Frequently Asked Questions
We Encourage Your Questions
Here are the answers to some top questions from those about to retire or retirees like you:
What Makes Iron Mountain Financial a Good Fit For Me?
We strive to develop long-term relationships with all of our clients, so you can feel assured that you always have a trusted advocate standing with you throughout retirement and when life changes. It’s important you’re able to adequately determine our compatibility from the outset, and as such we endeavor to be totally transparent with you about our approach. You would be a good fit for Iron Mountain Financial Planning, LLC if:
- You’re interested in a long-term partnership with a proactive team dedicated to helping you organize your financial life and keep it that way.
- You’re looking for a partner to help you make sense of your present state of financial affairs, and to help you see what the future might look like based on what you have in place today.
- You’re willing to let go of the illusion of market timing. It’s pretty clear that’s a fool’s errand, so we make a habit of following a disciplined investment process to save our clients from making incredibly costly behavioral investment mistakes.
- You’re willing to meet at least annually where we can keep each other up to date.
- You value advice from professionals, and recognize that value comes at a cost.
Do I Have to Pay for the First Meeting?
We have found that there’s often considerable stress and anxiety during an initial conversation. As such, we have implemented a no-stress process for us to mutually determine if we would be a good fit. This process starts with a 30-minute initial phone call to explore what has your attention today and explain a bit about us. There are no fees for this initial phone call or the following Discovery and Observations meetings.
What is your investment philosophy?
We implement an evidence-based investing approach that is the practical application of strategies developed over long-term market history and involves patient participation in the markets by focusing on what we can control. We develop an Investment Policy Statement that guides the management of the portfolio and answers the why and how of what we do. Addition details can be found on our Investment Management page.
What Does Fee-Only or Fiduciary Mean?
All financial planners get paid in one way or another for their job; however, they do not all get compensated in the same way. A fee-only financial planner is paid directly, and only, by the client utilizing a transparent and pre-arranged payment plan. Commission-based financial planners are paid thru other sources including by the companies they recommend. For example, if they sell you a specific investment, mutual fund, insurance or other products, they receive a commission or partial commission directly from the company. This compensation can vary greatly depending on the financial product purchased by the client.
It is important for a client to know the source of the financial planner’s compensation as it is easy to see that compensation can influence the financial products recommended as well as the focus of the financial planner. Because a fee-only financial planner’s compensation comes only from the client, they will consistently offer you the best financial advice that they have as pleasing the client will bring them long-term business. A commission-based financial planner may be focusing on the companies they work for before the client’s best interest and that may not be beneficial for all clients.
Iron Mountain Financial Planning, LLC is a fee-only Registered Investment Advisory firm that uses a transparent ongoing planning fee approach where clients are provided a detailed invoice quarterly outlines the fees and how they are calculated.
What is the Certified Financial Planner (CFP®) designation?
Although many professionals may call themselves “financial planners”, CFP® professionals have completed extensive training and experience requirements and are held to rigorous ethical standards. They understand the complexities of the changing financial climate and know how to make recommendations in your best interest.
What Are Your Fees?
After studying other firms for many years where the fees are buried deep in your 30-page statement, we’re proud to say your fees are deducted quarterly from your investment account and can always be found on your quarterly invoice. Further details about our ongoing retirement planning fees can be found in our What It Costs section.
Why Did You Name Your Firm Iron Mountain?
Iron Mountain Road is a 17 mile stretch of road in the Black Hills of South Dakota with 3 pig-tail bridges and 3 tunnels that are cut into the rock so that each tunnel frames Mt. Rushmore. It holds a special place in Nicole and my hearts as one of our favorite roads to ride motorcycles in the Black Hills.
Do I Have To Live In Rapid City or Come Into Your Office to Work with You?
We work with clients both in-person in the surrounding states as well as virtual throughout the county.
I Am Ready to Become A Client
That’s great news! We invite you to schedule an introductory conversation. We’ll set aside 30 minutes to have that initial discussion where we learn what has your attention today, and you’ll learn a little more about our approach.