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Frequently Asked Questions


Financial planning is a multi-step process that provides you with two important things:

(1) An in-depth review of your current financial situation, and

(2) a blueprint that shows you how to achieve your goals and objectives for the future.

At Bhutani-Palmin Financial Planning LLC, the financial planning process consists of seven distinct steps (see Planning Process). It is important to remember that financial planning is a process…..not an event.

 

First we focus on your goals, objectives, priorities and values. For instance: the reduction of current and future income taxes may be an immediate goal, funding a quality education for your children and/or grandchildren may be an intermediate goal, and enjoying a secure financial future in your retirement years is likely to be one of your most important long-term goals. Another great goal in life for some people is creating wealth and/or leaving a legacy for your chosen beneficiaries or charities. You may already be on the road to meeting these objectives and simply need a new strategy, professional insight, or to fine-tune your plan. You may just be starting out, or you may be somewhere in between. Whatever your unique situation may be, everyone needs a periodic assessment of where they are on the road to meeting their financial goals. That’s why we do an in-depth review of your current financial situation. Next, you need to know how you can set about achieving (or continue working toward) your financial goals. By focusing on cash flow, investments, taxes, pensions and retirement plans, estate planning, insurance issues, savings opportunities and other general financial matters, we design a customized financial plan for you. Finally, to achieve the intended results, you must implement and monitor your plan.

 

Any individual seeking financial peace of mind can benefit from our services. We serve people at all income levels, from all walks of life. Clients have the flexibility to work with us on either a one-time, as-needed basis or an ongoing basis. We welcome clients who simply need a one-time financial consultation or a second opinion, as well as those who need comprehensive financial planning. In addition, any corporation or organization seeking quality, unbiased financial education for their employees or members can benefit from our financial education programs.

 

Because we are Fee-Only financial planners, all conflicts of interest regarding compensation are removed. We do not accept sales commissions; we work solely for our clients. Because we do not sell financial products such as investments and insurance, there are no third-party relationships or outside influences to color our thinking and financial recommendations. For more information on our Code of Ethics, Fiduciary Code and member requirements, please visit the CFP website.

In addition, our firm is a Registered Investment Advisor (RIA); as such, we must comply with a host of regulations designed to protect the consumer. One important question you should always ask when considering a financial planner’s services: “May I please have a copy of your ADV Part II?” This document contains important information about the planner’s qualifications, fiduciary duties, history of any past violations, etc.

 

While we do not sell financial products, we will offer specific recommendations and opinions regarding the purchase of the various financial products that may be appropriate for you. So, if you need to obtain an insurance policy or a new mortgage, invest into a portfolio of mutual funds, or find an estate planning attorney or tax professional, we can direct you to the resources you need and/or help you obtain these products and services.

 

No. Although a comprehensive financial plan can provide the greatest benefits, we can limit our advisory services to your specific needs, such as cash management and budgeting, investment analysis or college education funding.

 

Yes. Some firms have income levels and/or net worth minimums but, at Bhutani-Palmin Financial Planning LLC, we realize that everyone has financial needs. We are proud to work with people from all income levels, and all walks of life. Remember, “You don’t have to have a fortune to start building one.” Call us today and let’s get started.

 

Yes. People who need more sophisticated financial planning or advice will find our services appealing and beneficial. If you are looking for a professional review or a second opinion to ensure you are on track, we can provide that, too.

 

We provide advice for all types of securities, including mutual funds, stocks (as they relate to your portfolio holdings), bonds, bank deposits, variable and fixed annuities. We also provide advice on mortgages, budgeting and cash flow issues, 401(k), 403(b) and other retirement programs, stock options, life and disability insurance needs, etc. If it has to do with money and finances, we can provide counseling, guidance and/or resources for you. Clients are encouraged to call us when they have a major life event, such as a new job, a baby, a marriage, plans to buy a new home or start a business. We also encourage our clients to call us with more common everyday questions, such as: “How should I invest within my 401(k) plan?”, “How can I reduce my taxes?”, “What advice can you offer on refinancing my home?”

 

Absolutely not. We will offer recommendations which in our professional opinion will meet your needs and objectives, but you are under no obligation to purchase them. In today’s competitive market, it makes sense to shop around for the best available product or service. For instance, if you need to obtain a life insurance or disability policy, we will suggest the kind of policy, which riders and what amounts may be best for you. We will then direct you to a choice of companies that can provide a quality product at competitive prices for you.

 

As financial planners and investment consultants, we believe in the following fundamental principals with regard to designing an investment portfolio and making specific recommendations: the purpose of a client’s investment portfolio is to fund current and/or future financial objectives. The design of the portfolio must take into account the client’s financial objectives, tolerance for risk, needs for current income or liquidity, and special considerations such as income and estate taxes. The important thing to remember is that no one can predict the future. Investment and economic “experts” provided with the same information often come to different conclusions. We do not suggest that we, or any of the money or mutual fund managers that we recommend, will make the correct decision every time. We do believe, however, that studying the historic trends and relationships of investment classes and the philosophies and approaches of successful investment managers can provide valuable insight. The appropriate allocation of investment assets for your goals and risk tolerance is the most important component in developing an investment portfolio. We believe that having a diversified, well-balanced portfolio, following long-term buy-and-hold strategies, and having patience will increase the likelihood that one will achieve their long-term financial objectives.

 

Before we recommend any investment, we consider the current economic conditions, the outlook for that asset class or type of security and how this investment fits within your portfolio given your objectives and tolerance for risk. For mutual funds, we focus primarily on the philosophies, experience and track record of the management team. As fiduciaries for our clients, we strive to obtain the most appropriate investment vehicles to meet your objectives, while being very conscious of total expenses and risk exposure.

 

Because financial planning is a process, not an event, we offer ongoing services, periodic reviews and day-to-day consultation as requested and/or needed.