Brian serves as the manager of a division within Planning Solutions Group named PSG Clarity. PSG Clarity is a unique planning team that focuses on affordable and efficient financial planning for hard working Americans who have been under served by the investment management industry thus far. Generally focusing on individuals under a certain threshold of investable assets, rather than above it, Brian and his team help everyday folks accomplish financial…
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Brian serves as the manager of a division within Planning Solutions Group named PSG Clarity. PSG Clarity is a unique planning team that focuses on affordable and efficient financial planning for hard working Americans who have been under served by the investment management industry thus far. Generally focusing on individuals under a certain threshold of investable assets, rather than above it, Brian and his team help everyday folks accomplish financial goals that have thus far proved difficult due to complexity, procrastination, or being overlooked by other planners.
With 15 years in the financial planning field, Brian focuses his practice in the areas of retirement planning, investments, and insurance protection, with a special interest in assisting public sector employees. He is the author of "Total Compensation: A Practical Guide to Federal Employee Benefits", has contributed articles to MarylandBankingBlog.com, nerdwallet.com and Fedsmith.com. He has been quoted or appeared on financial planning news articles at Dailyfinance.com, TheStreet.com and Foxbusiness.com, What’s Up Annapolis magazine, Taste of the Bay magazine, The Severna Park Voice, and on Michael Hodes’ Estate & Chris Hensley’s Retirement Planning radio shows. In October his division PSG Clarity & he will be featured on WMAR’s Maryland Business Spotlight program in the winter 2014.
Brian currently serves as a board member for the Baltimore chapter of the Society of Financial Service Professionals, is member of the Maryland Financial Planning Association and participates on their communications committee, and is on the marketing committee of the West County Chamber of Commerce.
Brian graduated from Towson University with a B.S. in Business Administration and a minor in English. He lives with his wife Merin and their daughters, Charlotte and Caroline in Odenton, MD.
Securities offered through Triad Advisors, Member FINRA / SIPC. Advisory Services offered through Planning Solutions Group, LLC. Planning Solutions Group, LLC is not affiliated with Triad Advisors. PSG Clarity is a division of Planning Solutions Group, LLC
Certifications and Licenses
Certifications and licenses are helpful guides to an advisor's
expertise and ability to deal with specific topics. Below is a list
and explanations of the most common certifications found in the
industry, and among GuideVine advisors.
CFP® – CERTIFIED FINANCIAL PLANNER™:
The most common and one of the most stringent of certifications for
financial planners, this certification is conferred and owned by the
Certified Financial Planner Board of Standards, Inc. Many regard it
as the “gold standard” of financial advisor designations. It requires
a bachelor’s degree; extensive professional experience; passing a
difficult exam in financial planning, taxes, insurance, estate
planning and retirement; plus completing continuing education
programs each year.
CFA® – Chartered Financial Analyst®:
A credential given to degree-holding financial professionals who have
completed four years of professional financial experience, and have
passed three grueling exams covering investment management, financial
analysis, ethics, stocks, bonds, derivatives, and other areas of
finance. It is considered by many to be the gold standard of
financial analysis. A financial advisor with this designation is well
qualified to manage your investments – perhaps even too qualified.
CFA®s are usually employed by large firms for financial analysis,
typically not by individuals for personal financial planning.
NAPFA – National Association of Personal Financial Advisors:
An association whose members are advisors who are paid strictly
through fees instead of commission, and who adhere to a strict code
of ethics. As we’ve written before, this type of payment structure is
often cited as the least likely to cause conflicts of interest. NAPFA
is the also the only financial planning organization that requires a
peer review of a candidate member’s work before granting membership.
If you find a financial advisor with this acronym, you can be sure
they’ve sworn to put your interests first when managing – or advising
you on – your money.
CRC® – Certified Retirement Counselor®:
Issued by the International Foundation for Retirement Education
(InFRE®), this designation is the oldest and most established program
specializing in retirement financial guidance. It requires that a
candidate have a bachelor’s degree plus two years relevant
professional experience (within the past five years), or high school
diploma plus five years relevant professional experience (within the
past seven years). They must pass a background check and – after
self-study – an exam. It requires continuing education after that.
(Watch out for unaccredited retirement designations, by the way. Many
have popped up to confuse and take advantage of seniors seeking
financial advice.)
CRPC® – Chartered Retirement Planning Counselor℠:
Awarded by the College for Financial Planning to professionals who
complete a study program and pass a multiple-choice exam with a focus
on problem solving for clients, including personal savings,
retirement plans, income taxes, retirement cash flow, asset
management, estate planning, and more. CRPC® professionals must
complete 16 hours of continuing education every two years. If you are
approaching retirement, this is a beneficial designation for your
advisor to have. (Again, as we warned above, watch out for
unaccredited retirement designations!)
CDFA® – Certified Divorce Financial Analyst®:
A financial professional with this designation helps clients who are
going through a divorce, by helping them understand and estimate the
long-term ramifications of a potential divorce agreement. They handle
tax issues, dividing property, determining alimony and child support,
and the impact on retirement of a divorce. A CDFA® is not a
substitute for a divorce lawyer, but an additional professional who
can help you protect your finances and come to an equitable and fair
agreement, financially speaking. Often a CFDA® is hired through the
divorce attorney, to preserve attorney-client privilege. Two
organizations – The Institute for Divorce Financial Analysts™ (IDFA™)
and The Academy of Financial Divorce Practitioners – give out the
designation. Both require self-guided study in a six-month course,
plus prior professional experience in finance or law.
CIC – Chartered Investment Counselor:
This professional is certified by the Investment Advisor Association
(IAA) as someone who has high expertise in portfolio management. They
have at least five years of experience managing portfolios (often for
large accounts and mutual funds), have a CFA® designation, work at a
IAA member firm spending more than half of their time doing portfolio
work, have submitted professional and character references, and have
passed a series of exams. A CIC is held to a higher set of ethical
standards, and must get re-certified yearly.
CPWA® – Certified Private Wealth Advisor®:
Widely recognized as an important title for financial professionals
who work with clients with assets worth more than $5 million, this
designation is issued by the non-profit Investment Management
Consultants Association and covers tax, estate and retirement
planning. It requires six months of online courses, a week of
in-person classes, a half-day exam, and continuing education. Plus,
candidates must have a Bachelor’s degree or one of these
designations: CIMA®, CIMC®, CFA®, CFP®, ChFC® or a CPA license, plus
five years of professional experience helping clients.
ChFC® – Chartered Financial Consultant®:
A professional designation granted by the American College to
professionals who have three years professional experience in the
financial industry, plus have completed several financial education
courses and examinations. Most applicants also have a degree in
business or finance, though that is not a requirement.
CIMA® – Certified Investment Management Analyst®:
This designation denotes a high level of consulting expertise,
focusing on asset allocation, ethics, due diligence, risk
measurement, investment policy and performance measurement. CIMA
professionals tend to work for financial consulting firms managing
large client accounts. Candidates for this designation must have
three years of financial experience, a satisfactory record of ethical
conduct completion of a classroom program, and completion of two
exams. Extensive continuing education is required.
CAIA – Chartered Alternative Investment Analyst℠:
This designation focuses on asset classes that don’t fall under the
usual umbrella of stocks or bonds. It’s given to advisors by an
organization of the same acronym, the Chartered Alternative
Investment Association®, which was founded relatively recently, in
2002. A CAIA has a Bachelor’s degree, has passed two exams, has more
than a year of relevant work experience or four years of professional
experience, and pays annual dues. An advisor with this designation
will be familiar with private equity, hedge funds, commodities, and
real estate, among other things.
CLU® – Chartered Life Underwriter®:
This professional designation is for advisors specializing in life
insurance and estate planning. It requires the completion of several
courses, plus several exams. It’s usually achieved on top of getting
a CFP certification.
CFS® – Certified Fund Specialist®:
Financial professionals with the CFS® designation specialize in
advising clients on mutual funds. This does not license a
professional to buy or sell funds, but if they have the correct
license, they often will buy and sell funds for their clients. The
Institute of Business & Finance (IBF) provides a 60-hour self-study
program, and requires that candidates have a bachelor’s degree or
2,000 hours of related industry experience.
CRPS® – Chartered Retirement Plans Specialist℠:
Awarded by the College for Financial Planning to professionals who
specialize in creating, implementing and maintaining retirement plans
for businesses. It requires candidates to pass an exam, continuing
education, and a small fee. WHY? > This would only be useful for your
advisor to have if you are an entrepreneur. (Again, watch out for
unaccredited retirement designations!)
B.A. – Bachelor of Arts:
An undergraduate academic degree commonly award to liberal arts
students. In this case, it just means your advisor has a college
degree. It’s not enough to be a financial advisor, but a start.
B.S. – Bachelor of Science:
An undergraduate academic degree. These degrees tend to be more
science and math heavy – a financial advisor with a B.S. most likely
got a degree in business or finance. This is a great underpinning for
their financial education, but again, it may not be not enough, so
look for additional certifications and designations.
MBA – Master of Business Administration:
A postgraduate degree with a focus on business. It’s an excellent
underpinning for a financial career, but you should still look for an
additional certification in financial planning.
Series 7 or RR – Registered Representative:
Given by the Financial Industry Regulatory Authority (FINRA) to those
who have passed its Series 7 licensing exam and are regulated by the
same entity. An advisor with this designation is licensed to sell
securities and is often known as a stockbroker, or a broker for
short. A professional with this designation will be especially
equipped to give investment related advice and manage investments.
Most Series 7 advisors will charge you on a commissions basis.
Series 65 or IAR – Investment Advisor Representative:
This designation is fairly easy to acquire, by passing the series 65
exam(conducted by FINRA) and paying a fee to the SEC. There are no
ongoing education requirements. If an advisor has a CFP, ChFC, CIC,
PFS, or CFA designation they can waive the examination and receive
the license automatically. So most people who take the exam are
former stockbrokers, insurance agents, or commercial bankers. All
IARs are subject to the regulations of the SEC, and have to be
registered with the state and/or federal regulators. A professional
with this designation will be especially equipped to give investment
related advice. You might see them working at firms called a
Registered Investment Advisors, or RIAs.
CPA – Certified Public Accountant:
This is the official license for a practicing accountant. An advisor
with this designation has passed the Uniform Certified Public
Accountant Examination after completing a certain amount of hours of
professional experience. In most U.S. states, only CPAs who are
licensed are able prepare and advise you on your taxes, excepting
Arizona, Kansas, and North Carolina, where the designation of CPA and
the practice of auditing are not restricted. Anyone who handles your
taxes should have this designation but it isn’t necessary, or even
widely found amongst financial advisors.
PFS – Personal Financial Specialist:
This credential goes above and beyond the CPA credential. It’s
awarded by the American Institute of Certified Public Accountants
(AICPA) to CPAs who can help you plan all aspects of your wealth –
estate planning, retirement planning, investing, insurance – not just
tax planning. To become a PFS, advisors must be active members of the
AICPA, have at least three years of financial planning experience,
submit recommendations, and pass a written exam. They also must
complete 60 hours of continuing professional education every three
years, and pay several hundred dollars a year in fees.
CMA® – Certified Management Accountant:
This designation is given by the Institute for Management Accountants
to professionals who are interested in managing the finances of a
company. It requires work experience, a two-part exam, and continuing
education. This certification is not necessary if you are looking for
a professional to help you with your personal finances. You might
also see this as “Certified Financial Management” in a professional’s
list of certifications.
CEPF® – Certified Educator in Personal Finance®:
This is a designation given to financial educators or counselors who
have completed six months in relevant experience, have a high school
diploma or GED, and have passed an online exam. It is issued by the
Center for Financial Certifications, or Fincert.org. This designation
is helpful for professionals who are educating you on personal
finance or advising you on basic financial topics such as budgeting
or paying off debt, but you wouldn’t want the person managing your
money to have this (unless they have several other designations or
credentials as well). It’s a certification you’ll often find in the
nonprofit sector.
Services Offered
Advisors specialize in service offerings to meet the
needs of particular client types and situations. Listed below are the
most common services.
Investment management
Advisor will manage your portfolio by buying and selling investments (e.g., stocks, bonds, mutual funds, ETFs) to help you achieve your specific investment goals.
Financial planning
Advisor may help you create a formal, structured plan and 'to-do' list to help you reach your short and long term financial goals. Plans often take into account your current assets, liabilities, expenses, as well as any expected future cashflows. NOTE: Advisor may not manage the plan once created; however, advisors that also offer investment management services often do.
Investment consulting
Advisor may advise on an overall investment strategy, including selecting investments or money managers to work with. While they may not manage the strategy for you, most consultants will actively monitor it and provide ongoing advice based on changing goals and market conditions. Check if advisor also provides investment management for more involved management.
Asset allocation
The advisor may provide advice on how to allocate your investments between specific asset classes (e.g., equities, fixed income, cash, international investments, real estate and alternative investments). In addition, you may be in charge of managing your own investments and executing based on the advisor's recommendations. If you are looking for investment execution related services, check if advisor also provides investment management.
Retirement planning
Advisor may help you plan for your ideal retirement taking into account your savings, investments, expected future income and cashflows, company retirement plans (401k, pension, etc.) and retirement goals.
Tax planning
Advisor may help you manage your tax liabilities and offer tax efficient investment/financial solutions.
College planning
Advisor may help you prepare for and manage college/education related expenses, including using tax advantaged education investment accounts (e.g. 529).
Real estate and mortgage advisory
Advisor may provide you with advice on buying, selling, and financing real estate.
Estate planning
Advisor can help you plan and structure your estate, to ensure proper distribution of assets to your heirs, charities, etc., upon your passing. Advisors are often assisted by a licensed Estate Attorney.
Insurance management
Advisor may provide advice on selecting appropriate insurance solutions (e.g., life, heath, disability).
Alternative investments
Advisor can offer access to non-traditional investments (e.g., private equity, hedge funds, commercial real estate); these investments tend to be illiquid and are typically only available to investors with a certain amount of assets.
Personal lending
Advisor can offer you loans or lines of credit as part of a broader financial strategy.
LGBT services
Advisor focuses on the unique financial and estate planning issues of the LGBT community.
Socially responsible investing
Advisor focuses on socially responsible investing ('SRI'), which often refers to investments in companies engaged in social justice, environmental sustainability, and alternative energy/clean technology efforts, while often avoiding companies in the 'vice' (alcohol, gambling, and tobacco) or extractive energy/oil and gas industries.
Cross border financial planning
Advisor provides financial planning strategies and solutions for clients whose lives and finances span the US and other countries.
Employer sponsored retirement plans
Advisor can help business owners set up employer sponsored retirement plans (e.g., 401(k)) for their employees.
Experience with
Most financial advisors work with all types of clients; however, some
may have extensive expertise with a certain type of client or have a
particular focus
Small business owners
Medical professionals
Finance professionals
Legal professionals
Business executives
Entrepreneurs
Families
Other professions
Fee Structures
Below are the ways advisors charge for their service. Some firms only
provide a single option, while others may provide multiple fee
options. Some advisors refer to themselves as “fee-only” which means
they only charge based on a percentage of assets, by the hour or a
flat fee. Other advisors may refer to themselves as “fee based”,
which means they may charge a mix of commissions in addition.
This is a transactional fee assessed every time an investment product is bought/sold
Fee is based on a percentage of the assets being managed by the financial advisor
Also referred to as "fee based". Fees are based on a mix of a) a percentage of the assets being managed and b) commissions on certain products like insurance, annuities, etc.
Fee is is a flat charge, either billed by service, quarterly or annually
Fee is billed hourly based on the amount of work done by advisor
Other fee structures not listed here
Memberships
Professional organizations the advisor is a member of. Many
organizations have conduct and educational standards above what is
required by law.
National Association of Personal Financial Advisors
National Association of Independent Fee Appraisers
Financial Planning Association
Financial Management Association
Chartered Financial Analyst Institute
New York Society of Security Analysts
American Institute of Certified Public Accountants
New York State Society of Certified Public Accountants
New Jersey Society of Certified Public Accountants
California Society of Certified Public Accountants
Investment Management Consultants Association®
CFA Society Boston
Kingdom Advisors
American Association of Individual Investors
Education
Colleges and universities the advisor has received a degree from.
Additional certifications, licenses, and accreditations are listed in
the “Certifications and Licenses” section of this profile
Customer Survey Overview
An advisor's score is based on people's experience when meeting with
the advisor - were they professional, did they understand the
person's goals, etc. It helps you get a sense of what you can expect
if you choose to connect with the advisor. It is not a rating of
their investment performance! When another GuideVine user, or in some
cases actual clients of the advisor, fills in the survey, it is
automatically reflected in the advisor's score and on the feedback
page you can see how many people have filled out the survey, were
they clients, etc. Ok, now for the legalese:
The survey that produced these results was created by GuideVine. The
survey was not prepared to produce any pre-determined results that
could benefit the Advisor and relies on the truthful and accurate
responses of survey participants. To determine the rating, the
following questions were asked regarding the advisor:
Understanding of the participant’s goals and financial situations;
Ability to give tailored investment advice;
Preparedness for conversations with the participant;
Professionalism;
Offering the full range of services sought by the participant;
Strength of recommendation by the participant; and
Participant’s relationship/familiarity with the advisor
Questions 1 through 4 each comprise ~15% of the score, question 5
comprises ~8% of the score and question 6 comprises ~30% of the
score. Results for Question 7 are presented independent of the
score.
The rating may not be representative of any one client’s experience
because the rating reflects an average of all, or a sample of all, of
the experiences of the investment Advisor clients surveyed. No
subjective analysis was incorporated. The rating is not indicative of
the investment Advisor’s future performance. GuideVine is not
affiliated with any Advisors. Each Advisor’s fee for belonging
to GuideVine includes their ability to participate in this survey
service.
