Frequently Ask Questions
General Questions
What should a financial plan include?
A financial plan is a strategic document that describes your current financial situation, your future goals, and the steps necessary to achieve them. It serves as a roadmap to help you effectively manage your income, expenses, savings, and investments over time.
A comprehensive financial plan typically includes key components such as goal setting, budgeting, debt management, investment planning, retirement planning, tax strategies, insurance coverage, and estate planning. It begins with a clear understanding of your financial goals (short-, medium-, and long-term) and includes a detailed analysis of your net worth and cash flow.
Can you help me plan for retirement?
The plan should also address debt management and reduction, establish an emergency fund, and create a diversified investment portfolio based on risk tolerance. It should also ensure adequate insurance coverage to protect against financial risks and include strategies to minimize tax liabilities. Finally, it should include preparation for asset distribution through estate planning tools such as wills or trusts.
What is your investment philosophy?
Our investment approach is based on hard data and decades of market history, not assumptions about the future. Research shows that predicting the market doesn’t work. Instead, we focus on what you can control: risk, asset allocation, costs, and taxes. Emotional decisions often undermine long-term returns, so we seek to avoid these pitfalls.
Diversification reduces risk, not only by holding a broad range of assets, but also by combining companies of different sizes and sectors, and by balancing stocks and bonds. Risk can’t be eliminated, but it can be managed.
We keep expenses low with affordable mutual funds and ETFs, as high fees can erode the returns of even a well-diversified portfolio.
Taxes are also important. While unavoidable, they can be minimized with a smart and careful tax strategy.
Will I have a dedicated advisor?
Yes, you will have a dedicated advisor. At Exfolio, we believe in the power of a personalized and individualized relationship between each client and their advisor. We know your financial journey is unique, which is why we ensure each client works with a dedicated advisor committed to understanding and achieving your specific financial goals.
What is Wealth Management?
Wealth management is a comprehensive financial service that goes beyond traditional investment management. It’s a holistic approach that considers all aspects of your financial life, including investments, retirement planning, tax planning, estate planning, and more. Learn more about our wealth management services here.
Technical Questions
What is Financial Planning?
Financial planning is a proactive and personalized process that helps you make informed decisions about your money and achieve your financial goals. It’s like having a map of your financial future, guiding you through life’s milestones and unexpected events. Learn more about our financial planning services here.
How do I get started?
If you’re interested in having Finovate manage your investments, develop a financial plan, or take advantage of our tax advisory services, we typically begin with a brief introductory phone call. To schedule an introductory call, click here.
Are you a fiduciary?
Yes, we are a fiduciary firm. This means we have a legal and ethical obligation to always act in your best interest, prioritizing your financial well-being above our own. We are committed to providing you with unbiased advice and recommendations tailored to your specific financial situation and goals.
Are you an independent firm?
United Financial Planning Group is an independent financial planning and investment management firm. While we use Charles Schwab as our clients’ custodian, this does not compromise our independence.
What is Wealth Management?
Wealth management is a comprehensive financial service that goes beyond traditional investment management. It’s a holistic approach that considers all aspects of your financial life, including investments, retirement planning, tax planning, estate planning, and more. Learn more about our wealth management services here.