Click below for answers to frequently asked questions. If you have any additional questions, please contact me. I look forward to hearing from you.
1. What is financial planning?
Financial planning is aligning your money with your values. It's an ongoing, holistic process that evaluates where you are, where you want to be, and the best way to connect the two.
2. Are you a Fiduciary?
Yes. I am sworn to a Fiduciary Duty, meaning I must put your financial best interests ahead of my own.
Although this sounds like a given, it is not legally required of financial advisors. Other advisors may only be held to a "suitability" standard, meaning their advice must be suitable to you, but not necessarily solely in your best interest (i.e. selling products that generate bigger commissions).
As a Certified Financial Planner (CFP®), I am held to a strict standard of fiduciary duty and code of ethics. And I would not do this any other way.
3. What makes Kardinal Financial different?
I started Kardinal Financial with unique and strong views on how financial planning should be done.
- Our incentives should be aligned and I should treat your situation as though it were my own. That means being agnostic to where assets are held, using all possible tools to optimize your financial well-being, and mitigating conflicts of interest.
- Investment Management should be included as part of your financial plan. Investment Management should not be a prerequisite, an upsell, or the sole offering.
- My fees should be tied to a measure of your overall financial well-being, Net Worth, and transparent. My fees should not be driven by the investments I manage or products I sell, and should not be buried in account statements.
4. How do we work together?
I partner with my clients to act as the financial guide for their household. My clients are the CEO of their family enterprise and I'm the CFO. It's my job to understand what is most important to my clients, stay on top of best practices, and optimize their finances. My clients stay high-level and focus their time and energy where they value it most.
My Approach is broken into three distinct phases: (1) Introductory, (2) Onboarding, and (3) Ongoing Relationship.
The Introductory Phase includes two complimentary meetings where we assess fit, review your current financial picture, and discuss in detail how we would work together. After these meetings, you take your time to determine if Kardinal Financial is right for you.
The Onboarding Phase is the next four to six months of our relationship. During this time we meet several times (generally once per month) to create your financial plan in bite-size pieces. In this phase we are clarifying your priorities, organizing your financial documents, getting set-up in the financial planning hub, consolidating investment accounts, reviewing tax returns and projections, and creating your risk management framework (insurance, estate documentation, emergency funding).
After the Onboarding Phase we transition to our Ongoing Relationship Phase. We continue to meet three times per year, communicate and update your plan throughout the year, and communicate proactively to discuss potential changes to your financial situation. We meet additionally as necessary.
5. Who is your ideal client?
Kardinal Financial is built for professionals and couples in their 30s and 40s.
My clients have progressed in their professional lives to a point where they have greater financial resources and complexity, and their personal lives are also rapidly changing. This leads to increased concerns surrounding saving and investing appropriately, protecting their family, and ensuring they are "on track." My clients want to make sure they are thinking about and doing the right things, and have reached the point where they want expert guidance.
6. Do you manage investments?
Yes. Investment management is included as part of our relationship. We develop an Investment Policy Statement for your household, detailing the purpose and objectives of all investment accounts. Your Investment Policy Statement is updated at least annually, but also due to changes in your risk tolerance.
Important to note, not all investment accounts can be managed directly by your advisor (ex: 401(k) plans). For these accounts, we evaluate investment options, develop and implement a strategy, and monitor and rebalance as necessary.
7. What are your qualifications?
I have over a decade of experience in financial services. My experience includes serving as the Director of Investment Research at a $2.5 billion wealth management firm and serving as an investment portfolio manager to individuals and families. I have obtained the Certified Financial Planner (CFP®) and Chartered Financial Analyst (CFA) designations. And I continue to expand my skillset and knowledge through industry associations and relentless self-study of articles, podcasts, and books.
8. What are your fees?
Fees are based on household net worth and detailed on the pricing page. At the beginning of our relationship we calculate your net worth to determine your annual financial planning fee. This amount is broken into monthly payments for convenience and can be paid by credit card, debit card, or ACH. Fees are revisited annually.
9. Why are fees based on Net Worth?
I believe charging based on Net Worth best aligns my incentives with your incentives. Net Worth is a holistic view of your finances, including all of your assets and liabilities. With Net Worth as the financial metric, we will use all tools at our disposal to better your financial health, including investment management, tax planning, debt reduction, and more.
I've witnessed the impact other fee models can have on the advisor-client relationship and seek to mitigate these conflicts of interest. When I make a recommendation, I want you to know it is because it serves your best interest, not because it will increase my bottom line. If I charged based on assets under management, I would be incentivized to gather more and more of your assets. If I earned commissions from certain financial products, I would be incentivized to sell those products.
Your financial plan should start without bias. Eliminating these conflicts of interest is paramount.
10. How do I get started?
The first step is a 30-minute introductory meeting via Zoom. Schedule a meeting through the contact page or reach out by phone ((608) 405-6375) or e-mail (firstname.lastname@example.org).