Why Phoenician Financial Planning?
Phoenician Financial Planning, LLC
Wealth Preservation, Wealth Planning, Cash Flow Management
If you are reading this website, you have come to the conclusion that you need help making your goals happen. You may want to ensure your retirement savings are on track. You may be dreaming about your children’s future. You could be saving for your first home. There are a myriad of reasons to reach out for help. Like most people in your shoes, you’re researching the options. You’ve probably reached out to family or friends. You may have multiple webpages open at this moment as you compare and contrast the many choices out there. So where do you start?
Cash Flow Management
You have determined you need help. Your goal now is finding someone you can trust. Navigating the products and investments is difficult enough. Wall Street makes a living creating complex products that benefit salesman, not investors. Knowing who to trust and making sure you are getting a fair deal is vital. In order to do this, there are two key business practices your advisor should follow:
No matter who you choose to work with, you should choose a Fee-Only practice that works under the fiduciary standard. The reason to choose a Fee-Only financial planner is that it prevents any conflicts of interest between the client and their advisor. Fee-Only advisors do not accept fees or compensation based on product sales. This ensures that your advisor is working in your best interest. This is in stark contrast to the commission based models of the past. Advisors working on commission have been known to put their paycheck ahead of your needs. Choosing a Fee-Only advisor is the first step towards finding an advisor you can trust.
The second step is to find an advisor who works under the fiduciary standard. Currently, there are two standards advisors and financial planners are held to – the suitability standard and the fiduciary standard. Most traditional Wall Street based firms work under the suitability standard, which simply requires that an investment fit the clients’ objectives, time horizon, and investment experience. This allows salesmen to earn higher commissions by offering the most expensive product available as long as it fits this broad definition.
The fiduciary, on the other hand, requires an advisor to place their clients’ best interest ahead of their own. For instance, faced with two identical products but with different fees, an advisor under the fiduciary standard would be compelled to recommend the one with the least cost to the client, even if it meant fewer dollars in the company's coffers - and his or her own pocket. Wall Street based firms are currently fighting very hard to prevent the fiduciary standard from becoming the industry standard.
Phoenician Financial Planning, LLC is both fee-only and under the fiduciary standard set by the Certified Financial Planner® Board of Standards. Your advisor here firmly believes that this is the only business model advisors should follow. Advisors who are not affiliated with any large bank or investment company find this standard easier to achieve. There are no sales managers forcing advisors to sell expensive or unneeded products. The philosophy here is that Wall Street works for Wall Street. Your advisor should work for you.
, Financial Adviser
, INDEPENDENT ADVISER
, Independent Financial Adviser
, Independent Financial Advisor
, Wealth Planning
, Wealth Preservation