Zephyrus Financial Services FAQs
Zephyrus Financial FAQs
Q: You’re located in Hutchinson, Minnesota. Are you able to serve clients in the Twin Cities?
A: Absolutely! We’re proud of our local roots but aren’t confined to them. Not only do we serve clients across Minnesota, but the entire country as well! Currently, we work with clients in 16 different states and plenty of major cities. By leveraging technology like video conferencing and electronic signatures, we can effectively service clients from anywhere in the country.
While some clients love the convenience of digital technology, we also know some people prefer a face-to-face meeting. If that’s the case for you, we’re happy to connect in person, whether that means hosting you our headquarters in Hutchinson, or meeting over a cup of coffee. Getting to catch up on life, hear more about your financial goals and dream big together — virtually or in person — is one of our favorite parts of the job.
Q: Is your team of five able to manage my financial plan?
A: We are a small, but mighty team. We have nearly 40 years of combined industry experience. Over the years, we have streamlined our processes and technology to ensure we can work as efficiently as possible for our clients. Our broker-dealer, Cetera, is one of the largest broker-dealers in the country! They provide us with competitive technology and resources that allow us to keep our team small and focus on portfolio construction, financial planning and top-notch customer service. We also partner with a CPA firm, estate planning lawyers and a bank, allowing us to provide a wide range of services and ensure all areas of our clients’ financial plans work together.
In many ways, being a smaller firm is a major benefit to our clients. We care about building meaningful relationships with each of them and want to provide a personalized experience that you simply can’t get with most big-name firms. During our first meeting, we want to learn all about you and your family, hobbies and dreams. Once we understand what matters most to you, we can create your customized financial roadmap.
Q: My old financial advisor never talked about these kinds of strategies. Why is your investment strategy so unique?
A: Other financial firms will often ascribe to one our own investment strategy for all their clients, but we know that your financial roadmap should be customized to your unique goals and needs. We don’t simply sell products and call it a day. Instead, we have created our own unique portfolio structure that can be customized and aligned to your specific needs. We focus on planning over products, which is a different approach in the financial planning industry. Our culture is intentionally different: We don’t emphasize sales or set certain quotas to meet. All of our recommendations are coming from us, not from a standardized practice. Your financial goals are unique to you, and we believe your financial plan and strategies need to reflect that.
Q: How can you help me reach my financial goals?
A: Our entire planning process is goal-oriented, meaning we make every decision with your dreams at the forefront. It’s common for advisors to create a plan that centers around your investment portfolio. While a good investment strategy is important, your financial roadmap is designed to address all of your financial needs — from income and estate planning to insurance and tax strategy. We want to make sure all of the parts are working together in unison.
We start by establishing your short-term and long-term goals, then create a roadmap to help you with each of them. Having clear milestones to work toward helps us pick the right financial strategies for you. Oftentimes, we find that you can take on less risk and still reach your goals.
We also understand that life is always changing; as your goals and dreams evolve, we update your financial roadmap to get you to the next step. It’s important to have a financial plan that can grow and adapt to your needs at every stage of life. Whether you want to help your kids save for college, enjoy a long, happy retirement or build a legacy for your grandchildren, we’re here to support your goals every step of the way.
Financial Planning FAQs
Q: What are the benefits of working with a financial advisor?
A: As financial advisors, we can provide unbiased advice because, while we care deeply about your success, we are not as emotionally invested in your decisions as you are. This can help you avoid mistakes like poor investment choices or missing blind spots in your plan. Advisors also have specialized knowledge in all areas of financial planning — investments, taxes, retirement planning, estate planning and risk management. This expertise can help you make more informed decisions. Plus, we often have access to specific financial products and strategies that everyday investors can’t obtain. In short, we have the education, experience and access needed to help you reach your goals as efficiently as possible.
Q: How much money do I need before working with a financial advisor?
A: There is no single income, net worth or savings threshold that determines when financial advice can be valuable. People seek guidance at many different stages of life. Someone beginning their career may want help managing debt, building emergency savings and starting to invest. Someone earning a higher income may need help coordinating retirement contributions, investments, insurance, cash flow, estate planning and tax-aware strategies.
At Zephyrus Financial Services, our clients range from people beginning to build their savings to those managing more complex financial lives. The right time to speak with an advisor is when you want a clearer financial roadmap and a trusted professional to help you make informed decisions.
Q: What does it cost to work with a financial advisor?
A: The cost of working with a financial advisor depends on the services you use and the type of account you have. Brokerage services involve transaction-based compensation, such as commissions, while advisory services involve fees based on the assets being managed. Some financial professionals offer one type of service, while others offer both.
At Zephyrus Financial Services, we believe in honest, open communication. Before you decide to work with us, we will explain the services available to you, how we are compensated and any fees that would apply.
Q: How often should I meet with a financial advisor?
A: Some people meet with their advisors often, while others feel comfortable waiting longer in between meetings. It all depends on what works for you, but there are a few general guidelines.
At a minimum, we recommend meeting with your financial advisor at least once a year for a comprehensive review of your plan. This allows you to assess your progress, make any necessary adjustments and ensure your plan is still aligned with your goals. In addition to annual meetings, it’s important to meet with your advisor whenever there are significant life events or changes to your financial situation. For example, getting married or divorced, having a child, changing jobs, receiving an inheritance or approaching retirement.
Finding the right frequency for you will depend on the complexity of your financial situation, your life stage and goals, how active you want to be in the planning process and the comfort level you have with your advisor. Ultimately, the key is to maintain open communication and meet with your advisor regularly enough that your plan remains on track and meets your evolving needs.
Q: Are you able to help young working professionals with their finances?
A: Yes, we work with a lot of young working professionals. Not too long ago some of us, we were in their shoes! We understand the challenges many young professionals face, from building a family to kickstarting their savings. Getting sound financial advice early on can make a big difference in what your future financial picture looks like. That is why we have three different financial advisors with different backgrounds.
Q: How long will my retirement savings last?
A: The only way to know how long your savings will last is to create a comprehensive financial plan because the number in your savings account does not tell the full story. Your money will last a certain amount of time depending on multiple factors: How much money is coming in? How much money is going out? What are your investments earning? How high is inflation? What is your tax liability? Plus, your spending habits play a large part in this. Some of our clients retire on almost nothing because they have a low cost of living, while others need a large nest egg to maintain their lifestyle.
People have tried to put an exact number on how much money you need to retire — $1 million being a longstanding goal to strive for — but the truth is, the only way to find out how long your retirement savings will last is to make a plan that factors in all the unique factors of your financial situation. No two retirements are alike, which is why it’s important to meet with an advisor who can create a plan that fits your needs.
Q: Are your financial plans personalized to each individual person?
A: Retirement planning should be based on individual goals, which is why we start by understanding what’s important to our clients and use that information to create a customized financial roadmap that helps them reach their dreams. We see and hear a lot of financial advice that is unhelpful because it’s too generic. For example, many clients come to us with Roth accounts because they were told they should have one, but this isn’t true for everyone! Some of our clients die without ever touching their Roth accounts because it doesn’t make sense to use them. The decision between a Roth and a traditional savings account is a tax question: If your tax bracket will be lower or equal in retirement compared to what you’re paying now, a traditional savings account is the way to go. This is the kind of individualized advice you should get from a good financial planner.
What is included in my financial roadmap?
A: Our customized financial roadmaps are designed to each client’s needs. We use a comprehensive aggregation tool that collects and analyzes thousands of potential outcomes to create a clear path to accomplishing your financial goals. Your personalized roadmap will take multiple factors into account and create a report that includes:
- Personal Information: A summary of your basic personal and contact details, which includes information about your family members for beneficiary and legacy planning purposes.
- Financial Goals: Your short-term, medium-term and long-term financial goals. This includes things like saving for retirement, buying a home and funding your children’s education.
- Current Financial Situation: A list of your current income, expenses, assets, liabilities, insurance coverage and other relevant financial information to give us a clear picture of where your finances stand today.
- Investment Portfolio: An in-depth analysis of your current investment portfolio, including all asset allocations, returns and your unique risk profile, which helps identify opportunities for improvement.
- Retirement Planning: A model to show your potential retirement income sources, expenses and withdrawal strategies to determine if you are on track to meet your retirement goals.
- Tax Projections: An overview of the potential tax implications your financial decisions could have. For example, how would a Roth conversion before or after retirement impact your finances?
- Risk Management: A review of your current insurance coverage, as well as recommendations to help protect your family and assets.
- Estate Planning: An overview of your current estate planning arrangements and recommendations to ensure your wishes are properly documented.
From there, we walk through specific recommendations and action steps to help you achieve your financial goals. This is the bread and butter of our work: We love educating you on your opportunities and working together to create a strategy that fits your needs. We also stress test your plan for potential scenarios, such as changes to your investment returns or retirement age. It’s important to walk through all the possible outcomes to ensure your plan is designed to withstand uncertainty.
Please note: the depth and customization of the MoneyGuidePro report can vary depending on the financial advisor and the complexity of your financial situation.