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THE VALUE OF THE PLAN
No matter your financial status or condition, nothing can replace the insight and intelligence of developing a comprehensive financial plan. By Joe O’Donnell If you are bleeding, you should probably go the hospital emergency room, or at least your friendly family doctor. Toothache? Best suggestion for a good remedy would be your very competent dentist. If your finances are in need of an overhaul, or at the very least a clear path in the right direction, may we suggest a financial planner?
You don’t need to be rich. You don’t even need to be smart. You just need to have the sense to realize that so much of what you want and need in life revolves around money. With the stakes that high, it only makes sense that you should consult a professional to make sure you are on solid footing. The Financial Planning Association®
(FPA®) is the principal professional organization for CERTIFIED FINANCIAL PLANNER™ (CFP®) professionals, educators, financial services providers, and students who seek advancement in a growing, dynamic profession. FPA members adhere to the highest standards of professional competence, ethical conduct, and clear, B-METRO.COM
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complete disclosure to those they serve and take part in FPA’s One Connection™ for professional education, business success, advocacy, and community at the national and chapter levels. FPA is truly an indispensable force in the advancement of today’s CFP® professionals. With a network of more than 90 chapters, thousands of CFP® professionals and members at large, FPA provides access to local opportunities including the following: • Continuing education and networking opportunities with professionals in their area; • Study groups for those who are new to the profession and mentoring opportunities for experienced professionals; and • Extensive tools, training, leadership, practice management, and educational resources. The primary aim of the FPA® is to be the community that fosters the value of financial planning, and advances the practice and profession of financial 136
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planning. Just as in a hospital setting, or a courtroom perhaps, there is a code of conduct that members of the Financial Planning Association follow. You could call it a standard of care. • Put the client’s best interests first. • Act with due care and in utmost good faith. • Do not mislead clients. • Provide full and fair disclosure of all material facts. • Disclose and fairly manage all material conflicts of interest. These may be just words on paper, but financial planner Jeff McCormack CFP not only lives them every workday, but he has seen them play out within the life of his family. “I had one grandfather leave his widow in very good shape. Then I had another grandparent that really ended up having to struggle. There were two completely different outcomes late in life. That proved to me that decisions matter and details matter. The power of accumulating wealth hit me at
a really early point in my life,” he says. McCormack, a partner at Bridgeworth Financial, has been serving clients since 1997. His practice focuses primarily on planning and wealth management for clients at or near retirement. In the planning process, time and attention are paid to the risk of premature death, disability, and the potential need for long-term care. He also helps young professionals and their families develop financial independence strategies. “I think the best adviser knows how to apply both the art and science of investing. You have to be attuned to both sides of it,” says McCormack, a magna cum laude graduate in English at the University of Alabama. Qualified planners are trained to deal with a wide range of personal financial topics. They can help you set financial goals and priorities, then recommend specific steps to meet them. This means they may give advice on how you should allocate your investments, what kind of insurance you really need, and how
“I think the best adviser knows how to apply both the art and science of investing. You have to be attuned to both sides of it,� says McCormack, a magna cum laude graduate in English at the University of Alabama.
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certain moves may affect your taxes or estate. It’s then up to you to decide if you want to follow that advice. A good planner will also recommend when you need more specialized help, say, working with a trusts and estates attorney. Michelle G. Carney, CFP® is a financial planner at Kassouf & Co. with more than 14 years of experience helping individuals achieve their dreams through goal identification and financial management. She has bachelors of science degrees in accounting and also family and consumer counseling with a concentration in financial planning from the University of Alabama. She currently serves on the National Board of Directors for the Financial Planning Association® (FPA®), the largest membership organization for CFP® professionals in the country, and includes many others who support the financial planning process. She has chaired the FPA’s Chapter Leadership Advisory Council and participated in numerous other national task forces while remaining active within the local FPA of North Alabama Chapter. She was awarded the FPA Leadership in Action Award in December 2011. Financial planning involves much more than retirement planning. William Hocutt, CFP®, CPA, an adviser at Bridgeworth Financial and the incoming president of the Financial Planning Association of North Alabama, specializes in working with families with young children. Choosing proper investments, saving for retirement, planning for college, changing jobs, assessing insurance, and teaching children about money are just some of the areas in which Hocutt provides guidance. By forming close relationships with his clients, Hocutt is often referred to their parents who are at or near retirement. Originally from Tuscaloosa, Hocutt now lives in Vestavia Hills. “I view financial planning as providing my clients a roadmap for the future. However, it is not something you create and hand over to them. I believe in walking that road with them, being a guide—helping make adjustments when the landscape changes,” says Hocutt It can be daunting to entrust your financial future to a stranger. And it’s 138
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“I view financial planning as providing my clients a roadmap for the future. However, it is not something you create and hand over to them. I believe in walking that road with them, being a guide—helping make adjustments when the landscape changes,” says Hocutt tough knowing where to turn for help because a changing marketplace has blurred the line between insurance salesmen and your stockbroker. To come up with specific planners, first ask for references from friends and colleagues. But you also have to be careful that you have similar financial needs as the person who gives you a recommendation. Seek out financial planners who have a CFP because depth of training is important. “Training for the financial professional is vital. Clients need continuity and depth of experience. The best kind of training is on the job so hopefully there is leadership within the organization that helps steer you the right way. By the time you have a CFP designation you have exposed yourself to a lot of great knowledge. You just apply the knowledge well and that is where the art and the science comes in,” McCormack, president of the Financial Planning Association of North Alabama, says. There are a lot of reasons, in addition to impending retirement, to consider developing a relationship with a financial planner. Newly married? Time to discuss merging finances, debts, goals to undertake, spending habits to share. A financial planner works here. Business owner? You know you don’t know it all. From cash flow to personal income, there are plenty of questions. Insurance, saving for retirement, you need answers that a financial planner can supply. Big purchase on the horizon? You need to move beyond simple budgeting
when big purchases are looming. A financial planner can help you figure out the impact. Career change? Change comes with new challenges and opportunities. A financial planner can be a valuable ally when trying to sort out job changes, retirement accounts left behind, and lifestyle effects. Growing family? This life transition brings a slew of changes from medical and education expenses to estate plans, wills, and insurance. The first step in asking for help always seems the hardest. The assistance and feedback may surprise you when you open up to the idea that you need not handle all financial questions solo. J. Charles “Chuck” Dunham, CFP has built a successful private practice by creating and delivering value to his clients. A Birmingham native who joined First Financial Group of the South, Inc., in October of 1983, Dunham, graduated from Vanderbilt University in 1975 with a Bachelor of Arts (BA) degree with a double major in business and economics. He received a Masters of Business Administration (MBA) from the University of Alabama at Birmingham in 1978. Dunham is a CERTIFIED FINANCIAL PLANNER™ professional and has earned the Certified Retirement Planning Counselor (CRPC®) designation as well as the Chartered Financial Consultant (ChFC®) and Chartered Life Underwriter (CLU) designations. Dunham is a current member of the Financial Planning Association (FPA) and served as president of the North Alabama FPA Chapter in 1999 and 2000
William Hocutt, CFP®, CPA, an adviser at Bridgeworth Financial
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Business owner? You know you don’t know it all. From cash flow to personal income, there are plenty of questions. Insurance, saving for retirement, you need answers that a financial planner can supply. Big purchase on the horizon? You need to move beyond simple budgeting when big purchases are looming. A financial planner can help you figure out the impact. during the consolidation of the FPA’s two predecessor organizations, the International Association of Financial Planners (IAFP) and the Institute of Certified Financial Planners (ICFP). Currently, he serves on the Membership Advisory Group for the Financial
Planning Association. Personalized planning, especially in the retirement area, for individuals and their families allows him to share his knowledge, experience, and vision with clients, so that they may feel confident about their financial future. Focusing on the future keeps
Michelle G. Carney, CFP® is a financial planner at Kassouf & Co.
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Kimberly R. Reynolds, M.S., CFP®, Member and Senior Advisor at The Welch Group, LLC, engaged as well. She joined the Welch firm after graduating from The University of Alabama in 2004 with a Masters in Family Financial Planning and Counseling. She is a member and a past president of the Financial Planning Association of North Alabama, and currently serves on the board of the Financial Education Outreach organization. She is also a member of the Estate Planning Council of Birmingham. In the hands of professionals like these officers and former offices of the Financial Planning Association of North Alabama, the sometimes dizzying world of financial questions can stop spinning and clients can get a clear view of where they’ve been, where they are, and where they are going.
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WEALTHBUILDERS Financial planning requires knowledge, trust and good relationships. On the pages that follow meet some of the city's wealth builders.
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AC Financial Partners: Partners for Your Future
For over twenty years, AC Financial Partners has assisted our clients to make the appropriate decisions about their financial future. As part of our process:
• Each client is provided with comprehensive solutions and alternatives, allowing them to make the final decisions about their own financial future.
• Each client’s financial plan is systematically reviewed to ensure it remains consistent with their long-term goals and objectives, and is aligned with our changing world. • Each client receives confidential, highly customized, personal service.
As a company, we believe in providing our clients with clarity and solutions that help meet their needs. We believe that long-term relationships are more important than short-term gains, and will never sacrifice the former for the latter. Conviction in what we do; the courage to get our clients to take action; expertise based on continuing education and training; bringing national resources together on a team that will benefit each client; and communication that builds understanding and trust – these are the key qualities of the commitments we make to each of our clients. Abundant intellectual capital is one of our greatest strengths. Our firm’s resources are managed nationally, but deployed regionally and locally. We utilize a team approach - anchored by highly skilled advisors, who are responsible for managing all pertinent aspects of financial planning. Additional support is obtained, when necessary, from local and national teams that consist of industry professionals who have strong technical backgrounds in financial planning. So if you’d like to create, preserve and protect your wealth, the partner of choice is clear: AC Financial Partners.
201 OFFICE PARK DRIVE, SUITE 300 • BIRMINGHAM, AL 35223 • 205-278-8210 WWW.ACFINANCIALPARTERS.COM Registered associates of AC Financial Partners are registered representatives of Lincoln Financial Advisors Corp. Securities and investment advisory services offered through Lincoln Financial Advisors Corp., a broker/dealer (member SIPC) and registered investment advisor. Insurance offered through Lincoln affiliates and other fine companies. AC Financial Partners is not an affiliate of Lincoln Financial Advisors Corp. CRN-1023458-092914
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Linda M. Allison, CFP®, CRPC®, AEP®, CDFA™ Partner Derrell G. Crimm, CFP®, CRPC® Partner Robert A. Studin, CFP®, PFS, CPA, JD, ChFC Executive Director of Financial Advisory Services Lincoln Financial Advisors; Sagemark Consulting Kimberly R. Martin Planner Assistant Susan J. Norton Marketing Director Debbie S. McMillian Receptionist
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Bridgeworth, LLC is proud to support and provide leadership in the FPA.
3800 Colonnade Parkway, Suite 300 • Birmingham, Alabama 35243 • Phone: (205) 208.8700 • bridgeworthfinancial.com Bridgeworth, LLC is a registered investment adviser.
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Beth Vittitow, Gerry Kassouf, Jerry Callahan, David Kassouf and Michelle Carney
Kassouf Wealth Advisors: Clarity and a Unique Approach
Kassouf Wealth Advisors is a leading independent wealth management firm committed to the financial success of its clients. For over 15 years, Kassouf has provided comprehensive fee-only wealth management and planning services. Their team of financial planners and tax professionals partner with you for your personal and business success, bringing clarity to goals while developing and implementing their unique approach to the planning process. Kassouf helps clients succeed by offering a broad range of services including financial planning and wealth management, accounting, tax, elder care, family office and consulting. Their well versed team of advisors work with you in areas of generational, estate and retirement planning and explore a variety of options assisting you to make better decisions.
Their services include: -financial planning and oversight -investment consulting -wealth management services to individuals, businesses and qualified retirement plans. Kassouf values its personal relationships with clients and takes its role as advisor with great seriousness. Its team of professionals consists of talented and experienced Certified Financial Planner™ practitioners, Personal Financial Specialists, and registered investment advisor representatives with personal, trust, business and investment experience. The team provides clients with a unique mix of sophisticated financial and estate planning, wealth management and tax strategies.
2208 UNIVERSITY BOULEVARD • BIRMINGHAM, ALABAMA 35233 (205) 443-2500 • 1-888-KASSOUF • KASSOUF . COM
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Garrett, Perkins & Associates A private wealth advisory practice of Ameriprise Financial Services, Inc. Education, a sense of belonging that feels like family and experienced financial advisors who both understand and truly care about clients. These are the keys to financial success as envisioned by Garrett, Perkins & Associates, a private wealth advisory practice of Ameriprise Financial Services, Inc. “At Garrett, Perkins & Associates, we believe that taking a disciplined and integrated approach to planning for your dreams and goals is the best way to reach them. We ask targeted questions and listen closely to the answers. We provide guidance and advice, tracking your progress and helping you make adjustments to your plan as needed to ensure you stay on track,” says Private Wealth Advisor Steve Garrett, Sr., the practice’s founder. Garrett has been a CERTIFIED FINANCIAL PLANNER™ professional since 1994. Garrett takes the influence he has on clients very, very seriously. “We use a comprehensive financial planning approach, creating a plan with your history and future goals for your life to help you make better decisions in areas of saving for education, budgeting, tax management, retirement and estate planning strategies.” That approach can be tailored for all clients, at whatever level of financial success they find themselves. For many, retirement income planning has never been more challenging or more important. “These days, our practice has become involved in education more than ever before,” Garrett
1400 Urban Center Dr. Ste 350 Birmingham, AL 35242-2220 Phone: 205.313.9153
says. Changes in federal programs from the Affordable Care Act to Medicare, and the complexity of Social Security options have caused Garrett and his colleagues to focus on leading clients through the often-complex regulations and connecting them with other professionals who can assist them. The practice holds regular workshops on these
topics. As a small business owner, Garrett enjoys working with other small business owners, helping them understand the questions they need to ask to address the future of their family and business. Garrett’s associate in the business is Financial Advisor Mark Perkins, a University of Alabama graduate. “I believe success should be measured not just by your financial wellbeing, but by how confident you feel about your future. My mission is to help our clients reach their financial goals through a personal relationship based on personalized, knowledgeable advice. This focus is designed to give you greater confidence that you will reach your goals,” says Perkins. Stephen Garrett, Jr. is the chief financial officer in the practice and specializes in building portfolios that are customized for each client. He has been with the practice 11 years. The practice also employs Financial Advisors Alynn Plaisted and Armand St. Raymond. They have been advisors since 1997.
141 S 9th St Gadsden, AL 35901- 3645 Phone: 256.543.8300
ameripriseadvisors.com/team/garrett-perkins-associates The Confident Retirement approach is not a guarantee of future financial results. Ameriprise Financial and its representatives do not provide tax or legal advice. Consult your tax advisor or attorney regarding specific tax or legal issues. Investment advisory services and products are made available through Ameriprise Financial Services, Inc., a registered investment adviser. Ameriprise Financial Services, Inc. Member FINRA and SIPC. © 2014 Ameriprise Financial, Inc. All rights reserved.
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www.welchgroup.com • 205-879-5001
www.fopp.net • 205-871-5805.
The Welch Group and Fee Only Planning Professionals are proud to recognize the past and future leaders of the Financial Planning Association of North Alabama.
Kimberly Reynolds
The Welch Group Member and Senior Advisor FPA Past President 2013
Beth Moody
The Welch Group Advisor FPA President Elect 2015
Meld Financial, Inc. provides a broad range of investment management and financial services for individuals and businesses. We offer specialized planning, investment management, executive benefits and retirement plan services. Everyone deserves a secure financial future. Not everyone knows how to make it happen. Assets, obligations, and other variables make each path to security individual. At Meld Financial, our passion is to help people make sense of it all. We start by helping clients clearly understand their current financial situation, define their goals and objectives, and establish a plan to meet those goals. We approach every client engagement with a planning perspective. The plans we devise together will be just as individual as the clients themselves. Recommendations we offer and the decisions we make originate from our guiding principle:
“We will always recommend the same course of action we would choose for ourselves, given the same circumstances.” securities offered Through Triad Advisors, Inc. Member FINRA, sIPC.
3008 PuMP HousE RoAd P.o. Box 43626 BIRMINgHAM, AL 35243 205.967.4200 meld@meldfinancial.com
www.meldfinancial.com
Providing indePendent and objective services melded with customer-driven financial goals. 150
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TAKE CARE OF SOMETHING REALLY IMPORTANT
Warren Averett Asset Management Members: (l to r) J. Samuel Fitch, CFP®; Melanie L. Nichols, CFA, CFP®; Justin T. Russell, CIMA; Steven C. Causey, CPA, AIF; Joshua L. Reidinger, CPA
To us, intense client focus starts with the notion that we’re in the relationship business. Yes, it’s personal. Let us get to know you and you’ll experience a difference that works to your advantage. Count on independence – advisors operating free from quotas, fund restrictions and proprietary products. Count on discipline – a data-driven approach with in-depth research. Count on a better return on relationships – advisors whose passionate commitment to your success matches your own. Let’s thrive together.
INTENSE CLIENT FOCUS www.WAasset.com | 205-979-4100 ADvERTISEMENT
Cummings, Tuohy, & Associates is a group of CERTIFIED FINANCIAL PLANNER™ practitioners and other professionals who work with a large number of physicians and business owners in the metro Birmingham area and beyond. “We appreciate that we are very fortunate to live and work in a city which is home to some of the world’s finest physicians and health care professionals. Because managing their own financial affairs is not always front of mind, we strive to remove the stress and worry behind financial matters so that they can focus on their life’s work”, says Fergus Tuohy, financial advisor with Cummings, Tuohy, & Associates. Cummings, Tuohy, & Associates places appreciable importance on developing deep relationships with clients based on loyalty, delivery of knowledgeable advice, and a genuine interest in our clients’ lives. The advisors and staff pride themselves in nurturing friendships and often familial
relationships with clients as they work together to plan to achieve financial goals. Private Wealth Advisor Patrick Cummings states, “This is serious work that we do for our clients. We continually educate ourselves about the changing landscape in the investment and taxplanning world, though we also create opportunities to get to know our clients on a personal level; to spend time with them and learn what is truly important, to help them achieve those unquantifiable goals and live the lives about which they dream”.
Cummings, Tuohy, & Associates A financial advisory practice of Ameriprise Financial Services, Inc.
1500 Urban Center Dr • Ste 200 • Birmingham, AL 35242 Ameriprise Financial cannot guarantee future financial results. Ameriprise Financial and its representatives do not provide tax or legal advice. Consult your tax advisor or attorney regarding specific tax or legal issues. Investment advisory services and products are made available through Ameriprise Financial Services, Inc., a registered investment adviser. Ameriprise Financial Services, Inc., Member FINRA and SIPC. © 2014 Ameriprise Financial, Inc., All rights reserved.
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Prepare for Life Events The Financial Planning Association® (FPA®) is the largest membership organization for CFP® professionals in the U.S. and also includes members who support the financial planning process. Working in alliance with academic leaders, legislative and regulatory bodies, financial services firms and consumer interest organizations, FPA helps connect all in our membership through a variety of unique and compelling ways. FPA members adhere to the highest standards of professional competence, ethical conduct and clear, complete disclosure to those they serve. FPA membership consists of CERTIFIED FINANCIAL PLANNERS™, educators, financial services professionals, students and more; FPA is compensation neutral and represents those from diverse backgrounds and business models. FPA’s unique network of nationwide chapters encourage professional development and networking on a local level.
• Retirement • Buying a Home • College Planning •Wealth Management • Estate Planning • Business Finances Search for a CFP® near you : PlannersSearch.org
This Wealth Builders section in B-Metro is being sponsored by local Members of the Financial Planning Association and their respective firms. Their goal is to help you better understand how a financial planner can help you plan and manage certain financial aspects of your life.