Frequently Asked Questions
1. What does Fee-Only mean?
For a specific fee (based on a percentage of assets under management), rather than a commission, a CCP, Inc. Financial Advisor will educate, guide, be accessible and coordinate your financial plan. By removing a compensation structure linked to specific investment products, this ensures the Advisor’s focus is solely on your best interests and not motivated by commissions or quotas.
2. What is the CFP® certification and why is it important?
Certified Financial Planner® (CFP®) certification is the standard of excellence in the financial planning industry. Today, individuals and families can benefit greatly from guidance on: budgeting, investment allocation, college funding, retirement planning, managing taxes, proper insurance coverage and estate planning. Financial planning is not just about investments, but rather bringing all these pieces together in a way that works best for you and your goals.
3. What to ask a Financial Advisor or Financial Planning Firm?
Explain the CCP, Inc. process and how you will help me reach my financial goals?
Our process is: client-focused, educational and respectful. We partner with our clients to ensure we understand their needs and goals and employ a plan to help makes this happen. We are accessible, objective, professional and committed to your needs.
Have you ever been disciplined by the U.S. Securities and Exchange Commission (SEC)?
No, and we take Compliance very seriously. Our President, Steve Roberts, also serves as Chief Compliance Officer for CCP, Inc. overseeing the regulatory requirements of the SEC and other governing organizations. Steve also sets Policies and Procedures for CCP, Inc. to ensure the highest level of service and transparency for our clients.
What services do you provide beyond investment management?
While CCP, Inc. does manage investment portfolios for our clients, as part of our Annual Review process, we also analyze cash flow, provide retirement planning and college funding projections, prepare and discuss estate profiles, discuss insurance coverage and Long Term Care, among other things. We also work closely with the other professionals you’ve designated to help you reach your goals, such as your Tax Accountant, Insurance Agent or Estate Planning Attorney.
Explain the functions of your staff and how they’re involved with me as a client?
CCP, Inc. has a team of Financial Advisors and Paraplanners on staff. Our Financial Advisors work closely with clients and their families in creating, implementing, analyzing and monitoring their financial plan. This is a close, ongoing relationship that is here for your successes and to help you through your challenges. Our Paraplanners work closely with our Financial Advisors in collecting data, preparing reports, research and tracking follow-up.
Will I have a dedicated Financial Advisor?
Yes, you will have a dedicated Financial Advisor for whom you will primarily contact and meet with. The most prominent feature of CCP, Inc.’s business culture is our strong team environment. We collaborate and work closely together to serve our clients at the highest level. Although a client works primarily with one Financial Advisor at CCP, Inc., you will have the whole office on your team. If your Financial Advisor is unavailable, another Financial Advisor may step in to address your needs. Our client success and satisfaction is the result of our entire team.
4. What preparation is needed before an initial meeting?
It is important to know you to best serve your needs. We suggest you bring in your most recent investment statements or a net worth statement along with your latest federal and state tax returns. We will discuss your assets, liabilities and cash flow in general terms, therefore a working knowledge of these aspects of your financial life and goals are helpful. More specific documentation will be requested once you have chosen to become a CCP, Inc. client. If you are married or have someone who will be significant in your financial planning process, we encourage you to bring them with you.
5. What can I expect at an initial meeting?
When meeting with a member of the CCP, Inc. Advisory Team, we learn more about your financial needs, your questions and explain the benefit to you of our financial planning and portfolio management services. We show you a sample financial plan, provide you a copy of our Securities and Exchange Commission (SEC) registration and if together we identify the relationship to be a good fit, we offer a contract with fee disclosure for our services.
6. Is there a charge for an initial meeting?
No. This meeting allows CCP, Inc. and a potential client to determine if the relationship is a good fit. If you invest the time in one appointment, you can be on your way to launching a sound, viable financial strategy that will serve you for years to come.
7. Does CCP, Inc. provide an Investment Policy Statement?
Yes, with our Portfolio Management Services, based on personal preferences and a Risk Tolerance Questionnaire. We jointly identify an appropriate portfolio based on your goals. The Investment Policy Statement outlines and defines portfolio parameters and is signed by you and CCP, Inc. Your risk tolerance and portfolio allocation is reviewed at least annually with each Annual Review meeting.
8. What is the procedure for an Annual Review?
As the time for an Annual Review approaches, we will request an update of your financial information through data gathering reports. Upon return of these reports, we update the financial plan and schedule a meeting. At this meeting, we review prepared reports, provide updates and a review of the initial Financial Plan including recommendations, analyses, and prompt discussion of any questions or concerns.
9. What is the typical CCP, Inc. client profile?
CCP, Inc. is privileged to work with clients in all life stages ranging from early adulthood to celebrating a 100th birthday. We have the distinct honor of working with multiple generations for some client families. Our typical client profile includes individuals at pre-retirement and retirement stages of life. Whatever stage of life, we tailor financial plans to our clients’ specific needs to help them achieve their goals.
10. Where are my accounts held?
With Portfolio Management Services, client accounts are held at Charles Schwab. CCP, Inc. does not take custody of client assets.
11. How are you compensated and do you accept any commissions or referral fees? What are CCP, Inc.’s fees?
CCP, Inc. is a Fee-Only financial planning firm, meaning we are compensated by a fee for the services provided. We feel strongly about the Fee-Only model; our firm was founded on this principle in 1985. By not collecting commissions, rebates, or any referral fees as part of our compensation, our clients’ best interests are ensured top priority. Our financial planning and portfolio management fees are a percentage of assets under management. Fees start at 1% on the first $1,000,000 under management, with a decreasing percentage schedule for assets above $1 million. There is a minimum fee of $5,000 per year.
12. What is NAPFA?
Founded in 1983, the National Association of Personal Financial Advisors (NAPFA) is an organization through which Fee-Only financial advisors, such as CCP, Inc., can further enhance their professional skills, market their services, and become part of a collective, influential voice on matters that affect them and their clients. NAPFA has aligned itself in providing client advocate resources through financial education and focusing on elimination of conflict of interest and full disclosure in the profession. To ensure a high level of professionalism and educational standards, NAPFA imposes annual continuing education requirements for its members.
Certified Financial Planner Board of Standards Inc. owns the certification marks CFP®, CERTIFIED FINANCIAL PLANNER™, CFP® (with plaque design) and CFP® (with flame design) in the U.S., which it awards to individuals who successfully complete CFP Board's initial and ongoing certification requirements.