Carrano Financial Services, Inc.
About
I stand out by being an excellent communicator and problem solver. I sometimes do not know the answer to a question, but I always get the answer and explanation for my clients. I have many resources available to me. I take an extreme amount of pride in understanding the problem and finding the solution.
With each client comes a unique set of challenges and circumstances. Designing a financial plan to meet those unique circumstances gives me a great deal of satisfaction. This type of work often requires the ability to think creatively. Using my creative side to find potential solutions for clients is very rewarding.
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Frequently asked questions
What is your typical process for working with a new customer?
We start with a 15-30 minute virtual introductory meeting. We will discuss your personal and financial circumstances as well as my background and experience to see if we are a good fit. There is no charge for this meeting. Should we decide to move forward, we will create a framework for how we will communicate and set our approximate timeline for completion. I send out the client engagement for electronic signature, my firm brochure, client onboarding form and a risk tolerance questionnaire.
What education and/or training do you have that relates to your work?
I have attained the (Chartered Financial Consultant) ChFC® financial planning credential from The American College of Financial Services and have over 20 years of combined experience as a financial adviser, insurance broker and financial planner. I have worked for several Fortune 500 companies and have gained experience in many areas of personal finance such as; asset allocation, annual portfolio rebalancing, tax loss harvesting, retirement income planning, annuity strategies as well as life and long term care insurance planning. Having worked on both the investment and insurance side of the personal finance world has given me the experience necessary to be able to offer Comprehensive Financial Planning services. I hold a FINRA Series 65 license as well as a life and health insurance license with the California Department of Insurance. My company is a registered investment advisory firm.
Do you have a standard pricing system for your services? If so, please share the details here.
I offer four services.
1 - 60 Minute Financial Planning Session - $125.00
2 - Comprehensive Financial Planning Service - From $750.00
3 - Ongoing Planning & Advisory Service - from $900.00/Year
4 - Insurance Risk Management Assessment - $195.00
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1 - 60 Minute Financial Planning Session - $125.00
This could be used to address any one financial planning topic. For example, a client may want to get an idea of whether or not they are tracking towards a comfortable retirement. For this meeting, we would get a snapshot assessment of the client's current financial status as well as the client's retirement income goals and risk tolerance. Then I would run a monte carlo analysis to get a rough idea of how the client is tracking towards retirement and make asset allocation recommendations or other recommendations as needed.
This session can be good for a client who isn't quite ready to create an ongoing relationship or pay for a complete financial plan.
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2 - Financial Planning Service - From - $750.00
This includes the following steps of the financial planning process:
Understanding Client's Needs and Goals, Gathering Data, Analyzing Data, Research and Recommendations
This service is does not include ongoing advice or plan monitoring.
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3 - Ongoing Planning & Advisory Service - From - $900.00/Year
This service includes the final steps in the financial planning process (Implementation of Recommendations, Monitoring of the plan and Annual Reviews).
This service also includes ongoing investment advice on assets held away, including quarterly reviews of client portfolios.
This service also includes year round access to the live financial planning document, which is stored and secured in the cloud through the financial planning software provider Right Capital. Clients can access their plan and update it as needed.
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4 - Insurance Risk Management Assessment - $195.00
This is an in-depth assessment of a client's insurance needs and gauges the client's financial ability and willingness to self-insure for those potential financial pitfalls.
How did you get started in this business?
The day I was honorably discharged from the U.S. Navy, I went to a job fair. I was immediately hired as an admin assistant at a bank in the Chicago suburbs. I worked just outside the bank broker's office and became interested in his role at the bank. I asked him many questions and became determined to make that my career choice. The next year I passed the Series 7 & 66 licensing exams and found work as a junior financial adviser shortly thereafter.
What types of customers have you worked with?
I have worked with many types of customers over the years. I've worked with clients with several million dollars who needed tax efficient investment strategies. I've worked with retired widows on fixed income and little assets. I've worked with young couples just starting out and middle-aged couples about to retire and become empty nesters. Over the years, I have worked with hundreds of clients from different backgrounds and circumstances.
What advice would you give a customer looking to hire a pro in your area of expertise?
For me, when I hire someone, it's usually because they have the necessary skills and our personalities match. So find an adviser who matches your needs from a professional aspect, and communicates with you on your level.
What questions should customers think through before talking to pros about their needs?
Clients should think carefully about what they want to accomplish in the first planning session. I will be asking them about their goals, hopes and dreams for the future. I will need to understand what their vision is for their future. So the client should think about what they want to achieve in the future and develop questions around those goals.