Frequently Asked Questions
Got Questions? We’ve Got Answers!
Chessie Advisors specializes in providing independent, fee-only financial planning and investment management guidance to teachers, engineers, attorneys, young professionals, and widows between the ages of 30 and 65 (Gen Y, Gen X, and late Baby Boomers).
We do work with a few clients younger than 30 (Gen Y) and older than 65 (early Baby Boomers). I’m more than happy to provide referrals to other financial planners who specialize in serving your market if you’re not a fit for Chessie Advisors
If you select one of our financial planning services (Chessie Guidance℠ or Chessie Wealth Guardian℠), we can assist you examining, developing and implementing a financial plan or guide to allocating your financial resources to achieve your “American Dream”. We will first review your current situation (investments, insurance policies, retirement plans, tax returns, estate planning documents, etc.). We will then compare what you’re currently doing with your newly refined plan and see how you’re doing. If you’re doing a great job, we’ll let you know. If some areas need improvement, we’ll make recommendations to guide you in the right direction.
If you’re hiring us to manage investments (Chessie Portfolios℠), we will assess your risk tolerance, help you invest your hard-earned money accordingly and guide you down the path to financial security.
We also provide hourly or project-based services.
The majority of our client relationships are virtual, meaning, we don’t meet in person. We do not require a minimum asset size to be able to work with us. We believe that there are many people, especially in Gen X and Gen Y, searching for an honest financial planner looking out for the client’s best interest, not swayed by what will earn that rep the highest commission.
“Chessie” is the nickname for a Chesapeake Bay Retriever, one of the few breeds that can claim to be born in the United States. It is the strongest and most protective of the retriever breeds, but is intensely loyal to his family and friends. They’re also known as being bright, happy, intelligent and for having a goofy sense of humor.
How does this translate into a financial planning and investment management firm? Well, Chessie Advisors is fiercely independent, we serve our clients and are compensated only by our clients and no one else. We’re intensely loyal and want to do everything we can to ensure our clients succeed in achieving their financial goals. Our founder, Erik O. Klumpp has over 13 years of experience providing independent financial planning services to clients from all walks of life.
It’s not about the quantity of money you make or have. You’re buying a home, growing your career, starting and building a family, planning for retirement. It’s about making smart financial decisions with what you have available and setting yourself up for success both in the present and in the future. At Chessie Advisors, we help you build and maintain the necessary plan to achieve your “American Dream”, and guide you every step of the way.
It means we receive no compensation from any third party, ever. We don’t get paid for selling you “stuff.” We’re never compensated by an insurance, mutual fund or brokerage company. Fee-Only means, the only fees we receive for our services are paid directly by our clients. This eliminates any conflicts of interest when we make financial recommendations. Because we’re not compensated by anyone but you, we have no allegiances to any company or product. We can recommend what truly in your best interest without worrying about how much we’ll be getting paid from those recommendations.
We don’t sell insurance.
We don’t have our own proprietary funds.
We receive no hidden commissions or kickbacks.
Don’t be fooled by advisors using the term “Fee-Based”. What this means is that even though they may receive compensation from a client in the form of a fee (retainer fee, assets under management fee, hourly planning fee), they may also recommend products to you that pay the advisor a commission.
There are a few things wrong with this. First, you’re likely paying your broker something and you don’t even know it. Whether it’s a commission on an insurance policy or annuity, trails from mutual funds he sold you, or some other form, the advice he’s giving you probably isn’t free. Ask them about it.
In addition, they are only obligated to recommend investments “suitable” for you and not necessarily what’s in your best interest.
One More Question?
Still have a burning question in need of an answer? Feel free to drop us a line and we’ll get back to you.