FREQUENTLY ASKED QUESTIONS

 

This listing of frequently asked questions is provided as a beginning resource.  If we can be of help or provide more information, please contact us. 

 

1. Do I have to have a minimum amount of income and/or assets to be a client of Professional Financial Services, Inc.? 

Mr. Tucker sees a limited number of new clients each year, and his typical client has a household income of at least $100,000/year or more and/or a minimum of $500,000 of investable assets.  

 

2. If I do choose to work with PFS, Inc. and/or Robert E. Tucker, will I be required to liquidate my existing assets 

No.  We analyze what each client has, and if what they have is appropriate, the assets or policies simply come over to us "in kind".  If a change or liquidation is recommended, the client must be comfortable that it is in the client’s best interest to do so.  

 

3. If I have just one concern, will you help me 

Depending on what the one concern is, the answer is yes.  It can be handled on an hourly fee basis or we may be compensated through a management fee or commission.  However, there is no charge for the first hour of consultation, and all compensation of any type is agreed to in advance.  

 

4. I just want a Second Opinion with no obligation to become a client of PFS or to buy anything. Can I do that 

Yes, we will review your current plan and provide you with an opinion as to whether or not we believe you are on track.  An hourly fee will be charged, and the amount will depend upon the depth of the analysis needed.  

 

5. How are we compensated? 

As with any other professional services, the client pays for the services rendered by a qualified financial planner.  You should discuss, in advance, how we will be paid for plan preparation, advisory services and/or products.  Expect full disclosure of this information before entering into a working relationship.  It's useful to know that in general planners are usually compensated in one or more of three ways: 

A. Fees: Based on the value of your assets and/or on an hourly rate. 

B. Fees and Commissions: Fees are charged as above, but additionally, if you wish to implement the recommended financial plan and the plan involves the purchase of financial products, the planner may earn commissions on the products you purchase. 

C. Commissions: Some financial planners are compensated solely on the basis of insurance and/or investment products they sell as part of a financial plan. 

PFS, Inc. is a fee and/or commission planning firm.  Hourly fees are charged for the planning portion but not the products.  Commissions are paid on most products.  The bottom line is to select a financial planner that is competent, follows through, and has the ability to perform the job you need done.  We believe competence is more important than compensation as long as compensation is reasonable, and we fully disclose all compensation.  

 

6. What company(ies) do PFS, Inc. and/or Mr. Tucker represent 

As an independent advisor and insurance agent/counselor, we work for the client, not a brokerage firm or insurance company. Accordingly, we have a broad spectrum of investment options available and can shop insurance companies for a wide variety of insurance products.   

 

7. How do we decide which investment firms or products to offer our clients 

Our broker dealer, H. Beck, Inc., provides "Due Diligence" on all investment choices before they can be offered to our clients. Once H. Beck's due diligence is completed, it is then our duty to become familiar with each product's features, their appropriateness for our clients and to use them based on suitability standards. We make every effort for our clients to understand the advantages and disadvantages of our recommendations so they can be comfortable with any decisions they make.  No hourly fees are billed for investment product recommendations.  

 

8. How do you decide which insurance companies or products to offer your clients 

As independent agents, Mr. Tucker and/or Professional Financial Services, Inc. have almost unlimited access to insurance companies and their products.  We use various sources available to us from companies and we conduct our own evaluation of products before bringing any recommendations to our clients.  We make every effort to explain and demonstrate the advantages and disadvantages of the various insurance options as part of the insurance recommendation process.  No hourly fees are billed for insurance product recommendations.  

 

9. If we engage PFS, Inc. are we required to purchase investment or insurance products 

Simply put, NEVER!  The client may choose to purchase insurance products through PFS, Inc. or insurance and/or investment products through Robert E. Tucker, but there is no requirement to do so.