Spring 2008

COMPASS NEWS & VIEWS

Financial Advice for the Adventures of Life

What is Financial Planning?

Comprehensive financial planning can Kurtis Pearson, CFP®
encompass a number of critical areas, including Financial Consultant
retirement planning, estate planning, insurance, tax kurtis.pearson@lpl.com

planning, investment management, cash manage-

ment and budgeting. Some additional areas may
include education funding, charitable and planned
giving, trust management and planning for long-
term care.
Planning for the future can seem overwhelm- Steve Conard, CFP®
Financial Consultant
ing because there are so many options to consider. steve.conard@lpl.com
However, we can make the process manageable by
answering five basic questions. They will create a
foundation on which to base the financial planning these goals, and prepare a list of
process. recommendations and alterna-
First, what are your goals in areas like lifestyle, tive strategies for achieving these
retirement, college education for kids or grandkids goals. Each strategy, from tax
Michele Bjorkgren
and legacy planning? planning to investments, will be Director of Client Services
Second, when would you like to reach your recommended in the context of michele.bjorkgren@lpl.com
goals? other strategies to achieve the op-
Third, what steps have you already taken timum overall results.
toward achieving these goals? When you have chosen which
Fourth, how could some inherent risks in life recommendations to follow, the
or the economy keep you from accomplishing planner will help implement
these goals? those decisions. The last step in Nancy Economos
And finally, how often would you like to moni- the financial planning process is Compliance Administrator
tor progress? to periodically review and, if nec- nancy.economos@lpl.com

essary, revise the plan.

FINANCIAL PLANNING IS NOT A PRODUCT...
IT IS A PROCESS.
A qualified financial planner, such as a Certi-
fied Financial Planner professional, can help gather
and analyze data about your income and expenses,
taxes, insurance coverage, retirement plans, wills,
trusts, investments and other information pertinent
to the overall financial situation.
The planner can then assist to set realistic
goals, identify key financial issues concerning
As you can see, the financial
advisor you choose to employ
can make a dramatic difference
in your financial future. It’s our
Julie Greer
opinion that you put some seri- Sales Assistant
ous thought into finding someone julie.greer@lpl.com
who is competent, but also a good
fit with you and your family. To
find out more information go to
www.compassiowa.com.

Angela Goodale
Ambassador
angela.goodale@lpl.com
Finding The Right Financial Planner
Choosing a financial planner is as important as choosing
a doctor or lawyer. Working with a financial planner is a very
personal relationship. In addition to competency, a financial
planner should have integrity, trust and a commitment to
ethical behavior and high professional standards.
You owe it to yourself to interview and evaluate several
financial planners to find the one that’s right for you. You
will want to select a competent, qualified professional with
whom you feel comfortable and one whose business style
suits your financial planning needs.
QUESTIONS TO ASK WHEN CHOOSING A
FINANCIAL PLANNER
What experience do you have?
Find out how long the planner has been in practice and
the number and types of companies with which she has been
associated. Ask the planner to briefly describe her work
experience and how it relates to her current practice.
Choose a financial planner who has experience counseling
individuals on their financial needs.
What are your qualifications?
The term “financial planner” is used by many financial
professionals. Ask the planner what qualifies him to offer
financial planning advice and whether he is recognized as
a CERTIFIED FINANCIAL PLANNER™ professional
or CFP® practitioner. Look for a planner who has proven
experience in financial planning topics such as insurance,
tax planning, investments, estate planning or retirement
planning.
What services do you offer?
The services a financial planner offers depend on a
number of factors including credentials, licenses and areas
of expertise.
What is your approach to financial planning?
Ask the financial planner about the type of clients and
financial situations she typically likes to work with. Some
planners prefer to develop one plan by bringing together all
of your financial goals. Others provide advice on specific
areas, as needed.
Will you be the only person working with me?
The financial planner may work with you himself or
have others in the office assist him. You may want to meet
everyone who will be working with you. If the planner
works with professionals outside his own practice (such as
attorneys, insurance agents or tax specialists) to develop or
carry out financial planning recommendations, get a list of
their names to check on their backgrounds.
How will I pay for your services?
As part of your financial planning agreement, the finan-
cial planner should clearly tell you in writing how she will
be paid for the services to be provided. Planners can be paid
in several ways:
A salary paid by the company for which the planner
works. The planner’s employer receives payment from you
or others, either in fees or commissions, in order to pay the
planner’s salary.
Fees based on an hourly rate, a flat rate, or on a percent-
age of your assets and/or income.
Commissions paid by a third party from the products
sold to you to carry out the financial planning recommenda-
tions. Commissions are usually a percentage of the amount
you invest in a product.
A combination of fees and commissions whereby fees
are charged for the amount of work done to develop financial
planning recommendations and commissions are received
from any products sold. In addition, some planners may off-
set some portion of the fees you pay if they receive commis-
sions for carrying out their recommendations.
How much do you typically charge?
While the amount you pay the planner will depend on
your particular needs, the financial planner should be able to
provide you with an estimate of possible costs based on the
work to be performed. Such costs should include the plan-
ner’s hourly rates or flat fees or the percentage he would
receive as commission on products you may purchase as part
of the financial planning recommendations.
Could anyone besides me benefit from your
recommendations?
Some business relationships or partnerships that a
planner has could affect her professional judgment while
working with you, inhibiting the planner from acting in
your best interest. Ask the planner to provide you with a
description of her conflicts of interest in writing. For example,
financial planners who sell insurance policies, securities or
mutual funds have a business relationship with the com-
panies that provide these financial products. The planner
may also have relationships or partnerships that should be
disclosed to you, such as business she receives for referring
you to an insurance agent, accountant or attorney for imple-
mentation of planning suggestions.
Have you ever been publicly disciplined for any
unlawful or unethical actions in your professional career?
Several government and professional regulatory
organizations, such as FINRA (formerly NASD), your state
insurance and securities departments, and CFP Board keep
records on the disciplinary history of financial planners and
advisers. Ask what organizations the planner is regulated by
and contact these groups to conduct a background check. All
financial planners who have registered as investment advis-
ers with the Securities and Exchange Commission or state
securities agencies, or who are associated with a company
that is registered as an investment adviser, must be able to
provide you with a disclosure form called Form ADV Part II
or the state equivalent of that form.
Can I have it in writing?
Ask the planner to provide you with a written agree-
ment that details the services that will be provided. Keep this
document in your files for future reference.
New Alliance...New Relationships...
New Services For Our Clients
We are so pleased to be able to offer our clients an enhanced level of tax advisory ser-
vice thanks to our recent alliance with Short & Company, CPA, P.L.C. Short & Company was
established in 1988 and has offices in Adel and Waukee. There is an unmistakable relationship
between financial planning and tax planning. We’re finding that the ability to analyze invest-
ments alongside proactive tax planning is yielding some very effective strategies for our clients.
Either John Short or Chris Oberreuter will be in our office at least one day per week to assist
clients. We’re excited for you to meet them.

The Compass Team

KURTIS PEARSON
Kurt started his financial practice in 1990. He is a
Certified Financial Planner. Kurt continues to provide
investment advice on the KCCI TV8 morning news,
but his time has now changed to 5:40 am on the first
Thursday of the month. If you miss it, you can always
watch it on our website: www.compassiowa.com.
Kurt lives in West Des Moines with his wife Sandra
and family.
STEVE CONARD
Steve has been an advisor since 2001. He joined
Compass in July 2004, and successfully earned his
Certified Financial Planner designation in 2006. Steve
enjoys speaking to groups about a myriad of financial
planning topics. Steve and his wife Sue live in West
Des Moines with their two sons.
MICHELE BJORKGREN
Michele joined Compass in 2002 and earned her
financial paraplanner designation in 2006. Michele
assists the advisors of Compass in organizing client
data, preparing reports for client reviews and provid-
ing customer service followup. Michele also enjoys
planning Compass client events. She and her husband
Brad live in Urbandale with their two sons.
NANCY ECONOMOS
Nancy joined our team in 2004. Her work at
Compass is about ensuring compliance with the many
rules and regulations governing our profession. Did
you know Compass is now a paperless office? Nancy
led the project in 2007. The majority of our client files
are now digital. We’re trying to do our part to “go
green.” Nancy is also the menu connoisseur for all of
Compass’s client events. Nancy and her husband Tom
live in Urbandale with their two sons.
JULIE GREER
Julie joined Compass in 2005. In addition to her
role as scheduler, she assists with various administra-
tive functions. Julie is our resident photographer. She
is also managing and updating our website. Have you
checked out our new and improved website? www.
compassiowa.com. Julie and her husband Steve live
near Van Meter with their three children.
ANGIE GOODALE
Angie joined Compass in 2007. Angie is our
Ambassador for Compass to the community. She is
active in the West Des Moines Chamber, recently be-
coming a Chamber ambassador. She also gets the op-
portunity to flex some of her creative muscles by de-
veloping marketing strategies and ideas for Compass.
Angie and her husband Regi live in Urbandale with
their three daughters.

www.compassiowa.com
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 Finding Your Way
in the Financial World
West Des Moines, IA 50265

COMPASS
5015 Grand Ridge Drive

FINANCIAL SERVICES
Suite 200

5015 Grand Ridge Drive, Suite 200, West Des Moines, IA 50265
COMPASS LPL Financial
FINANCIAL SERVICES
Member FINRA/SIPC
515.327.1020 • Toll Free: 888.334.1020
FAX: 515.440.1618 • www.compassiowa.com