The Chappell Financial Group Experience
Founders Cass Chappell, CFP® discusses his financial planning process in detail, including:
- Defining a fee based financial plan
- Timeline for completion
- Elements of the plan
- Reviews
- Fees
The podcast you are about to hear are historical and based on information that was current at the time of initial print. They contain information that has changed. Staff and business names may have changed. We now offer financial planning through Chappell Financial Group, A Registered Investment Advisor and separate entity from LPL Financial. Listen to the podcast now (8:28):
Download the podcast to listen later
Transcript of the Podcast
Speaker: Chappell Financial Group is a financial planning firm in Atlanta, Georgia. While they
provide services outside of fee-based financial planning, this service is their
core business. Cass Chappell is a CFP® professional,
and they have each been in the financial services business for over ten years.
In 2003, they founded Chappell Financial Group with the motto of “more
choices, better guidance and superior service”.
Cass Chappell: Welcome to our first podcast. I’m Cass Chappell. When Charles and
I decided to get into podcasting, it was because we saw a void. Our clients
kept asking us what we thought about the advice given by various local and
national financial experts. In some cases we agreed with the so-called experts.
But in cases, we felt the information was too generic. One answer seemed to be
the same for every situation.
That isn’t the real world. Everybody has a different situation, a different
set of circumstances. With this podcast series, we hope to really dive into
our topics, tackle real-world examples. You’ll never hear us say that one
answer is right for everyone. We love hypothetical situations.
It’s important to tell you that we differ from most pundits. We believe the
keys to reaching financial success include both a good baseline understanding
of the issues and a trusted planner to whom you pay a fee.
Speaker: Charles, I hear about financial planning in various publications and media. What is your definition of a financial plan?
Charles Mayfield: When we answer that question, we usually start by talking about what
a financial plan isn’t. It isn’t a tool for selling you something. It isn’t
just an investment proposal. And it should never be free.
A financial plan should be prepared by an experienced planner whose sole
objective is to provide you with a plan; usually written, in exchange for a fee
that’s based on the time needed to adequately research and prepare the plan.
Good plans also include reviews, usually for the first year, with that initial
fee.
Speaker: Okay. So what are plans like from Chappell, Mayfield & Associates?
Charles Mayfield: Our financial planning process is designed to create a plan that you
would create for yourself if you had the knowledge and the time. We cover
every aspect of your financial life: insurance you currently own, insurance you
may need, employee benefits, Social Security, investments in savings,
retirement plans at work, estate planning, long-term care planning, education
funding. We cover it all.
Our website, www.chappellmayfield.com,
has an excellent piece created by the CFP board entitled “Why you should choose
a Certified Planner/Practitioner.”
Speaker: Cass, can you tell me a little bit more about how this process works?
Cass Chappell: It’s four steps over about six weeks: the initial meeting, the data
gathering meeting, the strategy session and plan delivery. The initial meeting
is the first step. In this meeting, we describe our service level and our
fees. We discuss the entire process and show you an example plan.
It’s important that we get to know a little bit about your situation and what
it is you’re hoping to get out of a financial planner relationship. It quickly
becomes apparent whether we’re going to be a good fit for you and vice versa.
This step is free, and there’s no obligation for someone to continue past this
point.
The next step is the data gathering meeting. Our client has decided that a
plan is for them, and they’ve completed the homework prior to this meeting.
The homework consists of pulling together all the documents and forms on our
checklist. These include things investment statements, insurance policies,
employee handbooks, etc. This step requires the most input from our clients.
We have all of the quantitative information via the homework.
Now, we need to gather the qualitative information. Your hopes and wishes,
your values, your objectives. Paint us a picture of what you want the future
to look like. Our fact-finding is thorough and concise, but this appointment
usually takes an hour, and we ask that half of our fee is paid at this meeting.
Charles Mayfield: That’s right. We take all of this information and begin to massage
it. We use various software programs to make forecasts and analyze your
current situation. A picture begins to take shape. The preliminary analysis
may show that your goals are unrealistic. It may show that you’re aiming too
high, or it may show that you’re aiming too low. Also, we probably need
clarification on one or more things uncovered during the initial meeting.
For all of these reasons, the next step is the strategy session. This is a
short meeting, usually 30 minutes. We will want to talk about the rough draft
of your plan. It’s important to modify goals and clarify details. We use this
step to refine the plan and sand the edges.
Cass, you want to tell them about the final step?
Cass Chappell: Final step – and most clients are excited and eager to be at this
point – plan delivery. We provide your plan to you in two ways, the bottom
line and the full details. Some of our clients are readers and quite
analytical. They want to know how we arrived at each and every conclusion.
That’s no problem for us, but it’s certainly not for all of our clients. Some
want just the facts. Our plan will have both.
The recommendations are specific to your situation, not generic. They’re easy
to read and understand. We also provide you with an action plan for
implementing our recommendations. Things like change this policy or move this
investment or increase your contribution. Very specific with a checklist for
you to indicate when they’ve been completed.
You will leave the plan delivery meeting with a clear understanding of where
you are now and what it will take to work towards where you want to be. We
also pick up the remainder of the fee and schedule our review meetings, usually
for three to six months down the road. Our plan includes reviews for the first
year.
Speaker: Okay. I have my plan. Now what?
Charles Mayfield: We tell our clients this all the time. They can do one of three
things with our plan. Number 1, nothing. Take the plan; read it; decide it’s
not for you and throw it away. We certainly hope you don’t do this, but it’s
your prerogative.
Number 2, take the plan and implement the insurance recommendations with your
insurance advisor and the investment recommendations with your financial
advisor. You will literally be able to call them up and read right off the
implementation timeline. It’s designed for that purpose.
Number 3, if you don’t have a relationship with an insurance or a financial
advisor, we can implement your plan. We’re completely independent when it
comes to insurance, representing over two dozen companies. Our broker-dealer
for investments is Linsco Private Ledger, member FINRA/SIPC. LPL is the
largest independent broker-dealer in the country, as reported in Financial
Planning Magazine, June 1996 to 2007, based on total revenues.
Speaker: Let’s talk fees.
Cass Chappell: Good. Let’s talk fees. Our fees range from $1,750.00 to $3,500.00. Our fee is a flat fee, and it’s quoted to you in our first meeting. The fee varies depending on how much time we think it’s going to take to prepare your plan. It has nothing to do with how much money you have. And keep in mind it includes all reviews for the first year.
Speaker: Thanks, guys. That gives me a much better idea of financial planning services and what I can expect from my experience with Chappell, Mayfield & Associates. I’m really looking forward to the next podcast.
The opinions voiced on this podcast are
for general information only and are not intended to provide specific advice or
recommendations for any individual. To determine which investments may be
appropriate for you, consult with your attorney, accountant, financial advisor
or tax advisor prior to investing.
Securities and investment advisory services offered through Linsco Private
Ledger, member FINRA/SIPC. Financial planning offered through Chappell,
Mayfield & Associates LLC, a registered investment advisor. On the web at
www.chappellmayfield.com.
Cass Chappell and Charles Mayfield can be contacted at 3200 Cobb Galleria
Parkway, Suite 215, Atlanta, Georgia 30339. Their phone number is (770)
980-1717
[End of Audio]
are certification marks owned by the