"Personal financial planning" is an independent analysis and assessment of a client’s current financial situation, as well as a "roadmap" for the achievement of financial and life goals. It is an evolving, ongoing process, not a one-time "event," and generally consists of the following steps:

--Establishing the client-advisor relationship

--Gathering client data and determining goals and expectations

--Analyzing the client’s current financial position

--Developing and presenting recommendations

--Implementing the recommendations

--Monitoring client progress

How Do You Create This Roadmap?

Together, the client and advisor review goals, objectives, priorities and values. These typically encompass both financial and non-financial matters. Even if a client is well-positioned financially, he or she may need professional insight and an unbiased "second-opinion" to stay on track.

All of our engagements begin with data gathering and a review of the client’s current financial situation. Depending on the scope of the engagement (comprehensive or targeted), specific areas such as cash flow, investments, employee benefits, retirement planning, and insurance are analyzed in order to develop appropriate, customized recommendations. Planning reports are individually tailored to each client’s unique situation and needs; there are no "canned" financial plans.

Isn’t Fee-Only Financial Planning Just for the Wealthy?

Absolutely not. Independent, objective financial and investment planning benefits people of all means and walks of life. Those with modest portfolios and net worth often derive the greatest relative benefit from fee-only advisory services.

First and foremost Mary Erl, Financial Advisor, is a pure fee-only (not "fee-based") firm, meaning all compensation is received directly from the client. Referral fees and commissions are not accepted; there are no product-based incentives or conflicts of interest. Unbiased planning and advice always come first. Furthermore, we are fully independent, and have no financial ties to brokerages, insurance companies, and other product providers. Services rendered are grounded in objectivity and stewardship, and recommendations are based solely on client needs.

Another distinguishing feature is the fiduciary character of Mary Erl's-client relationship. Financial advisors are ethically obligated to always work in the client’s best interest, and we fully embrace this responsibility. Fiduciary duty is what truly defines a professional, and written attestation and disclosure thereof should be a minimum licensing requirement for every financial advisor.

Finally, we perform both comprehensive and limited scope engagements. While each client is strongly encouraged to schedule regular updates, those preferring only an initial assessment, and/or occasional check-ups, are also welcome. In all cases the client retains full custody and control of his/her portfolio, and is responsible for implementation of advice and recommendations. Assistance with implementation is available, if needed.

If You Don’t Sell Products, How Will I Get What I Need?

While Mary Erl, Financial Advisor, does not "sell" products; specific recommendations are offered, as needed. Wherever possible, cost-effective "no-load" vehicles are utilized, and can be obtained directly from the provider or a discount brokerage. If more extensive insurance or legal services are required, we can assist with locating reputable local resources, and with review and implementation of their recommendations.

How Do You Price Your Services?

Our projects are priced based on an underlying rate of $150 per hour.  Our rates provide truly compelling value compared to fee-based "wrap" accounts (usually 1-3 percent of assets per year) and the "all-in" costs (sales charges, deferred and "trailing" commissions, 12b-1 fees, etc., etc.) levied by most brokers and salespersons. These costs typically run several thousand dollars, but are often hidden or inadequately disclosed to the investor. For example, a 5 percent commission just to invest $50,000 is $2,500; a 2.5 percent commission on $300,000 would run $7,500. In contrast, most of our initial engagements range from $500 to $3,000, depending on scope and complexity, and include objective financial planning in addition to investment counsel and recommendations.

Financial and investment planning must be viewed by the client as a long-term investment, not a short-term expense expected to pay for itself right away. While this may occur, it is not the intent of the planning process. For most folks, achievement of financial security is a marathon, not a sprint, and the value of professional, objective planning and advice should be evaluated in that context. Fees should not be an obstacle to our prospective client.

Do You Provide References?

Under Rule 206(4)-I advisors are generally prohibited from utilizing advertisements that use, directly or indirectly, testimonials of any kind.  While the rule does not specifically define testimonials, a testimonial usually includes any favorable statement by a current or former advisory client.  In lieu of references, we offer a complimentary get-acquainted meeting.  This meeting provides us a chance to get to know one another and for you, the prospective client, an opportunity to determine if we are a good match for your needs.

Do You Pick Stocks, Like a Broker?

Mary Erl, Financial Advisor, generally does not recommend specific stocks or bonds. However, if a client owns individual securities, we will analyze them in the context of the total portfolio, and offer suggestions for adjustments and diversification, as appropriate. Specific recommendations are generally focused on no-load and exchange-traded mutual funds, and options available in the client’s retirement/savings plans. The fiduciary philosophies, cost-effectiveness, tax-efficiency and historical performance of successful investment managers are key factors in determining specific recommendations.

Please Describe Your Investment Philosophy and Approach.

If you have further questions, please call 847-245-7483, or e-mail mze100@ameritech.net