RD Financial is a Clark County based group of financial planning practitioners serving individuals, families and small businesses.
Our goal is to help you clearly identify your financial goals and to help chart a course toward your financial well-being. Some of you are making your first investment, while others are planning for retirement. We look forward to the opportunity to work with you as you progress through your life.
Q: What is a CFP?
The CFP marks represent a Certified Financial Planner designation. An individual who has earned these marks has met the education, examination, experience and ethics standards established by the Certified Financial Planners Board of Standards (CFP Board). Therefore, a financial planner who has earned the CFP marks should be distinguished from a financial planner who has not. Consumers need to be aware that there is nothing preventing a person from declaring themselves a "Financial Planner", and it is therefore incumbent upon the consumer to differentiate between a planner who has earned the marks and one who hasn’t.
If a financial planner has earned the right to use the CFP marks, this means that he or she has met the following requirements:
- Education: There are three ways to meet the CFP certification education requirement: 1) completing an education program at a college or university whose curriculum is registered with the CFP Board; or 2) submitting a transcript of previous financial planning-related course work to the CFP Board for review and credit; or 3) showing the attainment of certain professional designations or academic degrees.
- Examination: Candidates for the CFP certification must pass a rigorous two-day, 10-hour CFP Certification Examination administered by the CFP Board that covers the financial planning process and includes such topics as tax planning, employee benefits and retirement planning, estate planning, investment management and insurance.
- Experience: Candidates for CFP certification must prove they have experience in the financial planning process before being authorized to use the CFP marks.
- Ethics: Candidates for CFP certification have their backgrounds checked by the CFP Board, and must also disclose any investigations or legal proceedings related to their professional or business conduct. The CFP Board reviews all such disclosures and investigates those statements that indicate areas of concern.
Candidates must also adhere to the CFP Board’s Code of Ethics and Professional Responsibility and Financial Planning Practice Standards.
Additionally, once certified, CFP certificants must fulfill a biennial continuing education requirement to stay up-to-date on planning strategies and financial trends affecting their clients.
Q: What is comprehensive financial planning?
A comprehensive financial planning approach considers all areas of your financial situation in the formation of your personal strategy. If you do not consider all aspects of the plan, one area may be adversely affected by isolated decisions, leaving you with an undesired result.
For example, when reviewing your asset allocation strategy you must consider the income tax consequences of changes made in the investment accounts.
Q: What should I expect from a financial planning relationship?
Your advisor should work with you to create a customized financial strategy after identifying your financial goals. The strategy should address all of the unique aspects of your financial situation.
A quality advisor will assist you with the implementation of the strategy. Additionally, your advisor should have a structured on-going client communication protocol to assure that your plan is periodically reviewed, allowing adjustments to be made as changes to your financial situation dictate.
Q: What questions should I ask when interviewing a financial advisor?
- Educational background?
- Financial planning certifications and designations?
- How long have they been in the business?
- Will they provide client referrals?
- Are they in good standing with regulatory bodies?
- How is the advisor/firm compensated?
- Do they sell financial products or receive "12b-1" fees or "trailers" on investments?
- Do they provide a written analysis of the financial situation with recommendations?
- Do they assist in the implementation of the plan?
Q: What must a client expect to contribute to the relationship?
We expect clients to contribute to and participate significantly in the financial planning process. Clients should be willing to provide all of the background information required for the advisor to prepare thorough recommendations.
Clients should have an open mind with regard to financial concepts, such as savings and debt. Be ready to discuss new financial philosophies.
Clients should be open and honest about their personal values, goals, concerns and preferences. An advisor can only assist a client after understanding the complete picture.
Q: Do I pay for the first interview?
At RD Financial we provide a complimentary hour meeting to talk with you about your needs for financial planning services. During this interview, we assess our ability to help you and explain how the process would work for you.
Q: Can I do this on my own?
Do you need professional help in order to design and stick to an effective financial plan? This depends on your unique personal situation and dedication to learning and following key issues. Most find they are better off seeking the information, expertise, experience, and discipline provided by a financial advisor.
Making quality financial decisions requires a high level of commitment to learning and research. Whether you are concerned with an asset allocation strategy, planning for retirement, paying for college expenses or any other financial goal, we believe you are better served by leveraging the experience and expertise of professionals who have dedicated their careers to serving these needs.