Below are the answers to common questions clients have when they first contact Compass Financial Planning. We hope the information below addresses any initial concerns you may have, but if you don’t find the answers here, please contact us with questions specific to your situation. The consultation is free and confidential.
Are you a fiduciary?
Yes. This means that we are legally required to always act in your best interest. Period.
How does Compass get paid?
For our Investment Management clients, we get paid a percentage of your assets that we manage:
Compass requires a minimum annual advisory fee of $1,000. Further details regarding our fees can be found in our Form ADV (see link at bottom of web page).
For our Financial Planning Only clients, we charge an hourly fee of $175 per hour for project-based work.
We do not receive any other compensation from commissions, 12b-1 fees, referral fees or other sources. We believe that this is important because these forms of compensation can lead to conflicts of interest between advisors’ interests and clients’ interests.
What other fees could I end up paying?
There are two main sources of other fees you will pay. First, your custodian will charge you a transaction fee for each trade placed. We regularly monitor these transaction fees to ensure they are competitive with market rates. Also, our investment philosophy at Compass is not consistent with high trade volumes, which limits transaction costs.
The second source of fees is the fees that the mutual funds in your portfolio will charge you. These fees are charged as a percentage of your assets in the fund. These fees typically range from .04% to 0.73% depending on the specific mutual fund.
Fees are an important consideration and we are happy to discuss them with you in more detail during our initial consultation.
Do I have to live in the San Luis Obispo Area to use your services?
Nope! Compass is happy to work with clients outside of the San Luis Obispo area. Feel free to call or e-mail us to discuss how this works logistically.
Do you have a required minimum asset level for Investment Management clients?
Compass does not have a required minimum asset level for Investment Management clients. However, we do have a minimum annual fee amount of $1,000.
What kind of clients does Compass have currently?
Compass currently provides services to individuals, corporations and foundations.