Unbiased Financial Planning

A great deal has been written in the national press regarding the financial services industry. Virtually every peddler or professional now claims the title "financial planner". It is important in your financial affairs to separate "unbiased" planning from "selling" generally and recognize the purposes and functions of WESBAN Financial Consultants in particular.

Purposes

WESBAN ' s purpose is to provide a cost effective alternative to the generally expensive answers available in the market place. It is also important that this cost effective answer meet or exceed the quality of products and services, which are otherwise available.

WESBAN intends to reach these purposes through offering an unbiased, fee only, financial planning service. This means your financial planner does not profit from the products and services, which are recommended in your plan. The only source of income is the client fee. Although unique among firms in this area, such a structure permits WESBAN to make recommendations completely without conflicts of interest or without bias as to their effectiveness in reaching your personal objectives.

The Unique Approach

Much so called financial planning is "generic." This means the financial planner is limited merely to making recommendations and/or suggesting strategies, which the clients must implement on their own. WESBAN serves as a "comprehensive" firm. This means the firm is authorized to assist clients to complete the process of implementation. 

This includes the identification and/or structuring of financial products and services, which will meet the clients' needs.

In order to serve you in this way, each WESBAN consultant is a fee only Registered Investment Adviser or Investment Adviser Representative. Investment advisers are regulated by the Securities and Exchange Commission where it is appropriate or required by law. WESBAN consultants are "licensed" to implement planning. Unlike other licensed agents, however - no compensation enures to any WESBAN planner or the firm itself from such licensing requirements.

Each financial planner associated with the firm is qualified to serve clients by virtue of completing a certification in financial planning (CFP™). This is the oldest professional designation in the industry and continues today as an important differentiation between those who would claim to be planners and those who actually are.

Prospective financial planning clients are often advised to look into the background of those firms or individuals under consideration. WESBAN Financial Consultants was established in April of 1977 and is the oldest independent financial planning firm in Alabama. The list of clients who regularly refer friends and relatives to the firm include highly compensated business executives, teachers, administrators, managers of small businesses, medical practitioners, retirees, widows, single parents, and owners of closely held businesses. Many of these have agreed to receive calls from prospective clients. A list of such clients is available for personal verification.

WESBAN financial planners take on certain continuing responsibilities and liabilities. Unlike the "salesman" whose function ends upon the sale, the investment adviser must continue to be accountable for the recommendations, which have been implemented. Thus, you may expect that those investments, whether readily available or longer term and illiquid, are under constant surveillance and monitoring to assure you that each continues to serve your original investment purpose. You can be assured your WESBAN financial planner will be focused upon this function. While you can expect a high level of personal attention and service - you should not look for those traditional efforts of sales organizations to curry your favor. WESBAN planners do not offer expensive meals, special event tickets, or even calendars to attract your attention.

Where it is appropriate, we enjoy a personal relationship with clients. However, our function is to provide performance in financial services and to that end, our energies and your fees are directed.

The Planning Process

Following a no obligation evaluation conference, your WESBAN planner will present you with a written service agreement. This includes an unbiased analysis of your financial affairs together with a dollar estimate of results anticipated from the recommendations offered. This agreement indicates quite clearly what your planner intends to do, the areas in which recommendations will be made and what you can expect as a result of implementing the recommendations. The service agreement itself attempts to clarify the relationship of the planner to you and your family.

Comprehensive View

WESBAN approaches solutions to your financial problems from a "comprehensive" point of view. Answers to individual financial concerns are best set within the context of a comprehensive plan. This broader prospective of your financial affairs includes, financial objectives clarification, strategies to improve cash management, assets, taxes, risks, and the passage of your resources to heirs through your estate.

In effectively accomplishing your goals, your WESBAN planner adopts a "nondiscretionary" position in the marketplace. This is a technical word in the securities industry, which simply means all of your resources remain under your control and ownership. Your WESBAN financial planner does not "take your money" and do things with it beyond your control. Instead, your WESBAN planner directs your control, your decision-making, and then monitors the results on a continuous basis for you.

Independence

The capability of any planner to serve you from an unbiased point of view depends on a number of factors. It is important that your planner enjoy access to a wide spectrum in the marketplace. In order to maximize independence on behalf of clients, your WESBAN financial planner is able to service your plan from original drafting and design to complete implementation without influence or control from any sponsor, provider, or underwriter of financial products and services.

Fee Structure

The WESBAN fee structure takes two forms. The hourly rate for those who require only brief service is $200 per hour. This rate is not limited in its application to "client contact" hours but also includes time spent by your planner and other staff in the processing of your plan. The more common is a retainer, which places the services of your planner at your disposal throughout the year. In addition, the retainer means that your planner is continuing to work on your behalf in monitoring the results of recommended strategies as well as in alerting you to necessary changes in your plan resulting from new legislation or the introduction of new products and services.

The amount of the retainer is determined following the evaluation conference. The planner must make some judgments regarding the time your plan may involve, the complexity of it, the risks involved, and the amount of your managed resources. The fee is stated in the service agreement.

© 2008 WESBAN Financial Consultants, P.C.