Our friends at The National Association of Personal Financial Advisors (NAPFA) compiled a list of Tough Questions To Ask Your Advisor. You know we like a challenge – see our responses below.
What is your educational background?
Currently, our team consists of University of Texas, and University of Houston graduates.
What are your financial planning credentials/designations and affiliations?
Collectively, our team has the following designations: Chartered Financial Analyst (CFA), Certified Financial Planner (CFP®).
How long have you been offering financial planning services?
Owlfa was founded in October 2016.
Have you ever been cited by a professional or regulatory governing body for disciplinary reasons?
Who will I work with at Owlfa?
We serve clients as a team. At Owlfa, you’ll have both a primary and secondary advisor to ensure you always have access to someone who knows you personally.
Will you sign a Fiduciary Oath?
Yes! We structured our firm to be a fiduciary from the start. If you’re not familiar with that word – a fiduciary is someone who acts with your best interest in mind at all times. This is different from a broker or salesman who might be operating under a suitability standard.
How is your firm compensated and how is it calculated?
We’re a fee-only financial advisor. We’re compensated solely by our clients via the pricing listed on our website and in our client agreements. We do not receive commissions or compensation from the purchase or sale of any financial products.
Do you have a minimum fee?
No! Owlfa was created to serve clients without requiring a minimum level of assets or a minimum fee.
Does any member of your firm act as a general partner, participate in, or receive compensation from investments you may recommend?
Do you receive referral fees from attorney, accountants, insurance professionals, mortgage brokers, or others?
Do you receive ongoing income from any mutual funds that you recommend in the form of 12b(1) fees, trailing commissions, or other continuing payouts?
Are there financial incentives for you to recommend certain financial products?
Do you offer advice on:
🗹 Goal setting
🗹 Cash management and budgeting
🗹 Tax planning
🗹 Investment review
🗹 Estate planning
🗹 Exit planning
🗹 Insurance needs
🗹 Education funding
🗹 Retirement planning
Do you offer continuous, ongoing advice regarding my financial affairs, including advice on non-investment related financial issues?
Do you offer assistance with implementation of your recommendations?
We offer assistance to our clients for goal setting, budgeting, investment review, education funding, retirement planning, and other financial planning & investment management topics. We give advice on tax planning, estate planning, and insurance needs but refer clients to trusted third-parties for implementation. We receive no referrals fees from these third-party firms.
Do you take custody of, or have access to my assets? If you were to provide ongoing investment advisory services, do you require “discretionary” trading authority over my investment account(s)?
We require “discretionary” trading authority for any investment accounts managed by Owlfa through our custodian relationships with Betterment Securities, and Interactive Brokers. We do not require “discretionary” trading authority for investment advice related to employer retirement accounts (401k, 403b, etc.) or other outside accounts (529s, annuities, etc.).
Still Have Questions?
We’re available to answer them. We want you to have the information to make an informed decision.