Our Answers to Five Questions to Ask Your Financial Advisor
Updated: Apr 22, 2022
1. What Services Do You Provide?
a. Invisor’s primary service is called Wealth Management, which includes holistic financial planning for clients’ financial lives, as well as investment management. Some examples of the areas on which we advise clients include investment portfolios, tax planning strategies, estate planning, insurance planning, social security planning, and much more.
b. The second service Invisor offers is Investment Management. This service focuses exclusively on managing investments on behalf of our clients. Investment Management clients do not receive financial planning services.
c. The third service offered is flat-fee Financial Planning. This service entails creating holistic financial plans for clients. We provide recommendations on investments, taxes, insurance, estate, cash flow, work benefits, and many more items. Depending on the service, we can either help clients implement our proposed solutions, or they implement them without our assistance.
d. The last service Invisor offers is 401(k) plan management for businesses. We offer a fully bundled suite of services to make our clients’ lives easier.
2. How Do You Charge Fees?
a. We mainly charge fees based on the assets we manage. These fees are withdrawn directly from the investment portfolio each quarter.
b. The second way we may charge fees is through flat-fees. For instance, our financial planning services may entail a monthly flat fee, or a projected-based fee. These fees may depend on the complexity of each clients’ situation.
c. Our 401(k) services utilize a combination of flat and asset-based fees.
3. Are You a Fiduciary?
a. The short and simple answer is, “Yes”. We always act in our clients’ best interest and work avoid conflicts of interest. We don’t sell anything except our professional advice. For example, we will not accept commissions on investment products, insurance, or annuities. That allows us to limit our conflicts of interest and to provide our clients with the best possible financial advice, without intermingling how we get paid.
4. What Are Your Qualifications and How Do They Benefit Me?
a. Justin Lueger is a CERTIFIED FINANCIAL PLANNER™ professional. The CFP® designation is widely known as the gold standard for financial advisors/planners. It requires hundreds of hours of coursework, covering investments, estate, tax, insurance, retirement plans, and financial planning. The designation also requires the individual to pass a comprehensive exam at the end of the coursework to prove mastery of the topics. The exam has a pass rate of approximately 62% and typically requires 200-300 hours of studying. This CFP® mark gives Invisors’ clients greater assurance that they are working with a qualified professional who can help them with all aspects of their financial lives.
b. Winston Meyer has also completed the coursework and passed the CFP® exam. In the fall of 2022 he will complete the experience requirement and become a full-fledged CFP® professional. Winston’ to become all requirements except the 6,000 hours of experience. In addition, Winston is an Enrolled Agent, which is a tax professional who has achieved the highest credential the Internal Revenue Service offers. This designation requires 24 continuing education hours per year, ensuring the Enrolled Agent always keeps up on the latest tax laws.
5. Why Did Your Last Two Clients Fire You?
a. The most recent client who left our firm did so based on a difference in investment philosophies. The client expected us to constantly change the investment portfolio based on current events and other market factors. That simply is not our style. We take a much more long-term, strategic approach to managing investments. We expect to work with clients for life, but when it’s obvious we can’t deliver on their expectation, we are glad to help them find something better.
b. The second most recent client who left our firm did so for personal reasons. An opportunity arose to purchase a nearby farm, and they needed the money in the investment portfolio we were managing to make the land purchase happen.
Justin Lueger is President of Invisor Financial LLC, a registered investor adviser firm in the State of Kansas. All opinions expressed are his own and should not be viewed as individual advice. He can be reached at email@example.com.