At Somnio, FAQ is short for Financially Answered Questions.
Here, we answer several questions people should definitely ask when considering a relationship with a financial professional.
Are you a fiduciary?
Yes, we are legally obligated to always place the interest of the client ahead of our own. As NAPFA registered advisors, we do not accept any referral fees or compensation contingent upon the purchase or sale of a financial product.
How do you get paid?
We are fee-only advisors. As such, our compensation often comes from a percentage of the assets that we manage, but it may also come from direct consulting fees.
Do you do hourly or project-based work?
As comprehensive financial planners, our effectiveness is dependent upon ongoing advice and vigilance to our clients’ needs. As such, we do not offer project-based or hourly financial planning services. If you’re curious to hear more about this, feel free to reach out to us.
What is your process?
New relationships require due diligence. It’s common for us to meet with clients six times or more in the first year. In subsequent years we typically will have regularly scheduled meetings, either face-to-face or phone, every three months. Informally, we speak to our clients more frequently throughout the year — about once a month, on average — on various financial topics that arise.
Do I have to be located near you?
No, we work with clients across the country. Depending on your needs and comfort, we offer face-to-face, video conferencing and/or phone call meetings.