

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From our discovery conversation, we create your personal GPS to show you what it will take to reach your goals.

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When we are in agreement about the proposed strategy, we present a comprehensive financial plan.

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Once we have a plan - and only then - do we propose how we may implement a portfolio to fuel your plan forward.

 

Our team is available to you on an ongoing basis should you have any questions, or as the need arises. Throughout the year, we strive to connect, inform and engage with you with timely and relevant communications. We meet at least annually to assess your progress toward your goals.

How committed are you to your goals and dreams?

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