Blog archives for June, 2011
We are often asked what is wealth management and how does it work. Wealth management is a holistic investment process that integrates the long-term goals of an individual with financial solutions, using a planning-based, consultative approach.
While not all wealth managers are created equally and, with that, our processes differ, McKinney Capital Management’s process is as follows:
- Discovery Meeting: This is an initial “fact finding” meeting involving an extensive interview in order that we may determine the prospective client’s financial needs and goals, values, risk tolerance, and past investment experience.
- Plan Development: We take the information gathered in the discovery meeting and develop a plan that is designed to achieve the prospective client’s financial needs and goals.
- Plan Review: In this second meeting, we review the plan with the prospective client and their significant other, if any. This meeting provides an overview of the plan, including how (if followed) it should reach the desired outcome.
- Plan Implementation: It is at this point that a client relationship is established and plan implementation begins.
- Ongoing Review: We continually monitor the portfolio and plan, communicating with our clients regularly and making changes as needed.
While wealth management is not for everyone, it is for those who are very serious about what they have worked so hard for. If that describes you, we invite you to contact us. Our discovery meetings cost you nothing more than your time which is one of your most important assets of all.
What is PFS?
PFS, or Personal Financial Specialist, is the financial planning specialty credential issued by the American Institute of Certified Public Accountants (AICPA) exclusively to qualified CPAs like myself with proven expertise and experience in comprehensive personal financial planning. The AICPA is the premier professional association for CPAs in the U.S. and has more than 350,000 members. You must be a CPA member in good standing of the AICPA before you can obtain the PFS Credential.
Why is PFS a preferred choice among financial planning credentials?
PFS is granted exclusively to CPAs like me who are members in good standing of the AICPA. As a PFS Credential holder, I demonstrate a comprehensive knowledge of the core areas of financial planning. Also, to obtain the credential, I met stringent requirements with professional work experience, education and training and passed an examination that tests my financial planning knowledge. As an added benefit, when you choose me as a CPA/PFS for your financial planning needs, you also gain an advantage thanks to my knowledge and expertise in related areas such as tax, accounting and business management. This ensures that your needs are more fully met through an integrated, holistic approach.
What are other reasons I should hire a CPA who holds a PFS Credential?
Studies by independent groups have repeatedly shown that CPAs are among the most trusted advisers to the public. As such, CPAs have built a reputation over the last 100 years as a profession that provides competent, ethical and trustworthy advice. As a client, you can count on objective financial planning advice from me that will always meet your best interests.
Personal financial planning is a core competency for CPAs, and PFS is the only personal financial planning credential that is specifically designed for CPAs and the unique perspective we bring to the practice.
How do CPAs qualify for the PFS Credential?
To obtain a PFS, CPAs must prove their broad-based knowledge and business experience in core areas: estate planning, investment planning, the personal financial planning process, personal income tax planning, retirement planning and risk management planning. They must also pass an intensive qualifying examination and commit to lifelong learning requirements.
How can I be assured that you are serving my best interests?
CPAs adhere to the AICPA’s strict code of professional conduct and ethics. In addition, PFS Credential holders follow the AICPA’s Statements on Responsibilities (SORs) in Personal Financial Planning. These SORs describe specific planning procedures as well as guidelines for developing plans and communicating advice to clients. As a PFS Credential holder, I follow these guidelines when working with my clients and other advisers such as bankers and attorneys.