10 QUESTIONS YOU SHOULD ASK A CFP
ANSWERED BY DANIEL L. GRANUCCI
1. What are your qualifications and credentials?
As President and Principal of Iron Path Wealth Management, Inc. (IPWM), Daniel Granucci holds the Certified Financial Planner™ as well as the Chartered Financial Analyst Designations.
For more than 30 years, CERTIFIED FINANCIAL PLANNER™ certification has been the standard of excellence for financial planners. CFP® professionals have met extensive training and experience requirements, and commit to CFP Board’s ethical standards that require them to put their clients’ interests first. That’s why partnering with a CFP® professional gives consumers confidence today and a more secure tomorrow. [https://www.cfp.net/why-cfp-certification/the-standard-of-excellence]
The Chartered Financial Analyst (CFA®) credential sets the standard as the most highly respected designation in the investment management profession. It is generally held by portfolio and wealth managers, investment and research analysts, professionals involved in the investment decision-making process, and finance students who want to work in the investment management profession [https://www.cfainstitute.org/en/programs]
2. What experience do you have?
Dan began his career in financial services in 2004 at a regional bank based in Connecticut where he became a Senior Financial Consultant and Vice President. In 2014 he was awarded the Fairfield County Business Journal’s “40 Under 40” for Fairfield County.
He then moved on to private wealth management through an independent investment advisory and then worked with a high net worth team based out of a large national insurance and financial advisory business.
After over 15 years of gaining experience advising families and businesses, Dan decided to launch his own wealth management platform to focus on attaining client unique goals, transparent pricing and the best service experience imaginable.
3. What services do you offer?
IPWM was created to provide families and businesses with exceptional advice on all aspects of their finances.
It all starts with a detailed understanding of your goals and financial values.
With that as our foundation your IPWM Wealth Manager moves on to evaluating your Return Objective, Risk Tolerance, Time Horizon, Taxes, Liquidity Needs, Legal, and Unique Circumstances.
Next IPWM guides you through implementing your custom strategies with low cost and no-fluff investment options.
Finally, your IPWM Wealth Manager continues your relationship by systematically reviewing your progress towards your goals on a schedule and format that fits your lifestyle. We offer a variety of meeting frequencies and a combination of virtual and in-person meetings.
Since every client has different needs IPWM will offer a flat retainer fee, a one time fee and/or an asset management fee. Matching our clients with the proper fee model is absolutely critical to their happiness so we base our fees on the amount of work we provide not on the amount of value we add, which is much more.
4. What is your approach to financial planning?
Most IPWM clients choose to participate in comprehensive financial planning.
Through a curated information gathering process your Wealth Manager will understand what is important to your life and your goals.
Next they will guide you through a “data dump” where you show them what you have been doing and fill in the numbers of your financial life.
Then this information is combined through financial planning software and IPWM’s experience to create an actionable financial plan that allows you to understand and achieve your goals.
Our plans are designed to inspire action while building an agenda to prioritize your next steps.
5. What types of clients do you typically work with?
Our pricing model, which is based on the amount of work we do for each client, allows IPWM to work with a broader market of clients than many traditional financial advisory firms. As long as there is a good “fit” between the clients need and our services it is possible to work with an IPWM Wealth Manager.
Many of IPWM’s relationships are ongoing arrangements with late-career and retirees that have already earned the majority of their lifetime income and our focus is on tax planning, estate planning and income planning.
One of our core values is also to help younger individuals and families to assess their goals, risks and opportunities. In many cases, this starts with a limited engagement where a plan is created and can be updated as often as the client needs.
IPWM does not believe that every client’s end goal should be a managed money relationship, though that is often something our clients choose after the understand our philosophy.
6. Will you be the only advisor working with me?
IPWM offers a dedicated professional to all of their clients. There is a Wealth Manager that will be accountable for following through on the services that are provided.
Clients often have existing professionals they work with, such as attorneys, accountants and investment managers. Your Wealth Manager will proactively partner with the other members of your personal team or help you to create a team upon request.
7. How will I pay for your services?
You will never pay a commission with Iron Path Wealth Management, Inc.
You will never be offered a proprietary product that creates a conflict of interest through bonuses or payouts.
You will never be “sold” a product.
You WILL pay a stated flat fee and/or a fee based on managing assets that is disclosed upfront and clearly. This is done so you can always be confident that the advice is the most conflict of interest free and objective advice possible. Your interests are put first and your Wealth Manager is compensated based on the work they do for you.
8. How much do you typically charge?
Since our fees are based on the work that is done, they will be unique to each client. Fees start at $2,500 for a one time engagement and there is a ceiling placed at $50,000 per year which is attractive for high net worth individuals that are accustomed to paying high managed money fees on large nest eggs.
9. Do others stand to gain from the financial advice you give me?
Iron Path Wealth Management, Inc. believes that a trusting relationship is built on transparency and an elimination of conflicts of interest. For this reason, aside from a stated fee to IPWM that is agreed to in writing in, no one else will gain from the financial advice that you are given. Our independence and fiduciary responsibility are among the most valuable things we can offer a client.
If there is ever an additional conflict of interest that will be fully disclosed in advance, though our goal is to minimize or eliminate these conflicts.
10. Have you ever been publicly disciplined for any unlawful or unethical actions in your career?
Never.