Frequently Asked Questions
What is Homeowners Insurance and why is it important?
Provides coverage for your private home and compensates you in the event of a loss. If your home is burglarized or is partially destroyed by a cause that is covered by your policy, homeowners insurance will help you replace your belongings, repair your home or even rebuild.
- any significant repairs or rebuilding after a disaster can potentially be covered by your insurance policy up to the set limits.
- if you owe money on your mortgage and your home is completely destroyed, you will still be required to pay your home loan unless you have adequate homeowners insurance.
- liability coverage protects you if something happens to a visitor on your property for medical cost as well as your legal fees if you are sued.
What is Renters Insurance and why is it important?
Provides coverage for your lost, damaged or stolen personal possessions. Also, provides coverage for injuries to another person that might occur in your rented home or apartment.
- your possessions are not protected by the landlord’s insurance policy.
- provides protection against liability claims if a visitor is injured and files a lawsuit against you; it will help cover the cost of legal defense.
- provides temporary accommodations in the event that you have to live elsewhere while yours is being repaired.
What is Auto Insurance and why is it important?
A contract that as long as you pay the premium, the insurance company agrees to pay for your covered losses if you experience an accident, theft or vandalism, or your car is damaged by certain causes.
- in the event of an accident you are at risk financially.
- when you get behind the wheel, you take a risk–you may be the best possible driver, but you have to trust that everyone else on the road is driving well and paying attention, too. Provides a safety net when drivers make mistakes.
- when you are at fault, you are typically liable for damages to the other person’s vehicle as well as the medical costs of injury victims.
What is Comprehensive Coverage under Auto Insurance?
“Other than collision” pays for losses to your vehicle if it suffers damage from something other than an accident. For example, if a tree falls on your car or you hit a deer while driving. A deductible applies.
What is Collision Coverage under Auto Insurance?
If you hit another vehicle or an object, the collision coverage will pay for damages or repairs to your vehicle after your deductible.
What is Umbrella Insurance?
Liability insurance that will supplement your basic liability policies such as auto, home or renters. Covers a much higher limit and goes above and beyond claims directly relating to your home and auto. The main purpose of your umbrella policy is to protect your asset from an unforeseen event.
What should be the top priority for a HR department right now?
Quoting a local attorney, “2015 is quickly becoming the year of the Employee Handbook review”. With constantly changing regulations, both state and federal employee handbooks are in great need of a comprehensive review to keep up to date. Many changes have occurred in the world of Compliance just in the past six months that have warranted updating policies.
What is the top priority right now with respect to Employee Benefits?
Learn about the Affordable Care Act (ACA) and how it affects your business. Every business that offers a health plan has some level of responsibility for the upcoming 6055/6056 reporting. Make sure your company knows what they need to do and how they will report it.
What size company should start thinking about a HRIS (Human Resource Information System) or more advance payroll and HR software?
Any size company can see the benefits of improved technology, from better time off tracking to more efficient payroll processing. The more automated the system is, the less room for human error and those errors can be costly to an employer of any size.
What size company does the government really start threatening to come in and conduct audits?
One employee. While it may be less likely to be randomly chosen for an audit in a very small company, it can still happen. The #1 reason why companies get audited is because an employee contacted the government agency.
What is Financial Planning?
Financial Planning is a comprehensive process, where all elements of your financial affairs (like retirement planning, investments, insurance and college funding) are brought together into a coordinated, cohesive plan. Financial planning is a multi-step process that provides you with two important deliverables. First, an in-depth review of your current situation and secondly, a pathway that provides clear direction on how to achieve your planning goal(s). It is important to remember that financial planning is a dynamic process, not a single, one-time event. Many factors may impact your plan, such as the economy, life events or perhaps a change in your goals, so periodically reviewing your plan is extremely important.
How do you price your financial planning services?
Our fees are based on the complexity of your planning needs. We factor in the time we spend meeting with you, either in-person or over the phone, researching and analyzing your situation, and formulating our recommendations that are specific to your situation. Before you hire us, we will always provide you with the full cost of the engagement. Financial Planning Fee PDF.
What is the financial planning process and what types of planning services do you offer?
Click here to review the process and see a list of services.
How do you price your investment management services?
This depends on the type of investments suitable for your personal situation. First, we work with commission based products through our broker dealer, Cambridge Investment Research, Inc. We are also an Investment Advisor Representative of Cambridge Investment Research Advisors and as such we also provide Investment Advisory services. In either case, we fully disclose our compensation structure, which is based on assets under management (AUM) fee.
What is your investment philosophy?
- The asset allocation decision will be the most important factor in determining your long-term investment performance. Asset allocation refers to the way you divide your investments between various asset classes including stocks, bonds, cash and possibly alternative investment categories. Depending on your specific goals and time horizon to those goals, your mix of these asset classes could vary.
- We do not believe in market timing, which is a strategy that seeks to move in and out of the market (bond or stock) in anticipation of either upward or downward market movements. Few (if any) investment professionals have, over a long period of time, demonstrated their ability to consistently add value beyond a “buy and hold” strategy. We believe in controlling risk through a prudent asset allocation strategy, not by attempting to “time the market”.
- We believe it’s important to periodically review your investments and adjust the specific allocations if the need arises.