Frequently Asked Questions
What is a Certified Financial Planner®?
A Certified Financial Planner® has met the requirements of the Certified Financial Planner Board of Standards, Inc. in terms of education, examination, experience and ethics. A Certified Financial Planner® agrees to meet high standards of ethics in carrying out their financial planning role. There are approximately 50,000 Certified Financial Planners® in the United States.
What is an Accredited Investment Fiduciary™?
An Accredited Investment Fiduciary™ follows the standards of care established by The Foundation for Fiduciary Studies to serve as trustees and custodians of other people's money. There are only about 1,600 Accredited Investment Fiduciaries™ in the United States.
What is a Certified Divorce Financial Analyst™?
A Certified Divorce Financial Analyst™ is specially trained in analyzing the financial aspects of a divorce. CDFA™'s help clients evaluate the short and long term financial impact of a proposed divorce settlement. They also advise on financial issues related to the divorce, such as tax consequence, division of pension plans, continuing health care coverage, and many more issues. CDFA™'s work with lawyers to help clients understand the financial sense of proposed settlements. The Institute for Divorce Financial Analysts™ certifies CDFAs.
What's the difference between a fee-only, fee-based, and commission-based financial planner?
A fee-only planner receives all his income from fees paid by clients for their advice and management. There are several types of fee-only planners--some charge by the hour, some on a retainer basis, and some charge based on the value of the assets under management.
Fee-based planners charge fees for their advice and management, but they may also earn commissions on the products they sell clients. One example of this is when fee-based planners also sell insurance products.
Commission-based planners earn their income based on the commissions paid by the companies that provide the products or services they sell. At a "full-service broker" a portion of the commissions on trades or products goes to the broker. And, since some products and services carry higher fees than others, that could lead to a conflict of interest.
As a retainer-based, fee-only planner, Wesling Financial Planning Services Corp. avoids those potential conflicts of interest and will give you the financial advice appropriate for you.