What does being a fiduciary mean?
A fiduciary is a person or institution given the power to act on behalf of another in situations that require great trust, honesty and loyalty. Fiduciaries are hired to act in your best interest and must set aside personal motives and conflicts of interest in favor of pursuing the best outcome for your unique situation. Professionals who aren't fiduciaries are often held to a lesser standard, the so-called suitability standard. This standard means that the products they sell you just have to be suitable for you, not necessarily ideal or in your best interest. As fiduciaries, we strongly recommend that you always go with the fiduciary standard.
What is a financial planner or advisor?
Anyone can say that he or she is a financial planner or advisor. That’s why it’s essential to be sure of the qualifications and credentials of any “planner” or “advisor” before you pay anything or entrust them with your financial present or future. We are Certified Financial Planners®. CFP® has been the standard of excellence for financial planners for more than 30 years. Holders of the CFP® commit to the CFP Board's ethical standards that require putting the clients interest first.
What is “fee-only” vs “fee-based” financial planning
Fee-only financial planning means the advisor is compensated solely by the client. Other “fee-based” financial advisors may receive a commission if they recommend a specific investment, mutual fund, or insurance product. Storybook Financial is a fee-only firm and never receives a commission.
What is the difference between "Assets Under Management (AUM)" and "Assets Under Advisement (AUA)"?
AUA is when the advisor may give recommendations on, but is unable to make changes on the investment account for you. While the advisor may help oversee changes to the investments, you the client must be the one to make the changes. AUM is when the advisor not only gives a recommendation but is able to make changes to the investment account for you.
What is Financial Life Planning?
Financial planning is a step-by-step approach to meeting one's financial goals. The plan acts as a guide as you go through life's journey and helps you be in control of your income, expenses, and investments. It also seeks to protect you from financial loss through insurance, tax, and estate planning. Life planning is the process of combining money with meaning. Our EVOKE® process puts you and the people you care about first. Financial Life Planning is financial planning done right, because we take the time to get to know the person and be a real fiduciary over their plan.