What does fee-only mean, and how are you paid?

The only thing we sell is peace of mind. Fee-only advisors—just 2% of advisors in the US—seek to eliminate conflicts of interest by only being compensated directly by clients for advice.

We do not sell any products nor do we accept commissions, kickbacks or referral fees. We think it’s the right way to work with clients and encourage you to learn how your advisor is compensated.

Why work with a CFP® professional?

Less than 25% of all financial advisors in the industry hold the CERTIFIED FINANCIAL PLANNER™ (CFP®) designation. Anyone can call themselves a financial planner, but in order to be a CERTIFIED FINANCIAL PLANNER™, an advisor must meet several criteria including:

• Complete comprehensive financial planning education including:

  • General Principles of Financial Planning

  • Insurance Planning

  • Investment Planning

  • Income Tax Planning

  • Retirement Planning

  • Estate Planning

  • Behavioral Finance and Interpersonal Communication

  • Professional Conduct and Fiduciary Responsibility

• An undergraduate degree

  1. 3+ years of client-related financial planning experience

• Pass rigorous exam (historical pass rate of 55-60%)

• Complete continuing education requirements of 30 hours every two years

• Adhere to strict ethical standard outlined in CFP® Board’s Standards of  Professional Conduct

When you work with a CFP® professional, you can rest assured that you are receiving high-quality, expert advice in your best interest. You’ll know that you are working with a well-educated advisor dedicated to the profession and the highest ethical standards. Visit the CFP® Board Website to learn more about what makes CFP®  professionals different.

What is your investment philosophy?

Short answer: Our portfolios are diversified, low-cost, tax efficient and high-impact.

More specifically, we believe that every portfolio should begin with an appropriate risk/return balance and asset allocation strategy. We work with each individual client to determine how their portfolio fits into their unique goals, values, time horizon, risk tolerance, tax situation and other circumstances.

We primarily incorporate low-cost ETFs, and in some cases, actively managed mutual funds or Separately Managed Accounts (SMAs), that help clients align their long-term financial goals with their personal values. Some clients prefer to have Socially Responsible Investment exposure in their portfolios, while others do not.

What is Socially Responsible Investing (SRI)?

Short answer: Investing in companies that are good for our society.

Socially Responsible Investing, also known as impact investing, incorporates environmental, social and corporate governance (ESG) criteria to generate favorable investment returns with a positive societal impact. Simply put, SRI invests in companies that treat their employees and customers right, respect the environment, and follow proper rules and regulations. Likewise, it reduces exposure to companies that have a negative impact on society.

We believe, and studies show, that investors are fully capable of reaching their financial goals while investing in companies that make a positive impact in the world.

To learn more, visit The Forum for Sustainable and Responsible Investment (US SIF) SRI Basics page. Also, the MSCI Rating Methodology explains how how companies are evaluated for a strong ESG rating.

What is the CSRIC™ designation?

The Chartered SRI Counselor™ (CSRIC™) is a unique graduate-level program for advanced financial planners that provides a blend of foundational knowledge and scenario learning to work with sustainable, responsible, and impact (SRI) investments for a variety of clients.

The CSRIC™ program provides financial advisors with foundational knowledge of the history, definitions, trends, portfolio construction principles, fiduciary responsibilities and best practices for sustainable, responsible and impact investments. The exam requires over 100 hours of study along with ongoing continuing education curriculum to stay up-to-date with the latest impact investing research and insights.

The CSRIC™ designation is the first and only major financial credential dedicated specifically to SRI and is encouraged by the top financial firms. The credential was developed in partnership with The Forum for US Sustainable and Responsible Investment (US SIF), the leading voice advancing sustainable, responsible and impact investing across all asset classes in the US.

Do I have to invest in Socially Responsible Investments if I work with you?

No. We are not saviors of the universe. We recycle, but we aren’t even vegan. While we believe that helping our clients reach their individual financial goals is the most important thing we do, we also think we can do that while helping our clients feel fulfilled in how they achieve financial independence.

That being said, we work with each client to determine how we can best serve their needs and individual values, and for many of them, that involves incorporating some level of Social Responsibility in their portfolios.

Is there an account minimum to work with you?

Nope. We strongly believe that everyone should have access to high-quality, fee-only financial advice, and we do not impose any account minimums like many other CFP® Professionals.

What types of clients do you work with?

We typically work with individuals and families who value an ongoing partnership in tackling their financial goals and concerns.

While we don’t have any account-size minimums, our clients are generally high earners and diligent savers. Most folks we work with have a household income over $250,000 per year or have saved over $750,000 in their investment portfolio.

Check out our home page for more details on the types of clients we work with and success stories to learn how we approach common financial planning issues.

What do I need to do before starting a financial plan?

You may think that you need to have all your ducks in a row before meeting with a planner, but we think that helping you get organized is part of the value we provide through financial planning. So, all you need is a good understanding of what you want to accomplish, and we can figure out the rest together.

Is an initial consultation free?

Yes! Our initial conversation is all about you. We’ll talk about your current situation, goals and priorities. We’ll explain our services as well as what you can expect in working together and, of course, answer any questions you may have. From there, we can determine if we’re a good fit in working together moving forward.

Do I have to come into your office?

Feel free to skip the commute and save your time off of work. Since 2019, we’ve been working with clients virtually, all over the U.S., leveraging the latest technology, and we can effectively communicate via Zoom or by phone. We have offices in Milwaukee, WI, Evanston, IL and St. Louis Park, MN and can also accommodate in-person meetings.

What is your fee?

We don’t impose any account minimums. All clients receive both Financial Planning and Investment Management services, regardless of account size.

We charge a percentage of assets under management (AUM) at a rate between 0.30% and 0.95% per year, depending on portfolio size.

The fee includes both comprehensive financial planning and investment management services. Learn more about on our Pricing page.

Where would my investment accounts be held?

We want you to have peace of mind in knowing that your money stays with established institutions that you can trust.

Cove Financial Planning has custodial relationships with both Charles Schwab and Betterment for Advisors. We will explain the differences between these custodians to help you determine which might best suit your needs.

Whichever custodian you go with, we will build your customized portfolio and manage it on an ongoing basis.