What is a Registered Investment Advisor?
A Registered Investment Advisor is a fiduciary who has a duty of undivided loyalty to his clients and must deal fairly and honestly with them. Any person or entity that holds itself out as a financial planner must be registered. A Registered Investment Advisor is a representative of the client.
What does McClarren Financial Advisors, Inc. sell?
We sell sound financial advice regarding taxes, investments, insurance, pensions, retirement, college, estate planning, and general financial matters. We also offer tax preparation and audit representation.
Who can benefit most from our services?
Anyone who has financial, tax, investment, or estate problems, or who wishes to plan prudently for his or her financial future can benefit. Furthermore, persons who desire a higher, more sophisticated level of financial planning services may find our program appealing and helpful.
How much money do you need to start a financial program?
There is no minimum or maximum dollar requirement. We recognize that everyone has financial planning needs regardless of the amount of assets they currently hold.
What is a financial plan?
A financial plan is an in-depth review of your financial situation, taking into account your goals and objectives and focusing on income tax planning, asset management, estate planning, risk management, educational planning and retirement. The plan analyzes and recommends ways that you can achieve your financial goals and objectives.
How much do you charge for planning services?
Our financial planning fees are determined by the project needed. We generally work on an annual retainer basis with a fee determined by your income, assets, and the complexity of the work. (See section entitled "Services" for additional information regarding the services we offer.)
Are the fees tax deductible?
Yes. Section 212 of the Internal Revenue Code permits an itemized deduction for tax and/or investment advice in the miscellaneous section of Schedule A. This deduction is now subject to a 2% floor of the adjusted gross income. If the client has a business, the deduction would be taken on Schedule C.
Do you sell financial planning products, such as investments, insurance or tax shelters?
No. We are fee-only planners. We can assist clients with the purchase or implementation of insurance and investments, but we do not sell products or receive any income from them.
How do we get started?
All of our engagements begin with a free initial consultation. At this meeting, we get to know one another, discuss your goals and circumstances, the services we provide and whether or not our help is appropriate for you.
If our services seem a good match for your goals and situation, we discuss with you the appropriate level of service. To schedule a free initial consultation, please call our office at (814) 235-1940. We will answer any questions you may have, schedule your appointment, and send you some additional information.
What information is required at the initial meeting?
First of all, if you are married or partnered, each of you should attend. Both of you benefit from the education and goal crystallization that this process provides. Please gather the following information to bring to the meeting:
- Last year's tax returns
- Investment statements, savings/money market accounts, brokerage accounts, IRA's, 401(k)'s deferred compensation, etc.
- Completed Preliminary Financial Planning Profile (brochure will be mailed to you after we set the appointment). See Client Center link for an Adobe form.
- Completed Statement of Assets and Liabilities. This is just a list that you compile, not a formal accounting statement.