What is a Certified Financial Planner (CFP®)?

There are many people in our industry that hold themselves out to be “advisors” or “financial planners.” Most consumers believe that, to a certain extent, all of these individuals are “certified.” The truth is that anyone can call themselves a “financial planner,” but only those that have satisfied the extensive certification requirements of the CFP board can display and use the CFP® marks, which represents the highest level of competency, ethics, and professionalism in our industry.

In order to use the CFP marks, a financial planner must at least have:

-An undergraduate degree

-Three years of client experience in financial planning, or two years' client experience while working with another CFP®.

-Completed a financial planning education program including: General Principals of Financial Planning, Insurance Planning, Investment Planning, Income Tax Planning, Retirement Planning, and Estate Planning

-Completed a capstone course that utilizes all of the above material

-Passed a rigorous seven hour comprehensive exam of all the above material with a historical pass rate of 55-60%

-Maintain 30 hours of continuing education bi-annually

-Agree to adhere to the standards of ethics and practice outlined in the CFP Board’s Standards of Professional Conduct

For more information about the CFP Board and the certification process, click here (https://www.cfp.net/about-cfp-board/cfp-certification-the-standard-of-excellence)

What is a fiduciary?

A fiduciary oath is simply a signed promise to do what is in the client’s best interest. While this seems straightforward and a seemingly obvious requirement for a financial planner, very few work in this manner in our industry today. Many times, advisors/planners are more driven by what financial product will pay them the highest commission than what product is in the best interest of the client.

At Sweetgrass Financial Planning, we take our fiduciary oath very seriously. We think it is imperative in order to provide quality advice and instill trust between the client and planner. We promise to put the interests of you, the client, first at all times.

What does fee-only mean?

Sweetgrass Financial Planning is a fee-only financial planning firm. This means that we do not receive commissions, kickbacks, or any other form of compensation from any insurance, investment, or annuity company, or any other third-party. We are compensated solely and directly from our clients. This helps to remove many conflicts of interest that are prevalent in our industry. At SFP, you won’t ever have to wonder if there’s some ulterior motive to our recommendations and advice. Our goal is to provide quality, independent advice and truly act in our client’s best interest at all times.

Who is your typical client?

While we work with a wide range of clients in different career paths and ages, the majority of our clients are generally young professionals (particularly medical professionals and engineers) in their 20s, 30s, and 40s and are in the wealth accumulation phase of life.

Who is probably NOT a good fit for Sweetgrass Financial Planning?

We believe that the financial planning process is truly a partnership. The first few months of a client/planner relationship requires us to ask lots of detailed and personal questions that will delve deeply into your financial life. It will require lots of time on our end (and some on yours) in order to get a clear picture of your current financial situation so that we might provide the best advice possible. Thus, if you are uncomfortable disclosing such financial information or don’t want to take the time to gather the necessary financial information, then we may not be a good fit (or at least it may not be the right time to do this). We want to make the initial planning process as easy on you as possible, but might require a little bit of work on your end as well.

If you’re looking for someone to pick individual stocks for you, help you invest heavily in bitcoin and other cryptocurrencies, or help you day trade, Sweetgrass Financial Planning will probably not be a good fit for you. Likewise, if you are technology adverse and don’t like to use technology to help manage your financial life, we may not be the best fit.

I do not reside in South Carolina, can we still work together?

Absolutely! Modern technology has removed the limitations of location. We work with people virtually all across the United States.

Do I have to pay for the first meeting?

We know that picking a financial planner is an important decision. Therefore, our initial consultation is free. These meetings are usually an hour in length and allow you to get to know me a little bit better and vice versa. If, after the initial consultation, both sides feel like it is a good fit, then we will proceed into a planning relationship.

What is your account minimum?

We strongly believe that all people, regardless of net worth or age, need access to quality, independent advice. Thus, Sweetgrass Financial Planning does not have any account minimums.

How often will we meet?

We believe that, in order to provide the most quality advice possible, we need to have a good pulse of what’s going on in your life. Thus, we generally check-in quarterly via phone just to see how you’re doing and see if anything needs to be updated or changed. In addition, we will conduct an in-depth review once or twice a year (depending on personal preference and complexity). Of course, if you ever have a question or need to get a hold of us for whatever reason, we are always available to answer questions and meet.

I think I’m ready to get started, what’s the next step?

Click here to schedule an initial consultation.