Finding help that is trustworthy and transparent is HARD. There are more than 300,000 financial advisors in America. Which one is right for you? Is it the closest one? The one your Dad recommends? Does Google know?
As with anything, it starts with knowing the right questions to ask, and the right answers to expect. Then, it’s about finding someone that checks those boxes and with whom you connect on a personal level.
Here are the ten questions that I recommend you ask, and my answers to each:
- Experience Working with Someone Like You: How much experience do you have working with women, widows, and/or military/veteran families? I have decades of experience working with these three groups as a leader, volunteer, and military spouse. As of 2024, I have 8-years of experience working with them in the capacity of financial planner/advisor. BayView Financial Planning was founded to focus on women, widows and military/veteran families because I love the work, and they need my expertise and authentic approach.
- Certification and Qualifications: Are you a Certified Financial Planner™ or do you hold any other relevant financial planning certifications? Yes, I am a Certified Financial Planner™ professional, the gold standard of excellence for financial professionals. CFP® professionals have met extensive training and experience requirements, and commit to CFP Board’s ethical standards that require us to put our clients’ interests first. As of 2024, only 23.7% of CFP®’s are women.
- Communication Style: How frequently do you communicate with clients, and in what format (in-person, phone, email)? During the first few months of our engagement, we will work closely together to construct the initial financial plan, ensuring that we are addressing your goals. For Ongoing Advisory Services clients, I will be in touch regularly to monitor and periodically review the financial plan, manage investments, and provide advice as needed. As education and empowerment are an important part of our relationship, you will hear from me regularly.
- Investment Philosophy: What is your investment philosophy, especially concerning risk management? BayView Financial Planning is dedicated to forging a path towards your financial aspirations with unwavering commitment to fiduciary duty. Our strategies are built on a foundation of diversification, focusing on low-cost and tax-efficient investments. We align our expertise with your unique risk profile and goals, charting a course for enduring success.
- Fees and Compensation: How do you charge for your services (fee-only, commission-based, etc.), and what is the fee structure? BayView Financial Planning is a fee-only firm. We charge an annual flat fee, billed monthly in arrears for Ongoing Advisory Services, with or without investment management. Financial Planning Projects are a one-time flat fee, billed ½ up front and ½ upon completion. There is no minimum for assets under management (AUM).
- Services Offered: Beyond investment advice, what other services do you offer (estate planning, tax strategies, insurance, etc.)? BayView Financial Planning is a comprehensive financial planning firm. We offer advice regarding investments, retirement planning, tax planning, estate planning, education planning, etc. We are not attorneys or accountants and will facilitate the implementation of the advice through third party recommendations.
- Client Involvement: How much involvement do you expect from your clients in the financial planning process? A financial plan is only as good as the data that was input. Therefore, during the planning process, we will help you gather and input information to maximize the accuracy of your plan. We recognize that this part of the process can be overwhelming, and it is for this reason that we are engaged with you during this important step.
- Financial Education: Do you provide educational resources or workshops to help clients understand financial concepts and strategies? I will provide blogs and newsletters, chock full of information. I intend to also create video and webinar content soon. This is in addition to the personalized education and advice that you will receive as a client.
- Conflict of Interest: Are there any potential conflicts of interest in your practice? How do you address them? There might be a conflict of interest that comes up from time to time, but I try to steer clear of these. I believe in having a clear conscience as much as possible. They will always be disclosed when there is one, however.
- Fiduciary: What is a fiduciary? Do I need one? Are you one? A fiduciary will act in your best interests at all times. Both BayView Financial Planning and Stacy Miller, CFP® are fiduciaries.
BayView Financial Planning was founded to guide and empower you to invest in your own future financial security through the tides of life. If the answers to these questions meet or exceed your expectations, please reach out to schedule a complimentary call to discuss how we can change your life for the better.