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3747 North Main St, Unit North C, PO Box 46, Farmville, NC 27828

(252) 304-3129

FAQ

  • Financial planning is the process of evaluating how a person’s financial landscape aligns with their goals, objectives, and aspirations. Financial planning includes discovery and goal setting, analysis, building scenarios and projections, making recommendations, and implementing resulting action items.

    Some may want to approach financial planning on a project basis, which means working with a planner for a set period of time. Others may prefer an ongoing relationship, so all aspects of a financial plan are monitored and adjusted as needed. There is no “best” way to engage with a financial planner - it is a personal choice based on your needs and goals.

  • Candidly, you may not. If you are motivated to make sure you have a great risk management plan (evaluating all your insurance coverage, including your employer benefits) annually, you enjoy investment planning and are confident in your knowledge of the markets, on top of tax law changes (to name a few aspects), then you may not need a planner. I have worked with clients who were incredibly skilled DIYers, but even they wanted to have an extra pair of eyes on things - you know, like a second opinion.

    Financial Planning includes:

     - Business Planning
     - Cash Flow and Debt Planning
     - Education Planning
     - Estate Planning
     - Insurance Planning
     - Investment Planning
     - Retirement Planning
     - Tax Planning

    If you are not inclined to spend the time to understand all aspects of financial planning, then you may want to engage with a CERTIFIED FINANCIAL PLANNINGTM professional.

  • A financial planner can set fees in any way that suits them, but generally, there are four primary means of compensating a planner:

    Asset-based fee / Assets Under Management (“AUM”) - planners who charge an annual AUM fee generally charge between 0.25% to 1.40%, depending on your investment account balance. To estimate the annual fee, multiply your investment portfolio balance by the percentage charged.  Most AUM fees are prorated and billed quarterly.

    Hourly Advice fee – Many financial planners charge a fee based on the time allocated to helping a client/prospect with a specific need.  I charge $300 per hour for my advice.  My time is billed in 15-minute increments at $75.

    Financial Planning fee - Most planners charge a flat fee for financial planning based on the level of planning and services provided.  I charge the following flat fee for three levels of planning:  Modular/Targeted planning at $1,250.  Comprehensive planning at $2,500.  Business planning at $5,000.

    Extension of Services fee – You can extend the servicing of your plan.  I offer a monthly subscription model starting at $75 per- month, increasing up to $200 per month depending on the complexity and frequency of our meetings. 

  • Engaging with Monroe Financial starts with a no-cost, complimentary 30-minute session to accomplish three things:

     1. Understand your financial landscape, concerns, and goals.
     2. Determine if we are a good fit to work together; and
     3. If a good fit, decide on the level of planning that best fits your needs. 

    During this meeting, you are welcome to ask any questions you wish.  Still, I cannot provide any specific advice or planning recommendations until I have a full understanding of your financial picture. Only by engaging with you in planning can I gain this insight to provide you with professional advice in your best interest.

  • I have worked in the financial services industry for over thirty years.  I obtained my CERTIFIED FINANCIAL PLANNERTM marks in 2024 and graduated from East Carolina University with a Bachelor of Science in Accounting in 1989.  

    Before founding Monroe Financial, I held the following FINRA licenses: 6, 63, 65, and 7 with Pruco Securities and now they are held with LPL Enterprise (LPLE).   

  • I am registered as an Investment Advisor Representative (IAR) with LPLE.

  • Before you hire a financial planner, there are some areas you should understand clearly:

     - Is the planner a CERTIFIED FINANCIAL PLANNERTM?
     - How does the planner get paid?
     - Does the planner sell financial products?
     - Does the planner require you to open an investment account to be managed with the planner?
     - What is the planner’s background, education, and experience?
     - What is the planner’s process? How does the relationship work?
     - Do you feel comfortable with the planner?

     It’s important to understand what you are seeking from a financial planning relationship.