What does a financial planner do for me?

A lot! When you hire me, you're hiring me to help you make good money decisions. The work I do for you could involve talking about your career path, budgeting, managing household bills, negotiating salary, choosing the right benefits from your employer, starting a business, making sure you have the right insurance coverage, deciding on an investment plan, saving for your children's college education, finding the right time to retire, helping you determine the right time to start receiving social security, making sure you have your estate planning basics in place, and more! 

Most importantly, my goal is to make sure you're not only more at peace and comfortable with your money, but also that you can achieve the financial goals and life goals you've set for your future.

How do I know if I need a financial planner?

Planning is for everyone. Although you usually have to do less work to accomplish your dreams if you start at 30 than if you start at 50, it's never too late to establish a financial plan and start saving and investing in your future.

Why should I work with a financial planner?

Financial advisors and financial planners are not just for people that have money. You should consider working with a financial advisor if:

      • You have money concerns
      • You want more confidence in your financial future
      • You need a more structured retirement income strategy
      • You need help evaluating insurance solutions
      • You want to reduce your business 401(k) costs
      • You have a high net worth
      • You’re nearing or in retirement
Why should I choose Escient Financial?

You have a choice when it comes to forming a relationship with a financial planner, and it's an important choice. With Escient Financial you get many things that you may not find with other financial planners or financial advisors. That includes someone who is a fiduciary, offers an advice-only relationship, investment management for those that want it, no commissions, simple flat fees instead of assets-under-management fees, and independence from corporate mandates, so that you always get a financial plan with the right advice for you and your situation and goals in mind.

What is a fiduciary and the fiduciary standard?

A fiduciary is a person or organization that acts on behalf of another person, persons, or entity to manage assets. Essentially, a fiduciary owes to that other person, persons, or entity the duties of good faith, trust, loyalty, and care. Fiduciary duty is the highest legal duty of one party to another, and being a fiduciary requires me to be bound ethically to act in your best interests. I adhere to the fiduciary standard and code of ethics of the CFP Board's Code of Ethics and Standards of Conduct.

What does "fee-only" mean?

Fee-only financial advisors are paid directly by clients for their services, be it a monthly fee, flat fee, hourly rate, or  percentage of assets under management. Fee-only financial advisors are never paid a commission for selling any specific product. Being a fee-only advisor is the best way to align my clients' interests with my own, and reduce potential conflicts of interest or issues with fiduciary responsibility.

What does "advice-only" mean?

Advice-only means that only advice is being paid for and provided, with no investment management services. Rather than transferring control of your investment accounts to a financial advisor, you remain in control of all of your accounts and your investments within them. Advice for specific investments is included in the financial plan as a recommendation and you can simply make those trades on your own. Assistance can easily be provided should you need assistant with implementing recommendations, such as trades, rebalancing, Roth conversions, and anything else you may need help with at no additional cost. This model helps eliminate conflicts of interest because you're not paying money out of your investment accounts to the financial advisor, so there is no push for you to transfer or rollover your accounts to the management of the advisor, especially 401(k) accounts which would lose some important benefits. The advice-only model also helps keep the fees you pay for financial planning and investment advice much lower. It doesn't matter if you have $200,000 or $10 million, where you might pay as much as tens of thousands of dollars per year in advisor fees when the advisor may not actually be doing much with your investments. You'll pay a simple flat fee so you can save more for your retirement and other goals. Escient Financial offers advice-only financial planning services, but also has investment management available for those who want or need it.

I just need help figuring out how to budget and manage my money. Can you help?

Absolutely! I can work with you on specific cash flow and money management tactics like budgeting, bank account structure, and financial habits.

Will I receive a physical financial plan?

Because the financial plan changes as your life changes, the financial plan primarily lives in the financial planning software and is available to access 24/7 for current clients. Current clients can receive their financial plan in a PDF format at any time. It will contain all the current financial information, goals, recommendations, and summaries for each focus area.

For clients who are in the initial 6-month comprehensive financial planning, a detailed report of the financial plan is provided in PDF format at the end of the 6-month term, and that will include additional information such as investment analysis reports, which are typically provided separately in the RightCapital Vault.

For clients with ongoing financial planning, the real power of the financial plan will be in the financial planning software, where clients can dynamically explore the possibilities of their plan with the financial planner, as well as see their financial plan change and grow as their lives progress. Although the financial planning software will present a better experience, ongoing financial planning clients can still receive a PDF report from the financial planning software at any time as mentioned above.

How long do you expect planning to take?

Of course, the short answer is everyone's favorite: it depends. The less complex your situation is, the less time is needed to develop and implement your financial plan. The more complex your situation is, the more time it will take. The fact is, though, that your life will change and so your financial plan will change with it. Financial planning is really something that continues on throughout your life. Some people may be able to get a financial plan, implement the recommendations, and be okay for a few years, only needing to come back when necessary. Other people may find it necessary to get a comprehensive financial plan, but then continue with it on an ongoing basis to ensure they stay on course toward their goals.

Whatever your situation, Escient Financial is here to help and to serve your needs. That is why Escient Financial offers an Initial Comprehensive Financial Plan and then enables clients to continue with their financial planning with the Ongoing Comprehensive Financial Planning service.

This sounds like a lot of work and a difficult process. Is it?

It's a lot of work, but that's mostly for me. We'll take it one step a time. First we have a complimentary introductory call to get to know each other. Then if we feel we'll be a good match we'll schedule another discovery call where I'll get some information from you. I will even need some documents. However, I make it really easy to upload them electronically and some of the information is gathered by linking up your accounts into the planning software directly so that we avoid a lot of back and forth. Once that's done, I'll develop your financial plan, we'll review it and make adjustments if necessary, and then I'll help you implement the plan. 

It is a little bit of work up front, but it will be worth it. I'll make it as easy as possible, and I'll guide you and help you every step of the way.

What if I'm embarrassed about giving you all my financial information?

The majority of people are not comfortable with their finances and lack the knowledge of how to handle money effectively. It's nothing to be embarrassed about. They should teach this stuff in high school before anyone journeys out into the real world, but they don't. So that's why I'm here... to help you and not judge you. And on this journey you'll learn a lot. You'll see your net worth, all your accounts in one place, and you'll know the possibility of reaching your goals. And that's just the beginning.

Who would not be a good fit?

If you're not ready to get serious about your personal finances, you won't be a good fit. I won't be able to serve you the way my clients deserve and expect to be served if you aren't going to be committed.

Do I have to be in your area?

I am able to work with clients anywhere in the U.S. virtually via Zoom or other video conferencing services (FaceTime, Google Meet, etc.). This allows us to be as efficient as possible and avoid unnecessary travel time.

Where exactly is your office?

At this time I work out of a home office. This allows me to keep my fees low. If this changes in the future, the website will be updated and all clients will be notified.

Is there a minimum amount of money I need to have to work with you?

Absolutely not! We'll start with where you are. It's never too early or too late to start saving and investing, and any amount you begin with now will be beneficial to you in your future.

How much does it cost to work with you?

Escient Financial offers service options that include a Complete Comprehensive Financial Plan for a one-time fee broken up into 6 payments. There is also an Ongoing Comprehensive Financial Planning service for an annual fee, paid monthly. This is great to continue the financial planning process as you implement recommendations, as well as to keep your financial plan up-to-date as your life changes. There is also an option to have financial planning for only specific focus areas or to cover specific needs at an hourly rate. In addition to financial planning services, Escient Financial can manage your investments for you. Escient Financial's financial planning and investment management services also include advice and management of digital assets, which most other financial advisors will not provide. You can see more about the fees on the Pricing page.

Do you charge for consultations?

There's no charge for the initial complimentary introductory consultation. There's no obligation and the best way to schedule that is to schedule it online here. If you don't like online schedulers, feel free to call 805-864-6555 or email [email protected] whenever you're ready.

Do I need to contact you prior to setting up an introductory meeting?

Nope! All you need to do is go to Complimentary Introductory Meeting page and select a day and time you'd like to meet. It's that easy! If you don't like online schedulers, feel free to call 805-864-6555 or email [email protected] whenever you're ready.

Is this something I can do myself?

That is a personal choice. I have education, training, and certifications specifically for financial planning and investment management. There are many details and nuances that not everyone will pick up on or understand, and everyone and their situation is different. There isn't a one-size-fits-all solution to financial planning or investment management. That's why I'm here... to guide you along the journey to your financial future.

How do you get paid?

I am a fee-only financial planner and adhere to the fiduciary (not the suitability) standard because that is the right thing to do for clients. You are the only one who pays me and as such, I work for you, and everything I do for you and all the advice I give you is always in your best interest.

How do I pay you?

Escient Financial has a billing system that can automatically collect payment from you each month via ACH (from your checking account). Escient Financial also accepts payment via Zelle, or with select cryptocurrencies through Coinbase. For clients that have the Investment Management service there is also the option to have fees paid from investment accounts instead or from your checking account.

How do your fees stack up against the industry?

Escient Financial strives to offer the greatest value to clients to help improve their financial future. Escient Financial's fees include both Financial Planning and Investment Advice, and the fees are highly competitive!

As you search for a financial advisor, you will likely notice that most charge a percentage of the amount of assets they manage for you, which you have to transfer to them. This is called an Assets Under Management (AUM) fee. According to the 2020 AdvisoryHQ report "Average Financial Advisor Fees & Costs", for firms that charge clients an AUM fee, the average annual advisor fee on a $500,000 portfolio is 1.05% (which equates to $5,250) and trails down slightly to 1.02% on a $1 million portfolio (which equates to $10,200). That is an amount paid each year. For larger portfolios, the fees can easily reach tens of thousands of dollars per year.

Escient Financial provides a comprehensive financial plan, including advice on specific investments, for a flat fee. An complete comprehensive financial plan with support for 6 months of service ranges between only $5,600 and $7,500. Clients who want comprehensive financial planning on an ongoing basis can pay a monthly fee between $300 and $400 per month ($3,600 to $4,800 per year) for Ongoing Comprehensive Financial Planning, including specific investment advice.

Even with Escient Financial's Investment Management service, the fees can be much lower than typical AUM advisors.

There can be a big difference and a lot of savings that Escient Financial's clients can take advantage of and utilize for enjoyment and investing toward achieving their life goals. More info on fees can be found on the Pricing page.
Where is my money and investments held if I work with you?

Advice-Only Clients: If you are a client with the advice-only service, Escient Financial does not manage your investments, so there is no need for your to transfer your money or your investments to anywhere different than where you already have them. You will maintain complete control of all of your money and your investments. It is possible that Escient Financial may recommend you open accounts at different investment firms or broker-dealers than you already use, but that is a choice for you to make and you will open the accounts yourself and have full control. Escient Financial will not have any access to your accounts, other than what you connect in RightCapital to view balances and holdings in your financial plan. RightCapital can only view accounts and does not have the ability to make changes to any accounts. Escient Financial will never have access to transfer money to, from, or between your accounts, or buy, sell, or trade your investments.

Investment Management Clients: If you are a client with the investment management service, traditional accounts and an optional cash management account are held with Altruist Financial, Escient Financial's preferred custodian. Escient Financial does not maintain custody of your accounts or assets, and does not have the ability to transfer any of your assets out of your accounts. If Escient Financial manages your digital assets accounts, those are managed through Onramp Invest and the assets are held with the centralized exchange Gemini, which is the regulated custodian that Onramp Invest uses. Escient Financial does not maintain custody of your digital assets and does not have the ability to transfer any of your assets out of your accounts.

What if I prefer to manage my own investments?

Then you've come to the right place! Escient Financial offers advice-only financial planning and investment advice, so you can still be provided with  personalized advice for your investments that you can implement on your own.

What if I decide to stop working with you? How do I transfer my money?

I certainly want to invest in long-term relationships with my clients, but if the decision is made to end our relationship, and you are an Advice-Only client, you are always in control of your money and investment assets. There is no need to transfer your money or investments anywhere if you want to cancel. If you're an Investment Management client then you would need to transfer your assets to either accounts at a different custodian or broker-dealer or to the management of another financial advisor that uses the same custodian.

What is your stance on Bitcoin and cryptocurrency?

Digital assets (Bitcoin and cryptocurrency) are the newest asset class, and the first new asset class that's been introduced in a very long time. I firmly believe that the blockchain technology behind digital assets is the future of finance and many other things, but there is no way to predict the future. Digital assets offer the possibility of great opportunities for growth in an investment portfolio, and they have performed extremely well in the past. The past, however, is not a predictor of the future. It's also important to understand that they can be highly volatile and risky. There is currently a lack of regulatory clarity as compared to other investment assets. The future of digital assets is uncertain and should still be considered speculative, and should be considered only by investors willing and able to take on the volatility and risk and potentially endure substantial loss. These types of investments are not going to be right for everyone. Escient Financial works with its clients to determine the right investments for their investment portfolio, which could include Bitcoin and/or other cryptocurrencies and digital assets.

How does Escient Financial set fees?

Escient Financial's fees are designed to pay for the amount of time that is expected to work with you to develop your financial plan and manage your investment accounts. This includes meeting with you to discuss your current situation and goals; reviewing documents and accounts; researching, developing, and creating your financial plan, recommendations, and investment strategy; presenting your financial plan; assisting you with implementation of your financial plan and investment strategy; education sessions; trading in your accounts, rebalancing to the desired allocation; monitoring; generating reports; discussion of your accounts and investments with you; and more.

The most common fee structure for financial advisors is the AUM model, which is a fee based on the amount of assets you have in investment accounts the financial advisor is managing for you. This could be a flat rate fee or a percentage of the assets under management. The issue with this type of model is that large accounts most likely don't take much more time to maintain than a smaller account.

Escient Financial makes things more fair by simply charging only for the amount of time that should be necessary to help clients plan for their financial future. This allows for lower fees that are more fair so clients have a better chance to achieve their financial goals.

There may be financial advisors that have lower fees than Escient Financial.