What is the difference between a Financial Planner and a Financial Advisor? +
A financial planner is a professional who helps individuals and businesses create a plan to meet long-term financial goals, such as retirement or education funding, by coordinating various aspects of financial planning. A financial advisor, a broader title, focuses on managing investments and other financial accounts, providing advice on portfolio construction and wealth management. Coble Cravens emphasizes being CFP® professionals, ensuring adherence to fiduciary standards and comprehensive planning.
What is a Fiduciary? +
A fiduciary is a person or entity entrusted with managing another's assets or finances, bound by legal and ethical obligations to act solely in the best interests of the beneficiary. Coble Cravens operates as a fiduciary, prioritizing clients' financial well-being above all else and avoiding conflicts of interest in all advisory services.
How can I check the background of a Financial Planner? +
To verify a financial planner's credentials, use FINRA's BrokerCheck tool, which provides detailed information on licensure, employment history, disciplinary actions, and registration status. Coble Cravens encourages clients to utilize this resource to ensure they are working with qualified professionals.
When should I start working with a Financial Planner? +
It is advisable to begin working with a financial planner as soon as you have defined financial goals, such as saving for retirement, education, or major purchases. Early planning allows for strategic investment and risk management, maximizing long-term financial outcomes. Coble Cravens recommends engaging a planner at any life stage to align financial strategies with personal objectives.
How do you get paid? +
Coble Cravens Financial Professionals are compensated through a combination of fee-based and commission-based structures, depending on the service. As fiduciaries, they disclose all potential conflicts of interest and prioritize client interests. Fee-based compensation includes advisory fees for comprehensive planning and investment management, while commissions may apply to insurance and certain investment products. Clients are informed of all fee arrangements upfront.
Do I need life insurance? +
Life insurance is essential for providing financial protection to dependents and covering debts or final expenses in the event of death. The need for life insurance depends on individual circumstances, such as having dependents, mortgage obligations, or business interests. Coble Cravens assesses each client's unique situation to recommend appropriate coverage levels and policy types.
How much life insurance do I need? +
Determining the amount of life insurance needed involves evaluating financial obligations, future income replacement requirements, and long-term goals. Coble Cravens recommends calculating coverage based on factors like outstanding debts, expected future expenses (e.g., education costs), and desired legacy. A thorough needs analysis ensures the policy adequately supports beneficiaries.
When should I take Social Security? +
The optimal age to begin receiving Social Security benefits depends on individual financial circumstances, life expectancy, and retirement goals. Generally, benefits increase by about 8% annually for each year delayed beyond full retirement age (up to age 70). Coble Cravens advises clients to analyze their retirement income plan, considering work status, health, and family longevity to determine the best claiming strategy.
