Frequently Asked Questions

  • What is a Certified Financial Planner (CFP®)?

    • Those with the Certified Financial Planner™ (CFP®) designation have the most elite mark in their field of financial planning. CFP® professionals must comply with the strict standards set forth by the Certified Financial Planner Board Code of Ethics and Professional Responsibility. CFP® professionals are devoted to using the financial planning process to serve the best interest of individuals, families and businesses in need of financial planning. To earn the prestigious CFP® certification, individuals must complete a rigorous comprehensive certification exam and have adequate work experience in a financial planning-related position. The CFP® must complete 30 hours of continuing education study every two years to stay current in financial planning knowledge, including ethics.

  • When would someone need financial planning?

    • It’s never too early to begin professional financial planning. An effective plan can have great impact on long term financial success.

      Throughout life, events such as the birth of a child, changing jobs, getting married or divorced, planning for retirement, receiving an inheritance, planning for a child’s education, starting a new business or planning the succession from a business all require detailed planning.

      Oxford Planning Group is “Focused on Your Tomorrows” and is ready to help throughout each stage of your financial life.

  • What is the financial planning process?

    • Financial planning is a detailed process that focuses on your specific needs and situation. Your financial planner will work closely with you to review your goals (both near term and into the future). Once your objectives are agreed upon, your financial planner will help set realistic recommendations to implement them. Once your plan is reviewed, Oxford Planning Group can help you implement your plan and provide ongoing monitoring.

      Oxford Planning Group’s financial planning process may include retirement planning, business succession planning, analysis of insurance needs, review of taxes, investment planning and other financial planning areas specific to individual client needs.

  • Why do you need an estate plan?

    • Estate Planning is more than just planning to minimize possible estate taxes that can occur at the federal and state level. In addition to planning for these taxes, your estate planning includes reviewing the survivor needs or your family or business, how you wish to transfer your property, and a review of documentation needed to achieve your estate planning goals.

      Will your family have enough money at your death?

      Will you owe estate taxes?

      Do you have Charitable intentions?

      Careful planning and coordination with your family can help to minimize the emotional and financial burden on your family and heirs.

      Oxford Planning Group works closely with your estate attorneys to make sure legal estate documents work in tandem with other elements of your financial plan such as investment, saving for retirement or putting children through college. Oxford Planning Group, LLC does not practice law, your attorney will handle specific legal issues and documents.

  • What is the difference between tax preparation and tax planning?

    • Tax preparation is when you sit down each year and discuss your previous year's taxes with your accountant. By then it's too late to take certain tax deductions and credits that should have occurred during the previous year.

      Tax planning is something that is done throughout the actual tax year to potentially save taxes. Some tax-saving strategies may include: selling investments with losses to offset other income, making certain retirement plan contributions, and taking advantage of medical and charitable deductions. Good year-round tax planning also requires good year-round record keeping. You need to be able to substantiate your claims to validate your deductions.

      Oxford Palnning Group can be especially helpful in tax planning by coordinating with your accountant on your financial status throughout the year. Together, the appropriate tax strategies can be put in place to work for you.

  • What type of insurance do I need to protect my family and my assets?

    • Whether you are young and single, newly married, proud parents, empty nesters or retirees, most families will have an insurance need at some point. Insurance can help to provide needed funds due to death, disability, a loss of a home, an auto accident or a serious illness. The purpose of insurance is to shift these major financial risks to insurance companies. Without adequate insurance coverage, you will pay out of your own pocket for the cost of such financial hardship.

      Insurance coverage costs are rising. The key is to buy only the right types and amounts of insurance at the right time. Oxford Planning Group can analyze your insurance coverage to identify your specific coverage needs.

  • What is the difference between savings and investing?

    • Saving is setting money aside in a secure location for a certain need or desire. Saving is for smaller, near-term goals, such as the next family vacation, a car or financial emergency.

      Investing entails putting money to work toward achieving a financial goal with the possibility of generating returns. Investing is for larger, longer-term goals at least five to seven years away, such as retirement or college. Investing carries risk, such as loss of principal or not earning as much as anticipated. But wise investing also provides a greater opportunity for earning a significantly higher rate of return over the long run than you can earn through savings.

      Oxford Planning Group specializes in the investment field. Our investment philosophy is pure, timely and has been tested and proven in various market environments. We can provide quality and thorough investment planning that is customized to meet your needs.

  • What is asset allocation?

    • An asset allocation is a specific mix of investments designed to achieve your short and long term goals. Every allocation shoudl reflect the investors indivuidual risk tolerance., Proper asset allocation is one of the most important aspects of a succesful long term portfolio.

      A typical allocation will consist of varying percentsges of cash, bonds, and U.S. and International Equities. Specific percentage and use of various investment sub categores will vary deoending on the appropriate allocation used.

      Oxford Planning Group, specializes in research, development and monitoring asset allocation strategies in coordination with your specigic goals and objectives. As life contiues to change and evolve, Oxford Planning Group is there to help with the needed adjustements.

  • Can I afford to retire?

    • Only you can decide if it's the right time to retire. Oxford Planning Group can help you review the specifics. Here are some questions to consider:

      • How much income do I need in retirment? Statistics suggest you may need at least 70 percent of you pre-retirment income. If you plan to increase your travel, entertainment or other expenses in retirment, you may need more than seventy percent of your pre-retirment income to live on. Remember, with good health your retirment may last 30 years or more.
      • Will I continue to live in the same location after retirement or will I look to another area where the cost of living is more or less expensive than where I live today?
      • Will I have my mortgage paid off? Or will you downsize your residence?
      • Do I want to travel? If so, how much do you anticipate spending on this expense each year?
      • How much should I budget for medical expenses and/or insurance? Medical costs are rising and could be a large part of your retirement budget, which should be planned for properly.

      Your answers to these questions and other questions are important in your retirement decision. They will help you decide how much money you'll need for the type of retirement lifestyle you want. By knowing how much money you can count on and how much you expect to spend, you can decide if you can afford to retire.

      Oxford Planning Group can provide a retirement analysis to help you determine the answers to these difficult, yet important, questions so that you can make the most prudent decision for this next stage in your life.

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10713 B Birmingham Way
Woodstock, MD  21163
Phone: 410-995-8711
shaun@oxfordplanning.com

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