Frequently Asked Questions
Working with a fee-only CFP® for the first time? Start here:
What exactly does a CERTIFIED FINANCIAL PLANNER™ Professional do, and why should I hire one?
CFP® Professionals are fiduciary advisors who help individuals and families manage their finances effectively. They provide comprehensive financial planning services, including budgeting, saving, investing, retirement planning, tax planning, estate planning, and more. CFP® professionals are known for their expertise in creating personalized financial plans tailored to your goals and circumstances, commitment to ethical standards, and fiduciary duty to act in your best interest.
How do I know if I need to hire a CFP® professional?
If you need help achieving your financial goals, such as saving for retirement, managing debt, planning for significant events, running your own business, or optimizing your investments, then a financial planner might be the right choice for you. By leveraging our valuable expertise, our team of financial planners can help you confidently navigate complex financial decisions. Our goal is to take the burden off you and your family's shoulders so that you can focus on what matters most in your life.
Can you explain what it means to be a fee-only financial planning firm?
Being a fee-only financial planning firm means that Prism Planning Partners is fully committed to providing advice that aligns with your best interests. Unlike other advisors who earn commissions from product sales, Prism receives compensation solely from the fees paid by clients for their services. This ensures that our advice is impartial and objective, giving you the peace of mind you deserve when it comes to managing your finances.
What types of investment advice can I expect from a CFP® professional?
You can receive personalized investment advice that takes into account your individual risk tolerance, time horizon, and financial goals. This may include guidance on asset allocation, portfolio diversification, investment selection, and ongoing monitoring and rebalancing to ensure your investments remain aligned with your objectives.
How does working with a CERTIFIED FINANCIAL PLANNER™ Professional differ from managing my finances on my own or using a robo-advisor?
We don't offer "one size fits all" solutions – we work hard to provide a tailored experience just for you. Unlike managing finances on your own or using a robo-advisor, Prism Planning Partners provides holistic financial planning services, taking into account your entire financial picture and offering customized solutions to help you achieve your objectives. We are also prepared to tailor your plan for anything that life throws your way. From managing finances for aging parents, needing to renovate your home, unexpected career changes, to divorce, we can adjust your plan to fit your many conflicting demands.
our services
What services does Prism offer?
Our team provides a wide range of services to meet your unique needs, including investment management, protection planning, tax planning, cash flow planning, wealth management strategies, retirement readiness planning, and legacy planning. We'll work with you to determine the best plan of action based on your current stage of life. Don't wait to secure your financial future.
Contact us today.
Can you help me with debt management?
We certainly address debt management as a part of our cash flow planning services. This could include strategizing about paying down or paying off student loans and mortgages while managing, often, many other financial priorities. The Prism team is here to help you manage your inflows and outflows, while also building wealth
Can Prism help with tax planning and optimization strategies?
Yes, we've got you covered when it comes to tax planning and optimization strategies. With our tax planning services, we assist our clients in minimizing their tax liabilities and optimizing their tax strategies to align with their financial objectives.
Disclaimer: Prism Planning Partners does not provide tax advice. Please consult your legal or tax professional.
Can you assist with complex financial matters such as estate planning, business succession planning, or charitable giving?
Absolutely! We are well-equipped to assist you with these intricate financial matters. In fact, we take great pleasure in working with entrepreneurs and families! Our team can work with an estate planning attorney to provide guidance on drafting or updating documents; retitling accounts or assets; structuring buy-sell agreements and developing strategies for charitable giving. We want to help you feel confident that your decisions are well-informed and aligned with your goals and priorities.
Can you help me navigate the complexities of business ownership, including succession planning, exit strategies, and maximizing the value of my business?
Yes! We can assist you in navigating the complexities of business ownership. Our team is experienced in consulting with business owners at any stage of their journey, providing advice on everything from starting your own business to maximizing its value. We can help you with a review of your personal finances, succession planning, exit strategies, developing growth plans, and more. Whether you're looking to smoothly transition ownership to the next generation or retire and sell your business, our experienced team can help. Feel free reaching out with your story.
working with prism
How often do you review and update my financial plan to ensure it remains aligned with my goals and changing life circumstances?
We hold regular meetings throughout the year and are available to address any life changes or new goals. We meet at a minimum annually, although many clients meet twice or three times per year. We are always available if questions come up!
What is your fee structure, and how are you compensated for your services?
Prism is committed to providing transparent and honest financial planning services to our clients. As a fee-only firm, our compensation is derived solely from the fees paid by our clients for the work we do. We work collaboratively with our clients to establish a mutually agreed-upon fee structure before beginning any work, ensuring that there are no surprises along the way. You can trust us to help you achieve your financial goals with integrity and professionalism.
Do you work with people in the medical profession?
Yes, absolutely! We provide financial planning services to many individuals in the medical profession.
Do you work with people about to retire?
Certainly, we provide a range of retirement planning services to ensure a seamless transition into your golden years, helping you achieve all your retirement goals along the way.
What ongoing support and resources do you offer to help me stay on track with my financial goals?
We offer a variety of ongoing support and resources, including our monthly email newsletter, regular meetings, educational materials, and access to financial planning tools and resources. With our consistent support, you'll have all the help you need to achieve your financial dreams and secure your future.
Do you offer virtual or in-person meetings?
We understand that everyone has different preferences when it comes to meetings. That's why we offer both virtual and in-person meetings. For those who prefer the convenience of meeting from home, we offer virtual meetings. And for those who enjoy meeting face-to-face, we welcome you to our office in downtown Libertyville, IL. We want to make sure that our clients are comfortable with the meeting format, so we are happy to accommodate either option.
Are you ready to achieve your financial goals and make progress towards your ideal financial future?
We're here to help!
Sign up for a free consultation by clicking the button below and discover how we can assist you. Let's take the first step towards a brighter future together!
You can also contact us directly here:
847-250-9870
Info@PrismPlanningPartners.com