[Boomer]

Originally Posted by retiredguy123

It sounds like she is an insurance agent and/or salesperson. Otherwise, I don't know why she couldn't provide financial advice in any state.

retiredguy123,

I don’t know either, but…….

Please hold your horses and read through her website with a Google of Hanvanich Financial. (She is is a suburb of Dayton, Ohio, called Kettering.)

She specifically states on her detailed site that she does not sell products or take commissions. Also look at her background and education. It is impressive. I don’t think she is the rubber chicken dinner pushing type.

As far as the states go, I don’t know about that. Maybe it has something to do with how states vary with taxes and possibly LTC differences and who knows what else.

Or maybe that is her choice.

Or maybe there are certain licenses that are needed by state and to have so many would become unwieldy.

I actually have no idea, but considering what I read on her site, I do not think she is one of those dime-a-dozen sales-pitchers…..Her site indicates differently.

But, of course, individuals who are interested have to figure out for themselves if she is someone who can help them with a plan.

With as many Ohioans who retire to FL, I wonder if FL is a state she does.

Could be worth looking into — or not. But please don’t be so quick to assume the negative on this one.

Boomer

[retiredguy123]

Originally Posted by Boomer

retiredguy123,

I don’t know either, but…….

Please hold your horses and read through her website with a Google of Hanvanich Financial. (She is is a suburb of Dayton, Ohio, called Kettering.)

She specifically states on her detailed site that she does not sell products or take commissions. Also look at her background and education. It is impressive. I don’t think she is the rubber chicken dinner pushing type.

As far as the states go, I don’t know about that. Maybe it has something to do with how states vary with taxes and possibly LTC differences and who knows what else.

Or maybe that is her choice.

Or maybe there are certain licenses that are needed by state and to have so many would become unwieldy.

I actually have no idea, but considering what I read on her site, I do not think she is one of those dime-a-dozen sales-pitchers…..Her site indicates differently.

But, of course, individuals who are interested have to figure out for themselves if she is someone who can help them with a plan.

With as many Ohioans who retire to FL, I wonder if FL is a state she does.

Could be worth looking into — or not. But please don’t be so quick to assume the negative on this one.

Boomer

I sent her a message asking her to explain why she cannot practice in all states.

[CoachKandSportsguy]

Originally Posted by retiredguy123

I sent her a message asking her to explain why she cannot practice in all states.

She has passed the Series 65 exam deals with much more content around state regulations via the Uniform Securities Act (USA).

The Series 65 license, known as the Uniform Investment Adviser Law Examination, qualifies individuals to provide investing and general financial advice to clients. Passing the Series 65 exam qualifies individuals as Investment Advisor Representatives (IARs).

What can an IAR do?
IARs are individuals employed by or associated with an investment advisor who make recommendations or otherwise give financial or investment advice.
IARs receive compensation by charging fees either on a commission basis, at a flat or hourly rate, or as a percentage of assets under management (AUM).
IARs must be properly registered, and, at a minimum, complete credentialing exams certified by FINRA and other required regulatory agencies.
IARs are often required to pass the Series 63 and Series 65 exams, though requirements vary by state.
IARs responsibilities include making financial recommendations, managing client accounts, providing advisory services to external parties, or overseeing other IARs.


So she can work in many capacities, but her certifications give her the ability to manage money in the state of Ohio, and charge a fee for AUM, if you choose her to do so. She is independent of a brokerage, so she can sell any investment, or manage any level of money, as well as give hourly only advice without selling any investments.

She has impressive credentials, and most likely starts with an hourly fee, and can legally move up the financial food chain if you want her to. So she can do both, but as an independent, doesn't have a sales quota to sell to keep her job. In fact, she may recommend an ETF based portfolio, with rebalancing, etc, which is independent from Fidelity or Schwab, etc.

[retiredguy123]

Originally Posted by CoachKandSportsguy

She has passed the Series 65 exam deals with much more content around state regulations via the Uniform Securities Act (USA).

The Series 65 license, known as the Uniform Investment Adviser Law Examination, qualifies individuals to provide investing and general financial advice to clients. Passing the Series 65 exam qualifies individuals as Investment Advisor Representatives (IARs).

What can an IAR do?
IARs are individuals employed by or associated with an investment advisor who make recommendations or otherwise give financial or investment advice.
IARs receive compensation by charging fees either on a commission basis, at a flat or hourly rate, or as a percentage of assets under management (AUM).
IARs must be properly registered, and, at a minimum, complete credentialing exams certified by FINRA and other required regulatory agencies.
IARs are often required to pass the Series 63 and Series 65 exams, though requirements vary by state.
IARs responsibilities include making financial recommendations, managing client accounts, providing advisory services to external parties, or overseeing other IARs.


So she can work in many capacities, but her certifications give her the ability to manage money in the state of Ohio, and charge a fee for AUM, if you choose her to do so. She is independent of a brokerage, so she can sell any investment, or manage any level of money, as well as give hourly only advice without selling any investments.

She has impressive credentials, and most likely starts with an hourly fee, and can legally move up the financial food chain if you want her to. So she can do both, but as an independent, doesn't have a sales quota to sell to keep her job. In fact, she may recommend an ETF based portfolio, with rebalancing, etc, which is independent from Fidelity or Schwab, etc.

Thanks. According to her website, she is a "fee-only" advisor and a certified financial planner (CFP), and she will tailor her services and advice to meet the client's specific needs. She doesn't work for commissions. As far as I know, any CFP can sell advice to clients in any state. I sent her a message asking her to explain why she cannot do business in all states.

[CoachKandSportsguy]

Originally Posted by retiredguy123

Thanks. According to her website, she is a "fee-only" advisor and a certified financial planner (CFP), and she will tailor her services and advice to meet the client's specific needs. She doesn't work for commissions. As far as I know, any CFP can sell advice to clients in any state. I sent her a message asking her to explain why she cannot do business in all states.

Som Hanvanich Ph.D. CFP(R) CFA - Member - Finance

in her bio by Garret, she can assist in implementation on an hourly or ongoing basis , see the bolded sentences below, which is covered under the Series 63. This is covered under the RIA to go beyond CFP and actually perform the work with the client with recommendations, and its a state by state RIA registration and legal entity requirement, as in LLC. If she chooses to have FL clients, she can create a Florida LLC, register herself with all the FL requirements, and then work with FL requirements. however, if she is working for Garrett, Garrett is like we have FL reps already, so no, stay in Ohio.

Its much the same as remote workers, the company must have a legal presence in the state in which the employee is working from home. That requires a legal entity on an ongoing basis for state taxes. Most state legal requirements are for making sure that each state collects its fair share of taxes from businesses in that state, whatever taxes apply, from income to sales to labor to employment taxes.

from her bio on the above web site:
Her firm offers a wide range of financial advisory services customized to meet your needs. There is no minimum investment or long term financial planning contract requirement. You pay by the hour or the project for the advice that you need.Som does not sell securities or financial products. She also does not accept commissions from mutual fund companies, brokerage firms or any third party. Thus, you can be confident that you will receive professional objective advice that will be in your best interest.

About Services

You can choose a service or combination of services that will fit your personal needs. The services offered include:
-Retirement planning
-College funding
-Insurance needs analysis
-Investments / Investment Management-
Financial jump start plan / Financial checkup
-Portfolio analysis and review (including but not limited to 401(k), 403(b) and TSP plans)
-Tax-reduction strategies and tax planning
-Estate planning
-Customized Planning for life status change (such as marriage, illness, loss of family member)
-Cash flow analysis

You may also choose to implement the plan recommendations on your own or Som can assist you with implementation on an hourly or ongoing basis.

Som offers a complimentary, no-obligation initial meeting. You can choose if you would like to conduct this meeting in person or over the phone. During this meeting, you can decide which services you require and receive an estimate of fees for the chosen services.

About Som

Som is a member of The Garrett Planning Network, Inc., a nationwide organization of professional, Fee-Only financial advisors. Founded by nationally-recognized CERTIFIED FINANCIAL PLANNER™ professional Sheryl Garrett, Network members are dedicated to providing independent, objective financial planning services and competent, professional advice to people from all walks of life on an hourly, as-needed basis.

Som is also a member of the Financial Planning Association (FPA), the nation's largest association of professionals dedicated to the advancement of the financial planning process.

Som is a CERTIFIED FINANCIAL PLANNER™ professional. She has earned the right to use the CFP® mark of distinction after fulfilling the CFP® Board's specific experience requirements, successfully completing the CFP® certification education requirement, and passing the rigorous two-day CFP® certification exam, which requires comprehensive knowledge of investments, taxes, insurance, employee benefits, retirement planning and estate planning. To maintain certification, CFP® practitioners are required to satisfy ongoing education and ethics requirements.

Som is also a CFA charterholder. Chartered Financial Analyst or CFA (commonly referred to as the "CFA Marks") are symbols of professional credential granted by CFA Institute, a not-for-profit professional association with a mission of leading the investment profession globally by promoting the highest standards of ethics, education, and professional excellence for the ultimate benefit of society. She has earned the CFA charter after passing three sequential, six-hour examinations, having at least four years of qualified professional investment experience, joining CFA Institute as a member and committing to abide by, and annually reaffirm, her adherence to the CFA Institute Code of Ethics and Standards of Professional Conduct.

Som also passed the Series 65 Exam, the Uniform Investment Adviser Law Examination administered by the Financial Industry Regulatory Authority (FINRA). The exam focuses on topic areas that are important for providing investment advice. These areas include topics such as economics, retirement planning, portfolio management strategies and fiduciary obligations.

Prior to opening Hanvanich Financial LLC, Som earned a Ph.D. in Business Administration with a concentration in Marketing and International Business from Michigan State University. She held an academic position at Lehigh University in Bethlehem, PA and Xavier University in Cincinnati, OH, where she taught strategy, business statistics and research methods. She also widely published in academic business journals, including the leading Strategic Management Journal. Realizing that her students need more than a college degree to achieve financial freedom, Som decided to help people more directly by establishing Hanvanich Financial LLC as an investment advisory firm.

She also further strengthened her financial and investment knowledge by attending and successfully completing the Master of Science in Finance program at the University of Illinois, Urbana-Champaign.

Som and her husband live in Dayton, Ohio. She enjoys many pursuits, including amateur hiking, snow shoeing, reading and watching hockey.

For additional information, service descriptions and a fee schedule, please visit the Hanvanich Financial website or call or email Som directly to set up an appointment.

end of copy of her bio at Garrett

If here answer is substantially different, i would like to know what I am missing.

[CoachKandSportsguy]

would I go to her? hell yes! she has all the qualifications to perform any part of personal finance, including creating a decent portfolio and helping someone implement it, and she isn't getting commissions from anyone, as she doesn't represent any one broker or financial products vendor. If my account was with Fidelity or Schwab or Vanguard, she would help set you up in any one of those accounts for your desired outcome.

Here is the trick or difficulty:
in any personal portfolio other than 100% in a broad equity ETF, such as the S&P 500, the portfolio needs rebalancing and adjustment frequently due to large interest rate changes and sectors falling out of favor or other sectors taking leadership and age increasing less exposure to equity and more to bonds and fixed income. Without that constant review and rebalancing, portfolios can get very suboptimal for the current environment. The financial environment is not a stable set it and forget it type of environment.

Would I use the garrettplanning network? probably a great place to start.

[retiredguy123]

Originally Posted by retiredguy123

Thanks. According to her website, she is a "fee-only" advisor and a certified financial planner (CFP), and she will tailor her services and advice to meet the client's specific needs. She doesn't work for commissions. As far as I know, any CFP can sell advice to clients in any state. I sent her a message asking her to explain why she cannot do business in all states.

FYI, here is the reply I got back from Som Hanvanich. Quite frankly, I don't understand why she can't provide advice to anyone since she doesn't sell any financial products.

Hello,

Thank you for your inquiry. Since I am an advisor registered with the state of Ohio, I could only provide advice to Ohio residents. If clients live outside of Ohio, the clients’ states must permit a registration exception for me to be able to work with the clients. These states normally indicate their exceptions on the North American Securities Administrators Association. If a state (such as Minnesota) does not indicate the exceptions, it normally means they do not allow for the exceptions or there may be other stipulations. As for your questions about a licensed insurance agent, I am not an agent and I do not sell any financial products, including annuities. Thank you again for your interest in the fee only financial advisory services.

Sincerely,

Som Hanvanich, PhD, CFP®, CFA

Hanvanich Financial LLC
2555 S. Dixie Drive, Suite 202
Kettering, OH 45409

[Boomer]

Originally Posted by retiredguy123

FYI, here is the reply I got back from Som Hanvanich. Quite frankly, I don't understand why she can't provide advice to anyone since she doesn't sell any financial products.

- - - - - - - -- - - - - - - - - - - - - - - - --

Well, rg123, looks like that is just the way it is. She is an actual, for-real, fee-only planner. Seems like they are not easy to find.

I looked up Garrett Planning Network, of which she is a member, and typed in "The Villages, FL" in the part that says "Find Advisor" and found that there are no members in TV and not that many in the state.

Looks like Garrett is fee-only, only.

I, personally, would not want to go to an advisor that I had not met with in person, anyway.

It sure is hard to find fee-only advisors. I think the "other kind" can have it pretty easy, what with the commissions, the loads, and that wicked thing where they get a percentage of your portfolio (AUM) whether you are up or down. Never made any sense to me. But. . .that's just how I am, and I acknowledge that someday I might need to change my behavior. Not easy for an old leopard.

Boomer

[retiredguy123]

Originally Posted by Boomer

Well, rg123, looks like that is just the way it is. She is an actual, for-real, fee-only planner. Seems like they are not easy to find.

I looked up Garrett Planning Network, of which she is a member, and typed in "The Villages, FL" in the part that says "Find Advisor" and found that there are no members in TV and not that many in the state.

Looks like Garrett is fee-only, only.

I, personally, would not want to go to an advisor that I had not met with in person, anyway.

It sure is hard to find fee-only advisors. I think the "other kind" can have it pretty easy, what with the commissions, the loads, and that wicked thing where they get a percentage of your portfolio (AUM) whether you are up or down. Never made any sense to me. But. . .that's just how I am, and I acknowledge that someday I might need to change my behavior. Not easy for an old leopard.

Boomer

Well, personally, I'm just too cheap to pay someone for advice.

[manaboutown]

When Consuelo Mack interviewed Charles D. Ellis on 'Wealthtrack' in one of her two interviews with him she asked him about financial advisors, if he had any good ones he could recommend. A pensive moment passed. Charlie responded he could think of one - who was not taking on new clients of course and probably only worked with zillionaires.

Steve Sturner whom I really liked was my guy at Ameriprise Financial for many years. I rarely asked him for advice although I thought him capable and never paid a fee to Ameriprise or him for guidance. I just used Ameriprise as a wirehouse. He is the one who straightened out my IRA to Roth conversion. Steve is very smart and knows his business. He left Ameriprise and started Tempus Wealth Planning a few years ago. I have not a clue about how he charges but I never lost confidence in him. I just did not want to move my account to another outfit. I am not recommending him, just putting his name out there. Of course his office is in Irvine, CA if that is a problem.

Tempus Wealth Planning

Looks like Tempus is both fee-only and a fiduciary. Start Here — Tempus Wealth Planning

[Boomer]

Originally Posted by retiredguy123

Well, personally, I'm just too cheap to pay someone for advice.

I get it, rg123. I really do.

Looks like my number one rule for investing: Know Thyself

Even beyond not wanting to pay for financial “advice” from somebody trying to sell me something, I also have this trait of being responsible for my own actions. If I make a bad buy or sell, I do not need or want anybody else to blame. I find myself to be exceedingly annoyed by people who always have to blame somebody else for their own mistakes.

I know I am not normal.

Boomer

[Caymus]

Originally Posted by Boomer

Well, rg123, looks like that is just the way it is. She is an actual, for-real, fee-only planner. Seems like they are not easy to find.

I looked up Garrett Planning Network, of which she is a member, and typed in "The Villages, FL" in the part that says "Find Advisor" and found that there are no members in TV and not that many in the state.

Looks like Garrett is fee-only, only.

I, personally, would not want to go to an advisor that I had not met with in person, anyway.

It sure is hard to find fee-only advisors. I think the "other kind" can have it pretty easy, what with the commissions, the loads, and that wicked thing where they get a percentage of your portfolio (AUM) whether you are up or down. Never made any sense to me. But. . .that's just how I am, and I acknowledge that someday I might need to change my behavior. Not easy for an old leopard.

Boomer

I have contacted multiple Garrett Network Advisors. While they may be "fee only", many of them use AUM charging models. That is the same system large firms like Fisher Investments uses.

[Boomer]

Originally Posted by Caymus

I have contacted multiple Garrett Network Advisors. While they may be "fee only", many of them use AUM charging models. That is the same system large firms like Fisher Investments uses.

Hmmmm, sounds like fee-only advisors are not created equal. Maybe Garrett is only a place to start the fine-tuning of the search.

This is not easy, is it.

Boomer