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Frequently Asked Questions at Schreiner Financial Solutions What is a financial plan?
A comprehensive financial plan is an in-depth review of your financial situation, taking into account your goals and objectives and focusing on personal tax planning, investment management and allocation, estate planning, risk management, spending patterns, educational planning and retirement. The plan analyzes and recommends ways that you can achieve your financial and personal objectives. What financial planners are best qualified to develop such a comprehensive plan?
All NAPFA Registered Financial Advisors are professionally qualified. To obtain this designation, they have demonstrated their ability to provide sophisticated, comprehensive financial planning. Specific requirements include:
Why fee-only financial planning?
We are fee-only because we want to work solely for our clients. For this reason we are compensated only by fees paid by our clients and only by a previously agreed upon fee arrangement. As fee-only planners, we believe there is a significant conflict of interest if an advisor gains financially from the purchase of any product he/she recommends to the client. The conflicts of interest created by selling products pushed by large corporations more interested in their profit margins than their clients’ welfare are intolerable to us. As fee-only advisors, we do not accept commissions or receive any other compensation for recommending specific products. Thus, we can be completely objective in our evaluations and we can recommend a course of action based only on an individual's financial considerations.
How much do we charge for planning services?
Our financial planning fees are determined by the project needed. For comprehensive financial planning we generally work on an annual retainer basis with a fee determined by income, assets, and complexity of the work. Comprehensive plans tend to range from $2,000 to $7,000. We will work with a client on a per hour basis in which we charge $150 per hour or on a total project basis. We also provide “Financial Tune-Ups” for $750 which are discussed in detail in the “Other Planning” section of our website.
Are the fees tax deductible?
Yes. Section 212 of the Internal Revenue Code permits an itemized deduction for tax and/or investment advice in the miscellaneous section of Schedule A. This deduction is now subject to a 2% floor of the adjusted gross income. All planning done for your small business may be fully deductible on the corresponding schedule.
What is "audit shield?"
For our full retainer clients, in the event of an audit your audit will be handled for you at no additional charge. Should you wish, you do not even have to come to the IRS meeting!
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