Frequently Asked Questions

**What services do financial planners offer?**

- Financial planners provide a range of services including investment management, retirement planning, tax strategies, and estate planning to help clients achieve their financial goals. Generally a financial planner will work with other professionals to complete a comprehensive financial plan including debt consolidation, budgeting, insurance needs, etc. For more information on financial planning and the CFP® professional marks, check out the CFP website here.

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*How do I choose a financial planner?**

- Look for a planner who certified, has experience in your specific financial needs, and offers a fiduciary standard, ensuring they act in your best interest. Financial planners work with their clients for years, sometimes decades, so making sure your advisor or planner is on the same page as you and your family is very important.

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*What is the cost of hiring a financial planner?*

- Fees can vary widely depending on the planner's experience and the complexity of your financial situation. Common structures include hourly rates, flat fees, or a percentage of assets under management. Gray Colt offers a free consultation to discuss your financial needs and make sure we're a good fit before we enter into any kind of agreement.

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*How often should I meet with my financial planner?*

- Regular check-ins, typically once or twice a year, are recommended to review your financial plan and make adjustments as needed based on changes in your life or financial goals. Gray Colt will reach out quarterly for account reviews and to update any plans as financial situations change.

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*I change jobs frequently and have a bunch of retirement accounts. What should I do with them?*

- Depending on the type of retirement account, you have different options available to you. Typically, you can leave it where it is, take a full withdrawal, roll it over to a current employer plan, or roll it over to an IRA. Speak to an advisor today to discuss the pros, cons, and potential tax penalties for your consolidation questions and specific situation. 

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*I don't really need any financial planning, I've been doing great budgeting on my own and have built up a nice nest egg. I just need some help with my investments. Is that something you can do?*

- Absolutely. Before recommending any asset allocations, we like to gather as much information as you're willing to provide about your financial situation, similar to the financial planning process. We offer customized portfolios built with your preferences in mind or we can choose pre-built portfolios that cater to your risk tolerance and investment objectives. We're also happy to take a look at portfolios that you already have in place and offer suggestions.

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*Why should I invest and plan with an independent investment advisor versus one of the big guys?*

- First and foremost, when you call your advisor, you don't get forwarded to another advisor, you go straight to me, Matthew Grelck, CFP®. The biggest gripe I've heard over the years working with the big guys is how hard it is to meet with a consistent advisor. They're frequently changing firms, changing fees, changing brokers while moving your assets. I'm happy to work with you at any broker, and better yet, no 800 numbers, no waiting on hold if you have a quick question, as I can be contacted via email, text, phone at any time (please be kind with your late night questions). By earning the CFP® marks, it shows my commitment to operating as a fiduciary, putting my clients first and operating with integrity. With your traditional investment advisor/brokers, you generally pay an asset management fee on top of any fees their proprietary mutual funds/ETFs they invest you into also charge. Because I'm not locked into specific investments, like advisors at the big firms generally are, I have more individual freedom. I don't have proprietary funds, instead I build the funds/portfolios myself or use low cost exchange traded funds for the best outcome at the lowest cost.